The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-04-01
They Buy Wheat on Reported
Decrease in Local Stocks Of
Contract Grade.
Only to Find Later that Stocks,
Are Piling Up and Not
Decreasing.
May Sells to $1.o85s, Then Falls
81 to $1.065s, July Going to
$1.01A.

Minneapolis Chamber Of Commerce,
April 1.--Another blunder like that of
! a few days ago, when 100 cars less
than came IN were posted, was made on
change. today, and it held wheat firm
for a time, the market falling sharply
port for the week showed a decrease OF
#E2l6,4l5 bushels, and a decrease IN NO:
4 ! northern and No. ! hard Of 53,7O7
i bushels. This was wrong. The con-
I tract stocks did not decrease but on
1 the contrary gained 12S,597 bushels, SO
u that the algebraic spread represented
q difference in the change Of ISL, so %
u as. first reported and as reported latel!.
s The Shoreham elevator was said to
have been overlooked in. the compila-
. ttion. The effect was instantaneous;
May wheat had been up to $l.0SB and
July to. $l;o2%(Rl.o3,. but when the
stuff, instead Of decreasing, was really
sEpiling up, they changed front and May
4 wheat sold to $l.o65s, July to $1.0lA;
The longs were Jared considerably and
were disinclined to take hold again,
altho Chicago May wheat was stubborn
fold Gates corner story was out again,
Gates has 100000 bushels in New
york, and 1S,OOO,OOO in Chicago, accord
ingsto this report, and he will one day
run prices up with rush. This is the
one great pillar of the market, the
strength of Chicago May, and the IN
Many still believe he will one day put
prices away up. This. he may do; no
one can tell. Certainly it is posi-
bility and certainly the market will not
4 90 to pieces while Chicago holds so
firm. Should Chicago May ever start
4 to go down, that would be announcer
The Commercial West strikes at the
4 heart Of the proposition in the follow.
ing: "The question of receipts at
II Minnea polls has become one which it
is better to discuss as little as possible
II The fact is, every one, even the man
ayers Of big line elevat Whe companies e. hes
seemed absolutely certain that the re-
ceipts would dwindle to almost nothing
8 the cars would continue to arrive IN a
way no one could explain. Yet there
are'iso many roads and branch roads
turnout the northwest, and SO many
is really not surprising that receipts
should run 200 cars day.. But OF the
8 future no man can say
No one can say how heavy receipts
III may run in the future, or how light, but
he can say that they have got to fal
almost to nothing to make comparison
that will be bullish. In April las
year the movement into Minneapolis
went down to bed rock, yet despite thi
in very bad shape, prices of May whea
went down l0c as May drew on. Thr'
the first week of April receipts held III
fairly well, but on April 9, only SO car
E were in. On April 70, the run fell t.
81 and on the 18th to So. On the l9t]
there were 81, and on the 2lst only 81
Il again on April 81 there were IS
n the movement meanwhile showing 8
and 70 cars on the 23d and Goth: TIL
Goth brought in II cars and the 30t]
49, If therefore the bulls hope for al
Il advancing market on bullish compari
son of receipts from now on, they viii
have to figure upon very small move
ment indeed.
n Today there were 1877 cars in her
for two days. Duluth had 9 agains
A. Chicago IS against Fl, Kansas Cit
$4,000 bushels against $4,000, st. Loui
$4,000 against $4,000, and Winnipeg IL
Nsrs against 81.
EfPrimary receipts $4,000 bushel
aEainst 643, 900 for two days last year.
a9The weather map shows rains in Man
Aoba, Minnesota, South Dakota, Ne
raska, Southern and Western i Kansas
Hires stationary in northwest an
Nputhwest, but slightly lower in centre
- NYates The forecast is as follows: Ilf
Mois, Missouri, Iowa, Minnesota, Sout
Npakota, probable showers. indiana
k1ichigan, cloudy, cooler Wisconsin
@tain in north portion. North Dakota
r. MAR, warmer. Nebraska, Kansas, raj
Ftonight, warmer.
/, May closed on slight rally a
Il ss$I07H; July at $l.02.