The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-11-16
Shorts Sell Themselves Into the
Hole and Cover in a
Hurry.
May Closes at $1.151s, with Good
Buying Right Up to
the End.
Armour Reported to Have Bought
In 100000 Bushels De-
cember Wheat.

Minneapolis Chamber of Commerce, Nov. To-
Opening lower and selling off again on continued
liquidation of December, wheat soon steadied
came back little and remained hesitant. De-
cember sold to Silly and rallied to $1.1212 and
May broke to $l.13Ss and recovered to 81 Ia At
the latter figures there was less disposition TO
pound the market for many traders thought low
point had been touched on the break. and that
permanent upturn~ had been made: a sood
many office traders were still very benrish ana
viewed the little recovery only as the natural
rally due after yesterdays decline. The trend
they still believed to be downward. Neyertheless
they sold little wheat, for they realized now
dangerous IL IS to be short such market as
the present. Some got scared and bought IN
their short wheat, and this advanced prices again
to 81 is for December and $1.14es for May. The
bears making the most OF the accumulntns
stocks and today were able to point to an in
crease In Minneapolis of 100000 bu 80 fur this
week. and to receipts of 414 cars against 333
They had US well II number of reports of large
stocks in the country notably one from Cando
NJ D., saying that the country elevators around
that point full and that farmers have been
obliged to haul back wheat that they brought In
to town for lack Of sufficient room to care for It,
That this is representative of country elevators
Is not believed, and while 1t is no doubt true
that country elevators crowded In some
places, general report indicates conditions quite
the contrary. The southwest also sent NUMBER
of reports Of an increasing movement IN the
country, but these came from sources not IN the
sections covered, and grain houses IN st. Louis
and Kansas City which are buying the wheat al
Kansas and Oklahoma stations see llttlt to sub
Stantiate such views, and oppose the opinions
that there is still any large part Of the winter
wheat crop to come forward. Duluth receipts
fell of 10 turning up, compared with 1e6
q year ago, and Chicago had Al cars against 1l9
Kansas City bad $4,000 bu against 1910 and
ST. Louis SO, 600 gainst 10000
A feature of the market was the relative stiff
ening Of the Chicago July future on the dry
weather reports that have been coming In from
the southwest. Dry weather also predicted Tor
that part of the country tomorrow. The fore
cast Is as follows: Minnesota. partly cloudy.
with showers; North and South Dakota. general
tlyj'fair, cooler: Iowa, fair and warmer; Illinois,
Indiana Missouri. fair, moderate temperatures;
Nebraska, fair. cooler in northwestern portion
tonight; Kansas fair, warmer In northeastern
portion.
$4,000 blu.
Near the close Of business Chicago was bulling
wheat on n war Of Russian disturbances
ont the Afghanistau border, and early sellers
were buying In their short wheat
1ondon: English country markets nrm:
Ffench country markets steady. Wheat of coast
steady. Wheat on passage steady but qulet.
Corn on passage very inactive. Two cargoes
of, wheat have arrived off cohst, compared vita
one yesterday. Six cargoes are waiting at ports
yesterday
Armour was said to have bought in over OO0
600 bu December wheat in Chicago.
December closed Mt $1.189s, and May al
$Il5h.