The Minneapolis journal., 1903-04-09
The Manipulated Boom Is Still On in
Chicago, Armour Leading
the Buying.
The Trade Unable to Follow His
Moves and a Little Shaky
About Buying.
The. Foreign News Unimportant-
Winter Wheat Condition Is
Maintained.

Minneapolis Chamber of Commerce, April O.
Armour the whole thing in wheat to-day.
The market opened higher and as was the case
yesterday Valentine. the Armour man. was a
bidder for wheat in the Chicago pit every time
there another new high point touched. a
great help to the boom was the outside buying
that came III early. Many small traders, see
ing the display Of strength near the close yes,
terday. decided that it was about time to take
hold of a little wheat, and in consequence the
commission houses in all markets had orders to
buy wheat at the opening. The manipulators in
Chicago had little 10 do at first beyond watch
ing the market rise the new buying. But
after squirt (Which put the Minneapolis May
TO 74Mc and the July to 75c) it was more diff
fcult to hold the market and considerable buy
ing to come from the big men. The
. report was out that Armour has the May wheat
all under control and is heavily long Of July.
Every who follows the daily reports knows
that Armour is dominating the market and
2 there is 10 doubt that the statements regarding
{, his position and his large purchases are true.
The question on which the trade splits Is whether
Armour is really out to do something in May.
whether he is merely at the old game of
scalping the market in a wholesale manner. The
{ Record Herald man. who watches the Chicago pit
4 at close range, thinks that Armour openly and
secretly bought yesterday not less than TO- 000,-
900 bu of May, July and September wheat. The
market in Chicago. and in Minneapolis. too.
@ would ordinarily follow the buying Of so
large line. This makes the trade think that
& the Armour operation is perhaps after all
nothing but huge scalp and that Armour is
handing the wheat out secretly on the hard spots.
Wheat may advance several cents more under
{ this sort Of manipulation, but 1t Is safe to
say that a majority in the trades does not expect
any such advance to be maintained II 1t should
come. Armour may withdraw his support at any
!. time and that this would bring on heavy de-
cline seems evident The average trader has it
sized up a dangerous market to fool with.
There are the big individual trades reported, but
the total volume of business in the pits Is not
very large aside from these. Many would sell
the wheat but do not care to fly up against the
big Chicago force. They will sell it quick
enough If Armour gets out. Meanwhile they are
chary about buying it at the present price
I levels
: A number Of American houses sent out inqui-
ries last night to conditions abroad. The
replies in majority of cases stated that it
is too early yet for anything definite One
9 big house had Paris cablegram saying that
, there is damage in France and that the French
crop will be below the average. Antwerp cabled
that in all probability there will be good Euro
pean demand for wheat for some time to come.
Liverpool was up Is a. I'D
New York reported general buying of May,
4 July and September wheat by foreigners. Argen-
tine shipments for the week were 2,440, 900 bu,
against 1O7600G bu last year.
Snow in the Orange Judd Farmer makes the
present condition of the winter wheat in our
country 95.9 The Price Current says favorable
weather is maintaining the wheat condition.
Farm work is progressing moderately, but is still
= backward. There is more inclination to enlarge
acreage than oats
Minneapolis had 159 against 100 last
8 year. and Duluth "a against 1. At primary
points receipts were 3jS, 600 bu against 262, 900,
and shipments ST. 900 against 32S. 900. Wheat
and -four clearances were very light, only 81 ZOO
bu in all.
! The market closed very strong Minneapolis
May selling to 51kc and closing at 41sM75c
July closed at 49, &c and September, 6SMc.