The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-01-22
May Back to $500 Against 90ssc
Yesterday and Recent High
Of 911sc
The Break Predicted Yesterday
Comes Along on Seized.
ule Time.
The Market Uncertain as Ever,
Much Depending Upon
Armour s Moves.

Nfinnea polls Chamber of Commerce. Jan.
22.-All traders were inclined to go slow
in wheat this morning. and a dull dragging
market thru the opening hour was the re-
suit May was off &c to 89kc. The wire
service was very bad, scarcely any better
than yesterday, and it was impossible to
communicate with outside markets with
out risk of delay in the transmission Of
messages, while the private wire offices
had no lines open and little of the gossip
of the other exchanges came In. About
all the crowd knew to start with was that
Liverpool was SD lower. Argentine had
shipped 1,672,000 blu against 300,0 900 last
week and 456,O00 a year ago, and that
here was more rain or snow over the
southwest These were bearish items and
there was some selling on them. Mime
fapolis May was off to just above SIC after
awhile. AS this was 21sc down from recent
high point the old line bulls laid in a lit
tie more May on the setback. Others in
the pit took it to mean the beginning Of
greater decline, and so they made haste
to get short, and even those who would
not sell 1t at 911sc, now put out a little. 1t
is doubtful If single big long line was
disturbed on the down turn to 89c and
careful tab in the pit failed to record any.
thing that looked like heavy selling. At
soc it was evident that considerable
quantity of wheat made up of small-lot
long holdings had been sold out, that some
little new pit short interest had been
sorbed by holders already long. Persist
ent selling finally put 1t thru, to 88A q
SSsc. and the market at this point was
very uncertain. everybody waiting to see
what the next turn would bring, and
commission house pit men watching their
stop-loss orders closely. Little was heard
of Armour. Apparently the big man was
not selling, neither was he buying open
~. Since the pressure on the market this
morning was of the continued dropping
,~t s1oI~y
and nothing tending towards a furry it
looked as tho Armour was content to let
the market drift for the time being
Meanwhile the weakness here was much
more noticeable than in Chicago and Min
neapolis May was 2@2ht under Chicago
May. .,-. ,s..
Minneapolis received 26e, cars against
800 last year, Duluth So against IL and
Chicago 80 against "a. st. Louis had H.
900 bu against $4,000, and Kansas City
10000 against 81, 900. Minneapolis eleva-
tor stocks increased about $4,000 bu for
the week. ~
As soon as the market began to look
Btalsy the bears felt around for something
they could get hold Of that could be made
TO do service on their side, and q number
of bearish reports were among the first
items in when the wires were finally
opened. OF these the most important
came from Milwaukee, where the Miwau
kee road this morning issued blockade
notice, the elevators and mills being filled
with wheat and the tracks Of the MilWau-
kee road holding about 1000 cars that can
not be unloaded. This with other news
Q1>a like nature had some effect, but az
ter the early decline the market was too
steady to be weakened much moro.
Primary receipts were $4,000 bu against
1000; shipments, $4,000 bu against 1s7,-
900.
The Modern Miller says that the long
drought in the southwestern portion of the
wheat belt has been effectually broken and
has been followed by snow which has
fallen much all over the central portion Of
the winter wheat country. It is expected
that great benefit will be received by the
backward plant a result of this mois-
ture. The Oklahoma agricultural expert
rnent station indicates that favorable
spring conditions would make a fair tho
late crop from seed not terminated but
not yet dead. Reports from California in
dictate that dry conditions have been re-
lieved.
Wheat and -four cIearances for the week
were 3,538,000 bushels. ,-
Near the close the market turned very
weak. bearing out the predictions of yes
terday by fall to $3.50 for May. July
made a big loss, going to 86% @S6Ac.
There was much selling out Of long wheat
near the end. May closed at S8hc, July
at S6ss @S6%c and September at 76%c.
Wall & Jackson of Milwaukee wired
Watson later in the day that they had
investigated the matter Of the congestion
of wheat in Milwaukee. and that the stu
alton was nothing like that indicated in
the early dispatch Of bearish nature;
that with Chief Inspector Frank Huxley
they had gone over the ground and find
less than 1000 cars Of grain Of all kinds on
a9 tracks in Milwaukee. much Of it barley
and other grains, and that wheat in all
positions in Milwaukee amounts to only
about 1000, 900 bushels. -.
May Oats.
Another big trade was noted In May
oats, elevators selling freely.
May oats closed at 3s1Ac and April oats
at 3S%c. SO