The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-12-13
Argentine Advices Sent It Up to
$1.115s EARLY, but It Failed
to Hold.
"A Conference Of Millers Here and
Report of Closing Mills
Broke It.
The Bears Have the Trade Scared
and No One Dares Hold
Wheat.

Minneapolis Chamber of Commerce, Dec. ID
The Watson private cable from Argentine put
wheat up little this morning. against an
early preponderance Of selling from commission
houses and pit traders. May sold up TO $1.11ts,
but the market failed to hold, for the trade has
become so imbued with the idea that decline Is
to come that traders disposed to sell out on
any advance of cent or so. The Watson cable.
from John Ingls, was dated at Bragodo, IN the
province of Buenos Aires. and read as follows
considerable loss by blight; yields 8 to Is Blu;
cold retardng growth; light frosts." This was
confirmed in part by Liverpool, the Broomhau
cable reporting unfavorable weather again In
Argentine. Liverpool was only trtde higher,
however. This Broomhan attributed partly to
decline In the London stock market, which, he
said had effect upon speculative sentiment In
liverpool grain. The Armour cable was exactly
the reverse Of these others. saying: Argentine
cent after while to $11oss and held quiet
but nervous around S11OH Gill. Bradstreet's
report of the worlds visible came along later,
and showed decrease of 200, 900 bu. and helped
strengthen the tone in the pit. In the American
weather conditions there some encourage
rnent for winter wheat snowfall around Dodge
City, Kan, and light SHOWS in southern Illinois
and the Ohio valley. The movement, altho
heavier in the northwest than year ago, was
less bearish than yesterday. Minneapolis re-
ceived 392 against $50, Duluth 2sS cars
against &c. and Chicago AZ cars against III.
The 10000 bu. at Kansas City was light COM
pared with 3A. 900 last year, and at st. Louis
3d. 900 bu turned up, compared with 127, 900 bu
Winnipeg had 321 cars, and year ago had 148.
stocks In Minneapolis increased o4o,UOO Du IOf
three days.
( At noon the appearance the floor of a
number Of prominent outside millers started the
report tat general closing down Of the mills
was imminent, and that a conference for that
purpose This could not be substanti-
ated, and later the report was that the big Min
neapolis mills would not close, but would continue
grinding along until the first Of the year. except
for the usual holiday closing. The first report
had great effect and May fell under 81 10 quickly
and was hard to rally. Patten was said to have
lost his bull enthusiasm and to have sold some
of his wheat, and big selling that came from
Bartlett was attributed to him.
Primary receipts, TIA, 900 bu, against 1,010, 900.
4 The forecast: Kansas-Snow tonight and
Wednesday. Enthusiastically snow hurries.
South Dakota-Partly cloudy; slowly rising tenn
peratures. North Dakota-Partly cloudy and
warmer. Enthusiastically cloudy; snow near
Lake Superior. Iowa-Partly cloudy; snow fur
Fies vest warmer. iMssouri-Partly cloudy;
snow in southern and western portions. Illinois,
Indiana, Wisconsin and Michtgan-Partly sloudy
: and colder tonight and Wednesday.
The Weekly foreign crop summary reads as fol-
lows: United OBSERVATION-DISCLOSURES past week has
ports are now most satisfactory. France, Italy
and Spain-Drought has been generally relieved;
crop outlook improved. Rumania-Crops in ex-
,cel1ent condition. but no snow covering Is caus-
ing some anxiety; arrivals at ports very small.
Russia-Crop news favirable 1ndia-Crops con-
tinue to progress favoraby Australia-Some
private estimates exportab1e surplus have
been reduced to 20 900 900 bu; this is about half
of early estimates
i May wheat closed at 81 .09N Clio, and July at
81 .O9A.