The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-01-19
The Market Opens Firm but Goes
Down with Rush Before
the Close.
Dizziness in Chicago, Then Heavy
Selling Bringing Out Stop
Loss Orders.
Ten Loads Wheat We're Reported
1. Sold at New York for
Export.

Minneapolis Chamber of Commerce. Jan. Ia
little tightening up between Argentine ana
Liverpool was felt today, and it was help TO
price maintenance in all markets. private
cable from Argentine to Liverpool said smaller
wheat shipments are likely. Broomhal followed
this with something along the same line, ana AT
tributed the Liverpool advance OF rs ~ teo 10
desire to 90 slower until 1t Is seen how soon SNIP
rnents may be expected to run up ana nov
much wheat Argentine Is going to nave tne
expecta ton is that on Monday next the "ofiu
shipments will be light and that Russia WIN
not figure heavily. Russian wheat exports slnce
Aug. / have been 900 bu. against I2,Ioo'
900 bu in the previous year. ind 90 e54. ooV pu
In 1902. Liverpool has had plenty OF "neat
coming in from all sides and still mas pien' y;
but there may be turning point somewhere In
the near future. The Argentine crop ought 10
move out in quantity soon. Meanwhile LIVER
pool is looking around to see just where sns
stands with reference to general supplies, anu
there is less disposition there to press the mar
ket for the present. On our side there was a
Price Current report saying: winter wneat
GENERALLY under snow. The week favorable FOR
wheat and for improving corn quality Colo
weather tending to increase consumption OF corn
and feed materials" There was decrease OF
200 900 bu in Minneapolis elevator stocks and
an outward movement from Minneapolis of A, $40
brls Of -four and $1,000 bu. the whole rather
Favorable to strength. Country elevator stocks
are being drawn upon, that the effect OF IN
creased receipts here Is offset. Yesterday there
were 403 cars wheat in here, after deduc1>ng
winter and macaroni, and Of the total the Great
Northern brought in 294 cars. Some Of this
was delivered on previous sale to arrive ana d1d
not appear the cash tables On the whole,
the movement to Minneapolis, altho now running
ahead Of last year, is not very bearish. Today
S67 cars were in. and Of Canadian, or 674,
against 255. Every other point fell under Chi
cago IL cars. against 80; Duluth 81, against 50;
Winnipeg Ill. against 100; Kansas City $4,000
bu against 129, 600, and St. Louis 47,0oO, against
SO, 900 bu.
At noon heavy selling in Chicago forced prices
off, and dizziness gave way to activity. Stop
loss orders were soon uncovered, and an i'm
s rnense quantity of long wheat was forced out.
Minneapolis went from 81 1914 to $1.14A about
as quickly as it could go, and after tenn
porary halt it went to 81 IA almost in straight
drop. The bulls had a bad half hour of It, and
prices at one time looked much lower, but after
striking S1.14 the market halted again and
Showed tendency to react d little. Then 1t
smashed under, to 81 H. ,g ,s.
BroomhaI estimates Argetine shipments for
this week: Wheat, 100000 bu, and corn, SOC, 900
sbu. This would indicate more than was ex-
pected by private cable.
Primary receipts, SCI, 900 bu, against ST. 900.
Clearances, IS, 900 bu
z, Ten loads of wheat were reported sold for
export at New York.
MAY closed at 81. Ia and July at $1.111s.