The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-05
WHEAT LOSES ANOTHER FRACTION FOR The DAY !
The Result of Continued Selling Out
of Small Lots by Weak
Holders. :
A Surprisingly Large Proportion Of
Winter Wheat in the Local
Receipts.
Cold Weather Is Hurting the Growing
Crop Over a Consider
able Area.

Minneapolis Chamber Of Commerce, Jan. |
5-The wheat market came under pres
sure again this morning. Selling was IN
prder. 1t was thought from the early news
that there little likelihood of any
thing very bullsh coming along from the
far. east the war situation having appar- |
emily taken on more favorable aspect. |
Again there was the selling out Of long |
wheat and May was off to Sossc. July to
S47sc. In Chicago the feature was the
appearance of several new houses on the
side of the bulls. Armour was not much
in evidence, but when Chicago May sold
around SEC Counselman, the Alton rep
aesentative and Lobtke the exporter, were
buyers. The traders took this 70 various
ways current opinion having 1T that the
buying by COunseman represented sup
porting orders from Armour under cover.
The support was there however, and some
one was ready to pay SEC for a big wad
of May. The opinion is growing that too
much importance has been attached. to
prospective war as the factor of greatest
influence There is an element in the
market that stands pat upon the PROPOSE
rion that wheat is worth more money.
and will sell higher some day regardless of
war. Traders who take this view are I'M
disturbed by setbacks, and the announce
ment that peace arrangement had been
effected between Russia and Japan, and
the quick break of a cent or two that
would probably follow such an announce
ment, would not change their position or
make them the less confident that ulti-
mately the figures recently heard on the
curb here will be passed. This unflinching
bull crowd felt it's position greatly
strengthened this morning by the govern
1nent reports. from which it is plain that
the winter wheat crop, on acreage con-
sderably under last year, has made bad
start, and has got to do we'll from now
on to hold up to even an average condi-
ton. The government practically says
nd
tricts.
No precipitation worth noting is shown
anywhere for the twenty hour Pc
riod to o'clock this morning. There were
light SHOWS in places in the nOrthw est,
but the southwest is still without the
needed moisture. The government OBJ
servers have begun to view this as serious
enough to warrant the most careful at
tention, and the Washington weekly
! weather and crop bulletin has a summary
that even were there no other bull fac
tors in sight would ordinarily be of
strengthening influence in itself. The re-
port notes that the greater part Of the
winter wheat belt is still without snow
covering, and that the southern portion
i has suffered from alternate freezing and
thawng and lack of sufficient moisture.
Bradstreets reports increase Of only
81 900 bu in the worlds visible supply
There IS an increase Of 1,091 900 bu east
Of the Rocky Mountains, but the quantity
by 1000, 900 bu.
Minneapolis received 545 cars against
S31, Duluth So against AZ, and Chicago 5:
against sc. ST. Louis had 5000 bl
against $4,000. Kansas City sent the re-
!. port by cars instead Of by bushels, as l.
customary, and had 300 cars, against 12O
Minnea polls elevator stocks have in
creased ATS, 600 bu- so far this week. O
to-day's receipts here about 100 cars wer
reported to contain winter wheat, Will
the inspection sheet for yesterday showe
IT cars No. winter 116 No. winter, an
16 rejected winter. 149 cars in all.
Harris Gates have a man in CalifOrni
who wired Lewis this morning that rain
badly needed that parts of the whea
area have been suffering for week, an
that unless rain falls soon around Stock
ton and San Jose. a new factor in whea
will arise in the form Of a cry Of drougf
from the coast.
Primary receipts 1895, 900 blu, agains
Gal 900, shipments 100000 against 173, 90
Wheat and flour clearances with New
port News missing, were equal to 400,
bu.
Near the close there was recovery ar
"a firmer feeling generally. May closed {
S5%c, July at S5Bc, and September {
7S1hc.
The cash market was quick witho'
special new feature. There was fair d.
Smand for the grade wheat.