The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-11-18
Four Out Of Five Are Either In
different or Talking Lower
Prices.
The Market Sinks Again, but
Makes Recovery Near the
Close.
Accommodating Stocks Now the
Principal Bear In
huence.

Minneapolis Chamber of Commerce, Nov. 49,
New low prices were recorded in wheat early IN
today's session. December selling down to $11O3a
@1 .1o5s and May to SLIPS. The big weaken
ing item the first Liverpool cable, showing
the market y @7d lower. This foreign decline
was not only In response to our weakness OF yes
terday, but largely because of better weather
reports from Argentine and expectation OF ship
ments, of about 100000 Blu from india. me
s pit turned seller on it. When 1t was seen that
receipts, both here and In Duluth, were Larger
than a year ago, and the Increase in local stocks
was found to promise 1850, 900 bu for the week,
more bulls turned about and sentiment after the
marked as to throw the weight Of 1t to the bear
side. Four men out Of every five on the floor
this morning bearish. This rather pleased
the more observant bulls, who know the old say
ing that the thing to do to bull the market is to
get everyone bearish. Probably the greatest
bear help in the domestic situation Is the &C
cumulation of stocks at Minneapolis, and 1t Is
theh subject Of bearish comment in other mar
kets as well as here. Last year at this time
stocks increased 64o7 72 Blu. The total then was
6,31s,000 bu, while the statement Of tomorrow,
counting in the increase for the week, should
show about 100000 bu. The bears know that
last year the ten-million mark was not reached
until Dec. 20. the total then rising to 10 246O 900
bu.el This year, than a month earlier in
the season, stocks already just under the
ten-milHon mark. and so, If one is bear, 1t is
q simple matter to look ahead to a total in store
here Dec. 20 next Of 10000 900 blu, assuming that
the wheat is to ogon piling up at the rate Of
over 1000. 900 bu week. There is, Of course,
another side to this. Stocks may not accumu-
late steadily the bears anticipate and
moreover, the quality Of the wheat in store
is matter not to be entirely overlooked In this
connection.
Receipts the whole made showing almost
equal to last year at all points, Duluth running
ahead with 100 against 1913, Chicago getting
Al cars against 103, Kansas City $500 bu against
81 900, and st. Louis $4,000 bu against g. 900.
Primary receipts, 1,O49, 900 bu against !, o47,-
600 pu.
Clearances for the day, 1000 bu, and for the
week, 100000 bu.
Near the close the market recovered a cent on
buying induced by reports Of Armour buying In
Chicago and dry weather news from the south
west.
Orthwein Of Kansas City wired: zone of
cur best customers, who Just arrived from a trip
thru Kansas. claims weather very dry and sand
beginning 30 shift
The Modern Miller says: ''There has been
no relief from the drought conditions except in
widely scattered localities. Altho complaints
that the wheat plant Is suffering from lack OF
moisture are coming from some sections as also
reports Of the prevalence of Hessian fly in the
fields, no serious damage is apparent as yet"
The forecast: Minnesota-Fair tonight and
Saturdays partly cloudy, with possible showers
and cooler In northern portion. North and South
Dakota and Nebraska-Far tonight and Satur-
day; partly cloudy and cooler. Kansas nlinoi,
Indiana, Missouri, Michigan and Wisconsin,
Fair, with moderate temperatures Iowa-Fair
and cooler.
December closed at s1.1x, and May at s1.1sx