The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-28
ADVANCE OF A FULL CENT FROM EARLY PRICES
Wheat Drags Awhile and Then
Turns Strong and Active,
Closing Firm.
Minneapolis Millers Are Buying
Wheat Freely in the Kansas
City Market.
War Rumor a Help to Strength
Small Traders Afraid of
o.o May.

Minneapolis Chamber Of Commerce,
jan 2S.--Al the wheat men held aloof
this morning, waiting for Armour to do
something, and the result was a market
inactive almost to dullnesS. For all this
the news had color favorable to strength.
But there was not much buying it for
the reason that the fear that Armour
might break the market again by selling
was even more general than yesterday.
Chicago said the tendency to go over into
July and leave the May to Armour was
even more marked to-day than hereto
fore. To those who want quick action in
speculative way May is the favorite
option, but the 2-cent and Scent margin
traders are more and more disposed to
draw away from May. A condition where
a break heavy enough to wipe them out
entirely may come at any moment, and
where stop-loss. orders are likely to be
reached does not appeal to those who use
anything Of conservatism In their opera
tions. and while the chances of turn in
their favor may be equal to the posi-
bilities against them, the May PROPOSE
ton on the whole Is looked upon as dan
gerous. Hence the market Is losing q
large bull following In May. So far as
July is concerned. there is really not much
difference in it's favor and any one who
believes himself safe in July ON either the
long or short side Is assuming q great
deal. Still. 1t is quite reasonable to en-
pect that since the big Armour line Is in
May wheat that option would suffer most
in any general decline. Some local trad
ers are taking the view that the going
out of so many from May into July will
make 1t a harder proposition for Armour
to manipulate that option from now on.
This may all be. At the same time the
assumption that because May is danger
GUS to trade In the speculative element
will abandon 1t entirely is absurd. Spec
ulation is essentially dangerous. The av-
erage trader detests waiting and wants
quick action. While it Is true that this
going over from May to July has been
the destructive feature Of the past two
days, there will probably be just about
as many bewildered traders in May get
ting whipsawed from time to time and
trying to follow Armour's moves.
Minneapolis millers bought wheat free
~ In Kansas City yesterday, the quantity
being placed high as SOC, 900 bushels.
This means more and more winter wheat
to come In here and make the receipts
deceiving. To-day Minneapolis received
only 245 cars, against 1893 year ago, and
about SO cars Of tO-days total contained
winter wheat Duluth wheat receipts
were 81 cars against 10, and Chicago had
70 against SO. Kansas City received 49,
600 bushels against 5000, and St. Louis
$4,000 against $4,000. Minneapolis elevator
stocks have increased 10000 bushels for
five days.
Kansas City sent summary based on
Ala reports from elevators and railroad
agents, which makes the quantity of
wheat remaining in farmers hands %
per cent of the crop, or 20,66OOOO bushels
on an estimated crop Of 90, 800. 100 bushels.
The Price Current says: 1.-The growing
wheat condition is maintained with a
generally small top growth, but healthy
root growth is believed to exist in most
cases. Wheat movement is moderate. No
material betterment in corn condition"
Primary receipts were 4S8, 900 bushels
against $4,000, and shipments were 1885,
600 against 1854 900 bushels. Wheat and
flour clearances were $1,000 bushels.
z Liverpool closed 1s@3sd lower.
In the last hour of the session the mar
ket turned very strong on war rumors
which came in suddenly and the exact
source Of which it was difficult to learn.
Shorts ran to cover quickly.
May wheat closed at $3.50. July at SSc
and September at 773sc.