The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-06-25
September Sells to 78c at the Close
July Touches 81 and
Breaks to 755sc.
4 -- -
There Is No Indication as Yet Of
Rain Relief for the
Northwest.
--------------
The Market Broadening and Trade
Heavy -Armour's Position
in Doubt.

Minneapolis Chamber of Commerce, June 25.-
No rain of Importance fell night, and the
northwest this morning was dry as ever save
for the relief afforded by sprinkles at scattered
points.o Bismarck had some rain relief, but not
enough to cut any figure in the general show
Ing. When the Minneapolis traders came on
change and sized up the situation, there was a
fresh outbrst of bull sentiment, and before the
market opened September was selling on the
curb at &c, against yesterdays close at 75A q
5%c, while July, having closed at s49sc yes
as these prices looked for the moment, they
were passed directly the trading began in the
pr, Tor there was a preponderance of buying
Tesc. July going to SIC. Here the trade
halted and hesitated. September was now up
Use from the close of yesterday and SIC up
from yesterday and 3Kc up from Tuesday,
while look back from day to day showed
constantly ascending market. with scarcely any
/, thing serious in the way of setback since a
month ago, when the bull spirit first began to be
manifested and prices &c to &c lower all
around So it was not unnatural that the mar
argued that wheat high enough for the
present. Some longs with profits sold out, and
q few daring traders even ventured little on
the short side. But the average trader had
not changed at all. and was bullish. as ever
hesitating only because the pace had been pretty
last and 1t was evident sharp break would
ing of what might follow should a general rain
blow up. little later the danger of overriding
It was illustrated in July, which dropped quickly
from SIC to $3.50, but September held frmer
and would not go under TIC
AS to the prospects for immediate relief, the
good rains wanted seem even more remote than
yesterday. The forecast posted this morning
was for fair weather to-day and Friday In Min
nesota, except for showers In the southern part
OF the state For South Dakota. there was
North Dakota had fair weather predicted for the
period. There was the suggestion of possible
relief in the South Dakota forecast, but nothing
hat hA 1oI
Gated.
Minneapolis received 165 cars against s2o, and
Duluth 81 against 81. Primary points had
against 1853, 600. Wheat and -four clearances
equaled $50, 900 bu
The Price Current says winter wheat, where
improved somewhat in other places. The corn
situation is moderately improved. The low CON
d1tion is due lateness. Oats are improving,
but are short east of the Mississippi river and
about average west. > =
Near the close the market turned very strong
and July worked back up to near the high
point of the morning, closing at s6Hc. Sep
TENDER shot up by jumps near the close and
struck 7sc. closing at top point.
considerable gossip came out about Armour,
whose position in the market is not quite clear
Chicago wired that Ogden Armour is said
to be on the wrong side of the wheat market
Tor the first time in large way since the firm
pecame power on change. Conservative
traders on the board of trade estimate his losses
at over $4,000 600. Whatever Armour's position,
& It Is an important consideration at the moment.
he is short and is forced in by the bulls there
Will be a wild market to say the least, but
Armour is easily the biggest man In America in
the grain trade speculative world, and with his
resources he is not likely to be chased around
Against his Judgment for a long pull. For the
other part, there Is the consideration that If a
shake-out should come the Armour influence will
be thrown that way to help 1t along. Many
thought to-day that whatever the weather CON
d1t1ons may be over night shakeou is impend-
Ing = 1Ntt -
The cash market showed ssc to ssh @ss1ac as
prices for good milling wheat Of the No 1 north
ern grade. There was good demand for No 2
northern to arrive. 80 - - =