The Minneapolis journal., 1904-10-19
But Fails to Fall Like the Stick
Both Options Strong and
Higher.
December Reaches $1.191s and
May Goes to $1.191s on
Heavy New Buying.
Reports of Importation Of Mani
toba Wheat Fail to M
Break IT. SH 2J.n

Minneapolis Chamber Of Commerce, Oct. 19.-
Wheat shot up yesterday like a rocket, but to
this writing has failed to make good the old
smile and come down like the stick. On the
contrary, the market, from all appearances Is
heading higher. From the opening at $i.18h q
L16ss, December wheat went to $1.19A by IL
o'clock. There were frequent small reactions
but the upward tendency was pronounced, and re-
cessions were temporary. The strength or yes
terday carried over, and additional to 1t
the market had the effect of rains over the north
west, reports Of damege done to wheat still un-
threshed in North Dakota, and lighter deliveries
at country elevators The movement was the
least bearish for time, far as the local
showing concerned, for there were 6Ss cars
IN against 404, and while this was more than a
year ago. 1t was much smaller excess quantity
than has been the rule Of late. Duluth failed
to affect 1t. that market having practically
even showing, Or 1872 cars against ISL, while
chicago fell under with only 46 cars against 1o1.
st. Louis received 4s.ooo bu against $4,000.
Kansas City had ia against 1872.
Two bear items came out before noon, one the
report that Armour was big seller, the other
that Manitoba wheat again close to the
point where 1t could be imported duty paid.
These had some effect and December fell back to
S11sA, but 1t was stubborn and hard to force
lower.
Minneapolis stocks have increased $780, 900 bu
for four days.
The Chicago Record Herald says: Another Of
the Duluth wheat cargoes, bought some time ago
10 come here. is expected today. 1t will be
loaded into of the BarHett-Frazier elevators
No. j northern, but is high grade, and is not in
tended to be used in making contract-grade
wheat 'Millers everywhere are fighting III IKE I.
said B. A. Eckhart Of the Eckhart & Swan
Milling company. THAT is what is the matter
with wheat There is not enough of the good
wheat to 60 around" Chicago cash sales were
1856 600 bu wheat 200, 900 bu corn and 225 900
bu oats. The wheat sales include IS 900 bu No.
2 hard and $4,000 bu mixed lots. The corn was
No. yellow. partly at &c over December in
store. st. Louis sold 1000 bu No. 2 red and
Kansas City claimed 100000 bu for shipment
The seaboard sold $4,000 bu wheat, $4,000 bu
corn and 100000 bu oats. Charters for
16O, 900 bu corn and 100, 600 bu oats.
One Of the mostmportant things the grain trade
has to look forward to Is the investigation the
department Of agriculture proposes to make into
the milling quality of the last American wheat
crop. This. Mr.. Hyde, the chief statistician,
says cannot be made to best advantage before
Dec. 1, but 1t will be a price-making factor when
1t does come. -
Primary receipts. 1114.o0o bu against 1.1e2.-
900 bu; shipments. $4,000 bu against sos, 900
bu: Wheat and flour clearances, $4,000 bu:
Broomhall cabled: Liverpool wheat affected
By the advance in American markets yesterday
and Initial prices were up sd. Offerings OF
cargoes and parcels from Argentine, coupled with
selling by large houses, caused break Of sd
In December and I'D in March, with weak un-
dertone developing. good spot demand for
corn caused an opening advance Of Ad, but later
prices eased in sympathy with the decline In
wheat Our Argentine agent cables that No
damage was done by the recent frosts.
Forecast: Kansas-Fair tonight and Thurs.
day; Cooler Notwithstanding, rain and
cooler In eastern portion. Minnesota-Far in
western portion and showers in eastern portion
cooler cooler tonight Shttn SSh S"Hdt. m
showers in eastern portion; cooler. Nebraska
Partly cloudy and cooler tonight in nor rtherr
portion Illinois. Indiana, Michigan and Wis
notwithstanding tonight and Thursday; prob
ably showers and thunderstorms cooler Thurs
day. -
December closed at s11sA and May at s1.1s1s
Q1.1Shs.