The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-02-23
Selling Early to $1.03 and Rang
ing from $1.0314 Down
7 to 99Hc.
The War News Not Quite So Bad,
a. and Many Holders Sell
Out.
But Foreign Markets Make Good
Response and Strength
Remains.
Additional Markets on Page Two.

Minneapolis Chamber Of Commerce, Feb.
23.-Wheat was an cratic and uncertain
proposition this morning with plenty OF
swing to it, however, and action enough to
please a trader looking for action. May
was up to $1.0SA early, then off to
$1.01A, then back up to $1.021a. July held
close to May and was up to $1.05, down to
tS1.O114. and up to $1.02A. Meanwhile Chi
cago May having opened at S1.07@1.OS1s
was down to $1.05 and back up to $1.O6A.
For the traders in the pit operating for
personal account it was a trying session,
for the brokers with clients asking adj
vice as to what they ought to do it was a
hard one. For the bucket shop proprietors
It must have been harvest All eyes were
on the cables and the response made by
Liverpool and London was very good,
these markets coming 2@2asd higher on
the more active futures. This was the
incentive to early strength-this and the
fact that over Sunday a great many out
side the grain trade decided that wheat at
$1023s. the Saturday close, was too low,
and sent in orders to buy at the opening.
Zone big lot of probably 100000 bu was
lsold out here on the curb and at the
Opening. and this was easily absorbed by
1.-THE multitude of new buying orders for
: Is, 900, 10000 and 900 lots that had ac-
cumulated over Sunday. The reason for
the heavy liquidation lay In the fact that
} the edge was off the war news. On Sat-
Europe was about to fight every other
country. and naturally all markets were
disturbed. But the later reports were not
so fierce, and the rumors that the king of
: England proposes to act as mediator rather
s than to fight France or Russia changed the
was gone that they would not be able to
get aboard before wheat struck $1.25, and
some were even disposed to let go their
long wheat and take chance
of getting in cheaper. For all
this the market was strong and stub
born and with speculative interest so large
/ and on the increase. traders knew it was no
use to get too bearish, for the tendency is
upward and what the market will do. or
where the high point will be no one can
say. There is this about 1t as certainty,
that so long as new interest Is aroused,
and new buying orders come in at the
rate they came this morning it will be a.
difficult matter to hold wheat down.
The bears made little capital Of the in
crease of 112 cars in local receipts, the run
: showing 594 cars against 49,, Monday of
last year being a holiday the same as yes
Iterday. This gain, they asserted, is the
beginning of a steady increase, as farm
iers who have been holding back wheat for
81 will now sell freely. This, Of course,
remains to be seen. Some think there Is
"a big jag of wheat back that will now
come out. and others think the country is
bare, and which proposition IS correct is
likely to be made clear soon. Duluth re-
!ceived 107 cars against 209 and Chicago So
against 81. st. Louis received 245, 900 blu
against $4,000 and Kansas City 126, 900 bu
against $4,000. The quantity of wheat
aoat for Europe increased by 1, $50. 900 blu.
Primary receipts 1,131.0 900 bu against
$4,000; shipments $4,000 against 241,-
600. Wheat and flour cearances $4,000
bu.
Minneapolis May closed at 81 and July
at 81.