The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-26
This 41sc Decline in May Wheat
Caused by Armour's
Selling.
Despite This, the Bull Campaign
Is Not Believed to Have
Ended.
A Sharp Rally at the Close and
Minneapolis May Back
~. Up to 800.

Minneapolis Chamber Of Commerce. Jan.
a6.--After an hour of trading this morning.
Minneapolis May wheat was down close
to SIC, stopping at S7Bc and looking at
the time as tho it would break thru SIC
on, any increase OF pressure. This was a
decline Of SIC from the figure 90& Q
touched in the early part Of the session
yesterday and of about &c from recent
high point. All the orders from the out
side appeared to run to selling. There
We're selling orders great and small, profit.
taking sales, and sales of lots that once
represented profit and now made losses,
and sales Of numerous little lots on stand
ing stop-loss orders. 1t was an avalanche
of wheat To start with the bulls had the
benefit Of the support of Armour in Chi
cago where the big house bought about
100000 bu. probably for effect, but later
on Armour was reported selling with the
others, and nothing could hold the market
after that. Best Chicago opinion has 1t
that the big Armour line has been almost
all sold out. that much Of it was sold some
days ago when the market was widest,
when the pit was in a white heat of bull
excitement and sic, was the price for
Minneapolis May. 1t will be recalled that
a,year ago last fall Armour began bull
campaign in wheat, that he bought wheat
and bulled the market thru the fall Of
1902. That on Jan. 81, 1908. or just
a. year ago. he began to sell, the market
then being very stong, that he had
unloaded 100000 bu before the trade
discovered it, and that when the bulls
pyramid build around Armour, from under
which Armour had quietly slipped, SC
smash occurred in all markets.
This year Armour has played the OLD
game. But there is this difference. A year
ago when he sold out it was all over. He
had carried his bull campaign to a sue
,cessful end and the prices made just be-
fore he was ready to liquidate were the
high figures. This year his position is less
certain. He may be thru with the May
option and he may not be thru. This year
he has the help of legitimate conditions
stronger than ina ten years previous. Now
that there has been a break the character
iisttc tendency of traders to. pile over onto
the popular side is illustrated. Men who
said wheat was high at SOC and were after
wards outspoken bulls at 90c, are now pre-
dieting SOC again for Minneapolis May.
But the more conservative traders do not
believe that it Is all over. There may be a
period of rest, and as Disguised holders
who had the dollar wheat idea prematurely
developed sell out their holdings from time
to time, prices may drag lower. But 1t is
not believed that the end Of the bull mar
ket has been seen, and there are those who
expect to see higher prices than heretofore
recorded.but that is to look ahead little
and beyond period Of liquidation. hesi-
tation and uncertainty.
256. Duluth got SO against 70 and Chicago
39 against IS. Kansas City had 233, 900 bu
against 10000 and st. Louis $4,000 blu
against 10000. Minneapolis elevator
stocks have increased 10000 bu so far on
the week. .E ~ a.a, .s .--:s~ ;!
Five below zero was recorded as far
south as Tblene and Hutchinson, Kan
The winter wheat is fairly we'll protected
by snow in Kansas. still the covering is not
heavy and SOME fear Of damage is felt
Primary receipts sci 900 bu against 644,-
600. shipments 900 against 1853, OO0
Wheat and -four clearances 100000 blu.
Liverpool closed Ss@Ad lower.
The worlds visible supply, according to
Bradstreets figures. decreased 331, 900 bu
aGdecrease of 631, 900 bu east Of the rock
les being partly offset by an increase Of
100000 in Europe and afoat.
AS the session drew on the early bear
ishness gave way and quick recovery fol-
lowed. Minneapolis May going to S9c and
closing firm at SSB @S9c. There was
much covering of short wheat near the
close on vague rumors Of war and the
i feeling that most of the small traders
We're shaken out on the decline and prices
are likely to respond more quickly now to
any good buying.