The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-05-16
News Less Bearish, and the Mon
day Statistics Favorable to
Strength.
Decrease in Local Stocks and in
the Total Visible
Supply.
A Firm and Higher Close-Good
Cash Wheat Pre-
miums.

Minneapolis Chamber of Commerce. May
16.-A decrease on passage. lighter worlds
shipments and unseasonably cool and wet
weather were influences In wheat at the
opening. July started In around 90Mc and
went to Ole, and September, having
opened at 79Ac, sold up quickly to SOC.
The shorts in Chicago, those short in old
July, especially, had little scare and
bought in a hurry when the market began
to harden. In the local pit it was more
difficult matter to scare in the shorts and
while some ran to cover there was
such buying here as in Chicago. Light re-
ceipts and light stocks were bullish fea-
lures and a decrease in Minneapolis
stocks of 100000 blu for two days helped
the strength The quantity on passage
also decreased. For a long time the total
quantity of breadstutfs afloat for Europe
has been piling up. The total even now Is
very large. 53,1s4.0OO bu in all, and this
is really a bearish feature, but the fact
that last week the quantity failed to In
crease again, but, on the contrary, de-
creased 100000 blu, was encouragement to
the bulls who take this to mean that the
maximum figure was reached last week
and that continued decreases will be in
order from now on. Local receipts were
113 cars, against 1873, while Duluth had 4,
against q. and Chicago IL, against II.
Kansas City received 100000 blu, against
$4,000 and st. Louis $4,000, against $4,000.
The southwest has more rain now than
needed. Early in the year there was
drought, and now the precipitation is
heavy and frequent. Oklahoma City had
1.06 inches and Wichita, Kansas, .54. The
whole western country was cool and rainy
over Sunday, rains being shown over night
at Williston, Huron, Sioux City, Omaha
st. Joseph, Mo-; Springfield, ILL.,, and
well up in Manitoba, while frosts were
reported in Indiana and portions Of Ohio.
The st. Louis wheat gossip says that
the Spencer interest at st. Louis had
5000, 900 bu of No. red delivered on their
trades in December, 1908. They have sold
all but $4,000 bu of this and messages
yesterday said miller had an option on
the remainder. Shorts who defaulted on
their trades there at 92c in December
have seen the price move up and the
figures now at the tail end Of the crop are
around $1.04 and the market there is con-
gested.
The weather forecast Is as follows: Illi-
nois, Indiana Wisconsin, Missouri, Mich
igan, Minnesota and Iowa. showers to-
night and Tuesday; Dakotas Nebraska
and Kansas, showers tonight, fair Tues
day; Montana, fair tonight and Tuesday.
Primary receipts, 212,0O0 blu, against
$4,000; shipments, 215,000, against 414,-
900. Wheat and flour clearances, 211,-
900 blu.
A visible decrease of 1855, 900 bushels
helped close the market firm. The de-
crease was really greater than this. Fort
William wheat decreased 781 900 bushels;
Port Arthur decreased 435, 900, making the
real decrease 2,871, 900 bushels. This will
not show In the visible until next week,
but Is posted as telegram received after
the visible was posted. s@. III.
May closed at 92kc May at 91N@91Ac
and September at 80Ac.a -ai 49, ST. Isl
Cash wheat was strong, and premiums
for No. northern were 5@5hc over May
on some sales. ...