The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-02-20
Minneapolis May Wheat Reaches
$1.O3, and Chicago May spurts
to SLOT.
Outside Spectators Are Buying
Wheat Like Mad, for Much
Higher Prices.
Conservatives Say Tt Is Going Up
Too Fast for Safety and
Must React.

Minneapolis Chamber Of Commerce,
February 20.-Wheat went up TINS
morning in big jumps, Minneapolis
May striking new nigh po1nts every
few minutes and selling at $1.OS for
top. Early in the session May sold on
a trife to 81 flat, but when the ad-
vance began, nothing could stop 1t:
Chicago was wild and May jumped
around at times by 1sc changes, the
a, Vance taking it to SLOT finally.
Tr,S ders here were busy with new or
dera which came piling In thick ana
fast There was a rush to get aboard
and share the general prosperity.
Eyerybo dy Is a bull and all sorts OF ns-
11res are heard as prices to which May
will sell before it let up. The element
of uncertainty Is the war scare. Eu-
ropean markets are UP on the posi-
bility of a general mix-up and are APP
Darently tending still higher. Sentl-
ment abroad is a hard tn1ns TO Jud re
yorable turn in European political at
fairs would affect it materially Is
hard question.
Traders never had a harder PROPOSE
ton on hand than that or gong over
Sunday. OF course, no ONE went over
short. No short has any spirit le1t:
IT was only question whether to sell
ont and 60 over without wheat and
take a chance Of getting in cheaper on
Monday, org whether to carry over ane
next week. What all traders are
agreed upon is that there ought to be
some little let up. Wheat Is up lzW
15c without more than &c break on
the rise. Some day it will come. say
The wise ones but how soon it may be
expected is another matter. Priv
ileges were an Indication OF sentiment
calls trading early at SC above the
closing price. .,..
War reports were not new in any
important degree, but the genera!
European situation was strained and
aDparently taken as more serious than
ever. Paris had a semipanic in the
securities market, and London cabled
that stocks were very unsettled on the
curb. Chinese, Japanese and RUSSIAN
bond issues were all down, and Eng
lish consols were down to 859sc the
lowest reached for thirty years. All
this added fuel to the flame now
sweeping over the speculative grain
markets, as these things are naturally
taken seriously. and on the possibility
of something turning up to Involve the
great powers, the European markets
continue advancing. Liverpool wheat
closed sd higher, London I'D to l1sd
higher. and Antwerp 1Bd up.
Minneapolis received 210 cars
against 1874, Duluth 46 against "a, and
Chicago 16 against %. Kansas City
received II 900 blu against $4,000, and
st. Louis 111,00O bu against $1,000.
MINNEAPOLIS stocks decreased 554 ,227
bu leaving IL, 1875, AIT bu in store here.
Over the winter wheat there was
more good precipitation. Texas had
rains, and there was rain or snow in
Oklahoma.
"A feature in the cash market of
more than ordinary significance was
the less active demand for wheat to
arrive. Heretofore wheat to arrive
has sold on parity with spot. But
to-day it was harder to sell it. A sell
err of wheat to arrive has twenty days
in which to deliver, and the fact that
the millers are less anxious to buy II
on that basis was thought to indicate
a belief on their part that within TWEEN.
ty days the cash stuff here will be
cheaper. This at least was the inter
probation put upon it by a majority ir
the cash division Of the market.
Minneapolis May closed at $1.02&
July at $1.o21s, and September a.
91asc.