The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-04-13
No One Knows What Tt Means
and the Market Jumps An
other Two Cents.
Receipts Pick Up a Little All
Around, but the Market
Unaffected.
Gates Corner the Influence in the
Trade East and
West.

Minneapolis Chamber of Commerce, April ID
This, the thirteenth, was another unlucky day
for the bears who covered short wheat early
On steadily advancing market In which to
BUY wheat meant to bid for it. Two men OF
prominence in the Chicago grain trade turned
up here and felt around a little In the cash
wheat market. This started the talk that Dig
Chicago interests are short and must get the stun
to make good. One man actually paid &c over
May for car two of No northern, OH the
tables altho this could not be fairly said to
be the market. considerable going for less, and
wheat out OF elevator selling at &C over: the
fact, however, that Chicago men were buying
cash wheat here, and that &c over May was the
basis. reported by wire to other markets
started another scare of shorts, and both May
and July wheat sold up sharply. The counter IN
ference to that Of buying cash wheat mere
against short sales in Chicago was that the
wheat might be bought here In regular COM
mercial way, the idea being to get choice stun
here which would carry large proportion of low
grade wheat in Chicago, the whole to be made
into No northern and delivered on sales or chi
cuGo May made at time Of purchase Of the cash
stuff here. Roughly figured out, this second In.
ference did not look very good SO far as profit
is concerned, for assuming Chicago May to be
sold at jill when Minneapolis May was $l.OS ".
and &c May paid for the cash stun, 1t
would make $113H against Sill, or only 3Ac
advantage, this not allowing for freight. The
wheat bought here would have to be good enough
to carry a considerable proportion of low grade
stuff, to make such deal profitable to an eleva-
tor company.
Inc May deal In CnlCaSO Is beginning 10 at
tract the interest of the world. and London and
Liverpool watching it closely The New
York, Sun, in commenting on the deal. says:
1.-The test of grain deal comes when the thing
Is reduced to cash basis. A speculative line
Of 10 900 900 to 10000 600 bu Of wheat IS easily
managed, but that amount Of cash grain Is an
\ altogether different matter. In Wall street
there are two predictions of failure to one OF
success for this May wheat deal"
The Price Current says: with little excep-
ton conditions continue favorable for crops. Out
look promising for oats with enlarged area and
for early planting Of corn with full area. Winter
the season. Conditions favor early seeding of
spring wheat
Receipts here were 154 cars against 1O7 in Chi
csgo At against 8 and Duluth 2 against "a.
Winnipeg had 65 against 40. Kansas City re.
ceived so, 900 bu against 10000 and St. Louis
81 900 against 1900. Minneapolis elevate
stocks have decreased $685. 900 bu so far thit
week.
Primary receipts, 339, 600 bu against $4,000
Clearances. &C. 600 bu.
The weather map shows snow at Calgary
Qu'Appelle. Havre, Miles City and Huron; rain
ing at Fort Worth Abilene and Oklahoma City
temperatures higher. Forecast: Illinois
Cloudy, showers south. Missouri Kansas, Ne
err snow furies north. Wisconsin, Minnesota
Fair cooler. North Dakota-Fair. South Da
kota-Snow. No change at the straits, heavy
SNOW last night.
BrOomhall cableG: General rains in SPAR
have extended to CASTLE and other regions. Els
timated this weeks Argentine shipments Of
wheat. 5000, 900 bu; corn, 400. 900 bu.''
May wheat closed at $1O9A and July al
$1.049s.