The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-10-08
With Chicago Closed for Holi-
day Minneapolis Goes It Very
Well Alone.
Closing the Day With Full Cent
i Gain-Shorts Get a Bad
e. Scare.
Liverpool Advances I'D on Bad
Australian and Argentine
Crop Reports.

Minneapolis Chamber Of Commerce. Oct. s.
Traders who came down to the Chamber this
morning expecting dull and lifeless session
were much surprised when the market opened
with a great show Of strength and shot up &c,
December going to $1.12a against $1l0ss az
the close yesterday, May selling to $1.13ss
quick to hold in full, and prices eased back by
1a@Hc very shortly. This squirt however was
enough to discomfort the shorts and relieve the
market from the steady pressure that had been
on for several successive days. Everyone had
thought that with Chicago closed for holiday
nothing would be doing here, especially SO since
Chicago has been the center Of influence of late.
A nominal market looked for, with the at
titude of the Chicago bear interests next week
and the receipts of wheat here on Monday the
things to be reckoned with. But Liverpool was
doing business today and was 1Ad higher. At
first the trade thought this error, as there
was nothing In the action Of the market on our
side yesterday to give strength abroad, but, on
the contrary, much to foreign weakness
This doubt was soon dispeled by Broomhall.
whose cable showed that America had nothing
to do 1t with. and that Liverpool up in
line with n change for the in the weather
in Argentine and also less favorable advices from
Austfalia Liverpool corn was up up also
were closed. Milwaukee open. 1t was
largely Minneapolis Duluth-New York market
With Duluth No. northern about with
December. and Minneapolis cash about &c over
our option, there a difference of 3hc in
favor OF Minneapolis, and the bears made much
OF this arguing that the difference cannot
idil 10 urdW wheat In1S way. AS TO what to
expect here on Monday, there was less unanim-
! ity of opinion. Last Saturday it freely
predicted that the Monday to follow would bring
IN over 1000 cars, and this was well borne out
with receipts of 1,094 cars. Today the trade
was inclined to think that this will not be
eq1aled at the start next week. For today
Min ,n oi loomed up again with 5e1 cars
against 2l6, but Duluth fell off with POS against
But, SO that the total in the northwest was 100
against 6l3. gain Of 1S6 cars. Chicago had
only ON. ~ cars against So The bear side also
bu In local stocks this week, which brings the
total to 2,5S8,474 bu against 4.169 900 a year
. ago, with an increase of $4,000 bu for today,
when hgures into next weeks account last
years total they believe Will soon be reached
Ihls remains to be seen. Stocks should ordi-
Marty increase every week from on, and if
Wheat comes IN as freely as last week, may rea-
sonaniy be expected to equal last year before
long Last year the gain was very irregular:
mere were decreases here as late Oct 81 and
accumulated In Minneapolis houses
Another important thing to Come with the new
week 1s the government report due Monday
afternoon This report should show the yields
per acre Of wheat. oats, rye and barley and
should give the condition of corn.
Broomhall estimates the worlds shipments of
wheat for the week at 100000 against TO-
$4,000 bu last week and II. 592 900 last year
or this amount Europe will take about 1900 oO0
There probably will be a moderate change on
passage. Broomhall cabled: Arrivals of bread
htufs In the United Kingdom during the pa st
week, 100000 bu against 4. 200 900 the pre.
vious week and 100000 last year.
Kansas City had ia, 900 Blu wheat against 49,
200 Other statistics missing, owing to the
holiday. ~ ~
Near the close the market was weak, and
prices fell back, yet the closing figures show
gain OF n cent for the day, December closing at
$1.11h and May at $1.129s.
Well-authenticated report was around lust
before the close, to the effect that good-sized
order FOR hour had been booked for export by one
Of the local mills. " ~"
Winnipeg had 293 cars against 255
In Chicago, 100000 bu of corn were sold YES
terdny to go east. ~"
Broomhall cabled later that the weather in
: argentine was reported unfavorable for the
growing crop. This caught the market heavily
oVersold and good buying especially by large
houses. caused a sharp advance. Corn opened
cargoes as well the strength in wheat. caus
ing advance of 1bc 49, '' ~""'