The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-02-17
Situation Never So Threatening
May Wheat Closes Here
at s6ss@s67ac.
War in Turkey at This Time
Would Mean a Great Rise in
Breadstuffs.
The Bears, Even Now, Find It
Impossible to Hold the Mar
ket Down.

Minneapolis Chamber Of Commerce,
Feb. 1.-THE bears got another chance
this morning and put wheat down again,
May going to 94.sS Wa4Ac In the first hour.
and July to 9414c. Minneapolis was trm
and above Chicago in the opening trades, !
and while Chicago was 14c to 1ac Under
yesterdays close, local prices were about
nc above the yesterday closing figure. The
nrmness here was soon lost and both mar
kets sagged together. BY 1915 the mar
ket was off cents from recent high point
and the pit thought this was enough Of
break for the time being, at least, but sell
ing continued and 1t was difficult to effect
g. rally. When some of the short sellers
tried to cover, however, there was quick
Jump, and from 94%c May was up to
s5sa Q95ho. The markets were again err
ratio Chicago and Minneapolis out of line
and running contrariWise on some OF the
minor turns. The undertone remained
very strong after the rally and the bears
who had expected the shake out to run at
least Sc or 4c, began to think that the
&c break had about exhausted the pres
sure Foreign markets were not 80 favor
able in tone on the whole, and while Paris,
after a two-day holiday, was up 80 to 40
confines on wheat, and 30 to 80
centimes on flour, Berlin was off 1c.
Budapest 21sc off. and Liverpool on second
cables, 1sGDAd lower. Snow, starting in
Manitoba, was shown on the map to have
extended far enough south to cover por-
lions Of Missouri and Kansas, so as far as
the winter wheat outlook and the July
option were concerned, the news rather IA
vored the bears. while the department Of
agriculture was out with report showing
that the worlds crop of wheat for 1908
was 1913. $4,000 bu against 300 900
the year before. No little bearish talk
has been heard all thru the recent rise,
based on the proposition that there was
more wheat raised in the world last year
than in the year before, and yet prices are
higher. This is true. The mere state
ment. however, gives rise to view of the
situation a little misleading. This Is too
big a matter to take up in detail in linn
tied space, but supply distribution is
something not to be overlooked in this
connection. To the bald statement that
more wheat was raised some qualification
should be due from the fact that the
worlds consumption is larger, and the dis
tribution very uneven. Argentine and
Australia have abundant supplies for eX-
port. but if there is a surplus anywhere
else it is hard to find: it certainly is not
in America.
Minneapolis elevator stocks have de-
creased $50, 900 hu so far this week.
War in the Balkans was the Broom
hall message that came along about II
o'clock. This started wheat up again and
95Bc was struck here for May
Bradstreets' changed the figures of yes
terday for the worlds visible supply. In
stead OF Z1i,OUU Du, Lnefe was q ueCredSe
of 7S3, 900 bu.
Minneapolis received 206 cars against las
last year. Duluth So against Ill, Chicago
81 against 10. Kansas City had 10000 bu
against 10000 and st. Louis $4,000 bu
against II, 1000. ... ~
New York sold 90 loads Of wheat and ~
loads corn for export.
The market was very strong, near the
close. and July wheat gained &c from ex-
treme low point.
The seriousness of the development ir
the Balkan states began to be realized anC
that the instruction reported may be
come a bull factor of first magnitude is
admitted. War involving Turkey and
operations in the Mediterranean states, II
connection with the present Russian Jap
anese war, would. it is thought, bring OF
tremendous upward rush in breadstuf
prices the world over.
Primary receipts SIS, 900 bu against 1906
600: shinments $4,000 against $4,000
xt3H1t t~t lour clearances $4,000.
10 closed here at $685. @96H
~ at. July closed at 96Ac AM
Z e. IL S6Mc