The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-10-26
Selling Out of Long Stuff Con-
tinued and Prices Go Lower
and Lower.
Receipts Here Less Than q Year
Ago, but This Had No
Effect.
Shields of Kansas City Seys
Much Wheat Yet to
Come In.

Minneapolis Chamber Of Commerce. Oct. o.
Wheat fell of a cent promptly after the open pen.
ing today and looked weak all thru the first
hour of trading. No buying of Importance was
felt in the pit aud considerable selling came
from commission houses carrying long December
for smaA-ot traders. Bull news was not very
plentiful. there anything strikingly bear
ish. The feeling was one of hesitation and
disposition to work for moderate decline. Inc
bears felt that after the recent long period OF
strength decline was in order. and since the
market Is now price level where changes OF
8Q15c are relatively no greater than 1c or &c
changes on the levels of former years, 1t was
figured that the market ought to slide on &C.
and since $1.21 was recent high point the pit
crowd fixed upon S1.16 as the figure December
would probably strike before 1T made stop
The frmness abroad, however, and lighter re-
ceipts here turned the market UP from around
81 IT'S to $1.17B, and held it for a time
Vague rumors of Armour buying began to come
and Of the pit crowd began to think that
possibly the bear feeling was wrong after all.
Still the selling was heavier than the new buy
ing and prices not strong. An Ontario
exporter reported that offers Of Manitoba wheat
were rearily accepted abroad when prices were
based upon the current market, and this helped
the bulls a little. Minneapolis had 46S cars,
against 49, and Chicago 6S, against 90. St.
Louis received 10000 bu. against $4,000. Kan
sas City wired that 80 900 BIZ Oregon wheat were
sold to go t. southwestern miuers at price 1ac
better than Chicago would bid for the same
lot on Tuesday. Kansas City received SO, 900 bu,
against 147OOO.
state will have to draw its supplies from the
north Pacific coast states" said James A. Pat
ten, who Is back from several weeks spent on
the Pacific coast. in the Record Herald 'Wash-
1ngton. Oregon and Idaho have about 81, 900
bu. They have 10, 900. 900 bu sold for the east
aud for export. 4 considerable quantity will
California;, great deal will
be exported in the shape of flour, trade with the
orient In -four having increased lately. l an
friendly to the buying side Of wheat ali
I Breaks
The attention Of the grain trade has beer
drawn towards Minneapolis in the last few days
By the big trading between individual interests
in the local pit Today there big
lots passed, this following this heavy business Of
yesterday, in which the dealings between two
ran close to 1 900 900 bu. In May wheat Wat
( bu In all. No one could figure out what II
meant. whether 1t meant anything more thar
ordinary business In heavy way.
e. W. Shields, member Of the largest grair
firm in the southwest with headquarters at Kan
sas City on change. Mr.. Shields says con
: siderable wheat is yet to forward II
/ the southwest than Is generally supposed Corr
{ "a a good crop in Kansas.
Primaries: Wheat receipts. 1,O44,0 900 b,
against $50, 900; shipments, 32S 900 bu agains
. 6S5 900
Forecast: Enthusiastically cloudy, witt
: snow near Lake Superior. Dakotas. Nebraska
1. Iowa, Kansas-Fair. Illinois, Indiana-Partl
cloudy. Wisconsin, Michigan-Party. cloudy
{ ~.
Near the close heavy selling drove prices OF
and the market scored another loss for the day
December closed at $1.1eR oil .16A, May a
7 SLICK.