The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-06
WHEAT SCARS;
BULLS DANCE
An Advance of Nearly Three. Gents
Made in Minneapolis
To-day.
Other Grains and Other Markets Feel
Effects of the Same Irldu-
ences.
Millers and Traders Alike Are In.
clined to Look for Dollar
Wheat.

Wheat advanced 25sc this morning
from yesterdays close, and Be from
the low point of yesterday. In the
Minneapolis pit May sold to $3.50,
compared with yesterdays + closing
figure of S5&c. There was excitement
in all markets, and the local pit was
crowded with traders, while & num-
Der Of outside grain men were on the
floor. After the close Of the market
calls were traded in at 93hc, or Sac
above the market. The dollar bulls
are in their element. Previous to
this American markets have Led, but
this morning Liverpool, London and
Paris were all higher. Dollar wheat
is now openly predicted by leading
men in the grain and milling trades.
Stocks are low and only about 35 per
cent of the crop is believed to be in
the farmers hands. y
Colonel George D. Rogers, secretary
of the chamber, has long been an out
spoken bull. as has president James
Marshall.
Merry Little Says ST..
Henry Little, manager the Pills
bury-Washburn company says: Il
expect wheat to sell at 81 a bushel
irrespective Of what Armour does and
without any regard to the war posi-
biities. Our wheat receipts in the
northwest are coming about as they
usually do. They are coming just as
fast as the railroads can bring them,
and they would come just about as
fast if we had grown only 100, 100000
bushels up there. But we know the
purchases in the country are small
and we do not believe there will be
any northwest wheat to SHARE. The
winter wheat prospect is certainly not
good. The stocks of wheat }are small
and the stocks of good wheat are very
light. The flour situation Is strong.
We have had our holiday dullness,
as we always have after the close Of
navigation and just after buyers have
stocked up with cheap freieihts, but
the demand Is coming in alSain and
the mills will all be be running
stronger next week. In broad way,
the situation is strong, and / expect
| time to develop it,
What the Traders; Say-
Charles =. Lewis says--"If the for
eigners who are undoubtedly short a
large line of wheat should start N to
do sooner or later, 81 wheat might be
realized inside ofg forty-eight4 hours.
myself don't see where we have mluch
If any wheat to spare. The govern
ment crop figures Of $4,000 900 BUSH
| els are 5G,000,O0G bushels too high.
have the only stocks Of wheat in this
country. The mills of the northwest
used 100000 bushels of winter
wheat from the southwest last year
when cash wheat finally sold above 81
! What will it do this year with the
northwest wheat crop admittedly
25,OOO,0OO bushels less than in 19 OF %
| H. P. Watson says: Ihe wal
scare has been the means of dra.wine
| attention to wheat, but it is a. mis- take
to suppose the strength due primarily
to that cause. 1t has only hast sned
what was bound to come any way
The situation is legitimately stu ong
| as has been said repeatedly \ fol-
months past. War would mean a
great squirt, and peace agreen lent
might mean temporary decline, but
thru it all there would remain the
conditions making for much hig hel
pricese ultimately" d., -