The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-15
The Pit Upset by Heavy Selling
Thought to Come from the,
Big House.
Almost Million Handed Out in the
Local Pit-Buying Then
Followed.
An Uncertain Situation The Market
Likely to Move Quickly Either
Way.

Minneapolis Chamber of Commerce Jan
15.-Wheat was a hard proposition thi.
morning for the small trader. 1t was
whip-saw affair and extremely dangerous
and uncertain. May opened here at S7ac
There was nothing Of vital Importance II
the news. The trading dragged. Their
buying began. all markets turned strong
er. Minneapolis May advanced to S7Ac, 3
war rumor came in and added to this
strong feeling, and in the midst Of thu
strength a big local house that usually
trades for Armour sold 100000 bu May 1r
quick handouts Of SOS and zoos. Their
the same house sold some more, and a
little July. and before the strength had
spent itself, and almost before the Dit
knew what it was about, it had absorbed
close to 100000 bu. The usual varying
differences were drawn. Armour's moves
are SO uncertain and covor so wide a
field. and his operations running thru
various houses and. embracing all mar.
kets are so quick and on SO large a scale,
that few pretend to follow him with ex-
actitude. This morning, however, the
crowd thought 1t could not well be mis-
taken Armour was selling out his wheat.
Whether he intended to sell out entirely
or whether he was only tightening up to
get n fresh grip, was the problem. His
actions made the crowd feel certain that
the edge was off the bull market, at least
for the present, that the thing to do was
to sell the wheat and profit by the break
that seemed impending, yet no one dared
sell 1T. No one cared to put himself heav-
lily short against the possibility that in
the next q, breath Armour might turn
around and buy big chunk May went
from size to s6Ac in twinkle but there
was no heavy selling to force it lower,
and when a buying order came in the
wheat had to be drawn out by bid and
the market was at S71kc again The war
uncertainty remains and is as full of pos
sibilities as ever. and the dry weather In
the southwest remains along with other
factors, but at the moment it Is an Ar
mour market and unless one can know
what the big fellow is going to do. he may
AS we'll guess one way as another as to
the next change in price. .
Minneapolis had 3S6 cars, against 1884,
Duluth So, against "a, and Chicago Is,
against a. st Louis received 81, 900 bu
against 81 ,OOO and Kansas. City 152, 900 bu
against 68. 900.
The Modern Miller says snow has fallen
in large area Of the winter wheat belt
the section east of the Mississippi river
being most favored. The crop in the
southeast has been most benefited, as
drouth. conditions have prevailed there
since seeding. In the southwest the pre-
ctpitation has been light and moisture is
still needed. Considerable. complaint is
heard regarding the unfavorable appear
ance of the plant owing to backward
growth, but few claims Of damage are be-
ing made.
The map this morning shows a few
light SHOWS In Manitoba and traces, of
snow in the Ohio valley. Thru Kansas,
Oklahoma and the southwest. generally
there is no precipitation. The tempera-
lures thru the west and southwest are
still moderate, but there has been a drop
OF the mercury in the extreme north and
colder weather is indicated The con-
tinuation Of THE southwest dry weather
Is the important feature Of the weather
situation. The forecast is as follows:
Kansas. fair Saturday, possibly preceded
by snow east; colder. Nebraska, cloudy;
cold wave. Illinois. Indiana, rain or
snow; colder Saturday. Michigan. Wis
consin, snow': colder? : Minnesota, fair. ex-
icept snow f1urries; cold wave Iowa, snow
hurries; cold wave Dakotas, fair; cold
wave. ,,,.
Primary receipts were 100000 bushels
against $4,000, and shipments were 37O,-
600 against. $4,000. Wheat and flour
clearances were 10000 bushels .t-. j..
Near the close the market was firm
again on renewew Armour buying and
rurnors of a less favorable aspect in the
far east. -. ~ 81 =. ...'. : ILL., n.
May closed at s71s@s7ssc July at s6ss a
S6&c and September at 7Sc. ~-