The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-05-02
Minneapolis July the Center Of
Interest Bears Still in
Evidence.
But the Weight of Sentiment Is
Turning Over to the
Strong Side.
A Bearish Report from Spring
field, ILL.,, and Several Other
Bear Items.

Minneapolis Chamber of Commerce, May a.
Wheat was strong again today and higher early.
Later it was off cent from high points, but,
far from showing weakness, was stubborn
against all selling. Interest was principally In
Minneapolis July, which option carried practically
all the trade The delivery yesterday of big
line Of wheat by private arrangement was the
influence of greatest Importance. Traders be-
gan to take more hopeful view of the situa-
ton. The bears, flushed by recent success are
still in evidence every hand, and are pre-
dieting that with the big winter wheat crop
coming on, the spring wheat never in better
condition ut this date, and the acreage larger
prices must sink again sooner or later. They
feel that advances Of &c to &c will come along
from time to time, and opportunity Will be
afforded for profitable short selling: They DO
not believe In the maintenance Of prices or any
thing like the present levels. Against this
there has developed enough sentiment of the
other sort to make it about a stand-on with
side and turning the weight Of it that way.
July wheat means No. northern In July. How
ever the crops out, there will be demand
for good old wheat, and no very great quantity
of it to meet requirements. There are men of
good Judgment who admitting that drives at
the market may send 1t lower, yet belleVe
that 9Oc for Minneapolis July wheat Is not.
much too high on any basis. In other words,
If one were to buy July and be prepared to
stand against temporary breaks until delivery
time, he would have to take very little loss.
let the new crops be ever so large, while chance
would appear to be on his side; since the crop
reports from the beginning right ups to date
have been entirely favorable and any change
would necessarily be for the worse. A dis
appointing feature Is the unsatisfactory Hour
business. Millers have looked for better de-
mand, and still say that it has got to come,
and may any time, but to date there Is
no increase of Importance. r'-E .--.-t. ~,
Mackay had a Chicago message saying that
sample Of wheat that is headed out and looks
fine was being shown around 1t was from
% the vicinity Of Oswego Kan.
Nv. The foreign markets were very firm, Budapest
= coming SC higher. No explanation for this was
II forthcoming nor for the 11ac advance at Paris
= but they were assumed to be responsive to some
news from Russia. Liverpool was B@hd
higher.
5 the southwest fell back. Minneapolis received
s 81 cars against 40. Duluth Is against -12 and
IS Chicago 70 against ~. st. Louis had only 600
bu against and Kansas city on1
\ Primary receipts were 2o5,ooo Blu against
4 21s,ooo clearances, $4,000 bu: ,, .,.
8 The Illinois state report says: Farm work
3 has been hindered, the soil being too wet to
3 plow but the work is we'll advanced and much
j ground is ready for planting. Later sown oats
s are coming up, the early sown are growing
q fast and are showing a good stand. outlook
& for crop is favorable. Some early planted corn
4 is up in the southern district. Flowing con
81 tnues and is we'll advanced In the northern dis
81 tricts Planting will become general as soon
& as the ground permits. Wheat and rye have
i made rapid growth and, with few exceptions
q the crops are very promising. In the southern
"a beginning to head 80
Il Bradstreets report shows wheat in Europe
q and afoat increased 5000 bu; wheat east OF
81 the Rockies decreased 900 bu; worlds ne,
81 decrease 1,S5S,00 bu.
g Broomhalls foreign crop summary reads al
s follows: United Kingdom and Germany-Colt
4. weather has checked the development of thu
8 growing crop, but damage has been reported
II France Hungary and Italy-Crop reports arr
@ generally satisfactory. Roumania and Bulgaria
81 The condition of the wheat crop continues
q excellent supplies rather larger than ex
* pected. Russia-The weather remains season
Fl able and the crops leek WE'LL transportation DIFF
81 fculties on the railways continue. Spain-Fur
IS Their rains have fallen; there have been SOM
q bread riots. Portugal-Famine conditions exis
~ IN the south. North Afrca-There have beer
IS some rains, but crop conditions are still cr1tl
"a cal notwithstanding. India-No change In crol
81 situation has occurred; moderate exportabl'
81 surplus Is expected.
IS The weather map shows light scattered show
IL ers in Canada generally cloudy northwest, Will
E only a trace Of rain at Miles City. Light rain
IS in Nebraska Kansas and along the lakes. Tenn
H peratures generally higher. The forecast says
II illinois, Indiana Missouri, Wisconsin, Lowe
H Michigan Iowa, Nebraska and Kansas-Shower
Ee tonight. North and South Dakota, Upper Mich
~ igan and Minnesota-Ran tonight and Wed
Ea nesday. -
AA The market was very strong after noon. Ma.
M holding up well and July going to 9o7a @Soesc