The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-11-17
Inquiry Draws a Personal Re
Spouse from Valentine to
That Effect.
The Big House Bearish-Can
Wheat Bull Against This
Opposition?
Many Strong Features in the Reg
ular News of the
Day.

M,nneano,,s Chamber of Commerce, Nov. H.
All doubt of the position Of the Armour lntere interests
In the wheat market was d1spelled tnls Anotn'us
by direct statement drawn from 'aieAtine y!
Minneapolis grain, man who asked lof an opih-
ion. Valentine says he Is against II. ina.
this was his position was current OPINION SUM-
time ago, but aside from some gossip 10 that
effect in the Chicago papers, there was nothing
authentic. Yesterday, on the early mp, there
was heavy buying of December wheat IN Chlcaso'
said TO be In greater part for Armour ms
started the talk that Armour was out 10 ac,
cumulate December and squeeze 1t along toward
. delivery day. and In the belief that the Dig man
was at last under the market many shorts coy
! cred and considerable wheat was pought ZOE
/ long account. This morning there. was turn
about, and instead of S1.151s for May, the price,
after hour of business was down , arounu
S114 Inquiry by wire brought the following
from Valentine personally: indications point
to an exportable surplus this year In Argentine
of 100 900 900 bu to ITO, 0OO, 900 bu. Last year
estimate at this time So,OOO.OOO bu 10 81
600 600 bu My last Rosario cable says weather
very fine. That the Chicago price Is h1sh
goes without saying, and cannot IN my lnlnd
be maintained with dullness In -four whlch Is
likely to continue stocks of both wheat ana
flour are large. There Is export outlet for
wheat, even with 1Oc decline with surplus
which will still come for some time on the mar
ket. Add to this the curtailment In speculation
and it makes me feel decidedly bearish on the
market"
whether Valentine Is against the market or
not does not change the situation one Whit one
way or the other so far as regular price making
factors are concerned The trade recognizes his
strength however, and his Chicago leadership,
and the fact that Armour Is openly against the
market at any time becomes speculative factor
that no market commentator dare overlook once
it becomes certain that such is his position. All
of which carries no guarantee that Armour may
not change his mind at any time-indeed. be Is
noted for such changes of mind. i~-'.
In the regular of the day all was not
bearlsh, atho in receipts here of 5S5 cars against
$685. the bulls could little to rejoice over, and
the increase of 900 900 bu in local stocks to date
was big bear item. The southwest, on the
other hand is not in good condition, and even
the staid old Price Current admits it, altho main
tanning that material damage has yet oc
Cured. The movement is not heavy, whatever
may be said. In Kansas and Oklahoma yester
day, ITO houses received less than 1000 bu
Kansas CITY had 900 bu against 1O9, 900 bu
and st. Louis "a 900 BIZ against $4,000 bu. Du
luth could muster only 1877 cars against 1854
Chicago only "a cars against 1O9 and ever
Winnipeg fell off with 3I4 against 47o
year ago 80 a'*:
Later In the session the question on the foo
was: Can wheat be bulled against Armour
think otherwise, for there renewed liquida
ton Of both December and May, and May wa
soon off to $1.l3k; December to $1.113s.
Primary wheat receipts 936, 90 bu agains
1885, 900 bu; shipments, 6s3, coo bu against 65S,
900 bu.
The weather map shows no change from yes
terday. Generally clear, with seasonable tenn
peratures. The forecast: Minnesota and Kan
sas-Fair tonight and Friday; moderate tempera
lures North and South Kakota--Fair and warm
er: brisk southwesterly winds. Nebraska-Fair
warmer southwest. Missouri, Iowa and Wis
consin-Fair; moderate temperatures. Illinois
and Enthusiastically fair tonight and Friday
warmer In southern portions Michigan-Partl.
cloudy; warmer west tonight.
May closed at $1.13ss; December a
21.115a.