The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-19
MINNEAPOLIS NAY 50 SIC; CHICAGO MAY 90Cl
New High Prices ALI Around
Bears Find It a Perverse
Market.
Armour Held It Thru Early Bear
News and Later News Was
Bullish.
Decrease of 100000 Bushels in
Worlds Visible Minneapo-
lis May Oats Active.

Minneapolis Chamber of Commerce
Jan. 19.-Money and muscle helped to
hold the wheat market strong this morn
ing. Armour bought in the Chicago pit
There was not much selling here or in any
other market, either for profit or for short
side commitment. There was the same
old fear noted. Occasionally a scalper
In the local pit would put out a little
LOT, and buy it in again on the first sign
of an upturn. narrow market was the
result Minneapolis May in the early
range was sold from SSAc to STAG, while
Chicago held between soc and $3.50, Ar
mour taking all offerings at 8S% @S8Ac.
The war talk was much more pacific in
tone, receipts fairly well up consols high
er first Liverpool wheat cables Ad lower,
the Argentine advices more favorable as
to weather and the crop prospects, and
the weather in our own country season.
able. The kilograms from the southwest
laid great emphasis upon the statement
that while the dry weather continues no
serious damage has been DONE while the
forecast is for rain or snow. The mar
ket, viewed by the bears. was sin
gularly perverse for bear items and nu-
merOus outside opinions to the effect that
setback was due could not affect it.,
while in Chicago the more the bears
talked the higher the bulls screwed the
prices. When the Liverpool closing cable
showed that market off Nd, Chicago May
ADVANCED u o5c, ana "Hen the Geographic
weather adyices from the southwest be-
gan to speak of cloudy skies and the pros
pect of precipitation, with its accom-
panying benefits, Chicago May went to
$3.50, Minneapolis May going to S8ssc
Opinions at such time are worth little
The mere appearance Of ArmOur's man
in the pit is enough to firm all markets
His bid for a round lot puts all prices
higher The question is what the market
will do when heavy selling begins but
as there has been no heavy selling the
market has not had to stand the test.
Some millions Of bushels sold in hurry
might mean big drop, and again Armour
might take 1T all and then put it higher
than ever. 1t is all a guess as to what
Armour is doing or is going to do.
ast Minneapolis elevator stocks increased
115,O00 bushels for half the week. A big
bull statistical item came along later In
the Bradstreets report of the change in
the worlds visible, which showed a de-
crease of 100000 bushels. The quantity
east of the Rockies increased 100000
bushels, but the quantity in Europe and
afioat decreased by 100000 bushels.
Minneapolis received 271 cars against
2S5, Duluth 121 against 79 and Chicago
6S against GO. ST. Louis had 121, 900 BUSH
els against "a, 900, and Kansas City 277.-
900 against 1877. 000
Primary receipts were 1896, 900 bushels
against 71S,O0O, and shipments were 541,-
900 against 26S,OOO. Wheat and flour
clearances were 226, 900 bushels
S.F Ten loads We're reported for export at
New York.
E* Newton, Kan, wired that it was rain
ing there, where the rain is badly needed
This had no effect on the market
"A BroomhalPs weekly foreign crop sum-
smary reads as follows:
~ United Observation-Disclosures rains pre-
syent seeding and there is increased GER
tainty that acreage finally sown will be
very small -..
= France, Germany. Italy. Hungary
Weather during past week abnormally
mild, raining in consequence. Crops liable
TO suffer damage If sudden severe freeze
should occur
u Roumania-Recentlys unusually mild
weather caused considerable thaw Com
plants that condition Of wheat plant is
poor owing to dry weather at seeding
time.
y Russia-There have been heavy snow
falls during past few days. Owing to
was feared ports of Odessa and Nicolajeff
might be closed Since then it has turned
mild, so that closing of navigation at
present time not expected.
= India-Crops have received sufficient
;fains and prospects splendid.
y Minneapolis May closed at 89Nc, July
sssAc, September 79Ac..
D The cash market was in very satisfac-
tory condition.
Il May Oats.
/, Three cents under Chicago May was
the leading basis for Minneapolis May
oats. Twenty thousand changed hands
at the opening. Trade during the early
part Of the session was on a range Of
80 to 38hc