The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-10-07
Everything Bearish on the Sur
face, but Fundamentals
Not Changed.
Wheat Pouring In and Big People
Pounding Prices Stimuli
taneously.
It Is Now or Never for the Bears
and They Are Acting Ac-
cordingly.

Minneapolis Chamber of Commerce. Oct. r.
Wheat held its own thru the hrst part OF the
session. and, after selling up little, settis ea
down around yesterdays closing figures Trade
was light and there was breathing speil our
ing which the trade had chance to think over
the situation. There are some things that are
very clear and some that not SO clear. On
the whole, there Is diversity OF opinion
than for some time. The trade would like to
as to the attitude of the Armour interests.
Armour is always or less puzzle. Today
the big house is thought to be against the mar
ket. This makes for cautiousness which on the
part of small traders amounts to fear. NO one
wants to measure himself against Armour
AS to the situation on the whole, there is no
should now turn bearish There is nothing to
demonstrate that the situation Is different now.
Z The higher prices for wheat are based upon a
loss Of winter wheat to begin with, loss OF
spring wheat next. and the cutting down OF
splendid Canadian northwest prospect by con-
siderable per cent. So much at home. Abroad
pean production fell under the former years;
hence European import requirements will be
greater If these things were 80 in the first
place, they are SO now, and in the long run will
make the prices. Argentine is uncertain, with
harvest about two months off, no assurance that
big Argentine crop would smash worlds prices,
and the certainty that anything tending to i'm
More recently two things have come about.
Wheat has begun to come into Minneapolis In
great quantity and simultaneously crop reports
of q depressing nature have appeared. For
instance the Northwestern Miller 40, DOC, 900
bu more wheat than the government report tndt-
Gated, and the Jones report named, yet ma
Jority In the trade remains bull1sh In opinion,
for there Is nothing certain about this. II 1t
should be shown that the northwest has produced
more wheat than the government and Jones esti-
mated that might be beurish, but this has not
been shown. For instance, Minneapolis received
556 Of wheat today, Of which only fifty.
seven No. l northern and thirty two Of that
was of the 500 road leaving only twenty tire
for all other roads. The Omaha road brought
into Minneapolis today twenty-seyen OF
wheat, and the Chicago Great Western car
and this is the month Of heavy movement The
running to Sioux Falls and Huron in South Da
- kota, and up thru the Red river valley to Nech'
and Walhalla. Their receipts to date JUS
90 per cent Of last year. The Miller Elevator
company, in South Dakota, is receiving 1900 bl
day In twenty-siX houses. against 10, 900 bl
to 10000 blu last year. These facts set out thu
wheat situation. OF Minneapolis receipts to
day, seventy-seven cars from Kansas.
AS to the movement that is bearish in itself
but the fact that wheat is coming in so freel
does not prove that there Is more wheat in tn
country. A high market draws wheat, and thi
has been the high market But If the farmers
attracted by high price, market ordnar
six months movement in three months, wit
less wheat to draw 1t from, something is goin
to happen some time. If the bears eve
going to break wheat they have got to do
now, and they know it; and, in line with this
the pressure on the market has been prodigious
Yet there is not very much to show for it
this writing.
Minneapolis received 55 cars against 29e; Dr.
luth 1928 against 81; Chicago, 46 against 81
Forty-etght loads Of corn were sold for e1
& port. ~. ...-r4-.. ~. .-
Primary receipts, 1,216,O 900 bu, against 1,O41
December closed at $1.1oss, and May {
$1.111a.