The Saint Paul globe., 1905-01-14
WEAK OPENING,
CLOSES UNCHANGED
Bears Sell Too Much Wheat
on the Break and Cover
at a Loss

MINNEAPOLIS Chamber of Commerce, Jan.
1S-The market started weak today with
out anything to warrant such aggressive
ness on the part of the bears in the way
of news. but they became so elated over
their efforts of the past few days IN
breaking the market that they continues
their tactics this morning, and for Whlie
it looked as though we would have an
other bad break in prices. For the first
hour there was considerable pressure ana
some long wheat was sold out on stop
loss orders. AS soon as this pressure was
relieved prices began to stiffen, shorts
started to cover little of their wheat
and found the market practically bare of
offerings except at advancing prices. Lit
tie wheat was offered until the market
had got above yesterdays closing hgures,
when early buyers, satisfied with their
causing fractional decline from the top
figure.
character there being but very little out
side interest shown in speculative way.
On the early decline houses with Chi
cago connections were the best buyers, al
though the amounts traded in were not
large. The closing of the Chicago board
at II o'clock out of respect TO eX-Pres1-
dent Hamill gave the Chicago players
chance to get in some, Of their fine work
in this market and the greater part OF
the advance was after the closing of the
board there. Receipts continue to. run
light and the primary movement continues
under the 100000 mark, stocks here show
ed good decrease, with a small increase
at Duluth, the two points showing a net
decrease of 900 bu, against a net in
crease for the previous week of 457, 900 bu.
Reports from Winnipeg state that Can
adian millers have advanced the price of
flour 25c per bbl. The decision of the
treasury officials in regard to the draw
back rule is construed by many as bear
ish, the report of the Modern Miller was
also bearish, stating that the entire win.
ter wheat belt had now a good covering of
snow. The cash demand early was poor,
but showed quite a change late IN the
session with prices higher than futures,
$1.16l4 sold down to 1.15%, gradually
working up to 81. II and closing at Sl-l6%.
July opened &c lower at 81 Il. sold down
to 81. 1875 al. 1919, rallied to 81. and
closed at 81 1.14A.
Minneapolis stocks decreased 625,000 bu
for the week. Receipts here 254 cars, in
Guiding 10 Canadian, against 3S6 a year
ago; Duluth had 81, against 35; Chicago,
II, against 2S; Kansas City, 3d. and St.
Louis, $4,000 bu.
day, 81 900 bu, and for the week, 100000
bu. Primary receipts, $4,000 bu, against
10000 bu a year ago; shipments, 1922
600 bu, against 100000 bu. Argentine ship
ments of wheat, 216,Oo0 bu; last week,
$4,000 bu; last year, $4,000 bu. Corn,
1,S1S,000 bu; last week, 1,644,000 bu; last
year, 1,242,000 bu.
Liverpool closed 3s@%d lower, London
and Antwerp unchanged, Berlin sc low
er, Budapest 1ssc lower, Paris wheat un-
changed to centimes lower flour un-
changed.
Modern Miller-Precipitation in the
form of rain, sleet or snow has beensmore
general and widespread than at any time
since the winter wheat crop was seeded.
Snow now covers the plant in the greater
portion of the country east of the Rocky
mountains. Excellent conditions and good
results are probable when growing wealth
er of spring sets in. There has been an
increase in farmers deliveries of wheat
in the Central states owing to the higher
Z. prices which have prevailed.
Liverpool Wheat-The opening tone was
easy, with March 1sd and May and July
I'd lower, with further declines of I'd in
the distant months, the factors being SELL
ing for American account and lack of
speculative support with resulting weak
undertone. March was relatively steady
on the light Argentine shipments showing
a loss of Ad only at 1:30 from last night
months declined Il on the large arrivals
here the past three days and in sympathy
with the weakness in wheat.
Iondon-Argentina reports indicate con-
tinued fine weather. Wheat supplies COM :
ing to market slowly. Locusts reported to
be doing damage to corn in portions OF
Cordoya.
Chicago Cash Business-Cash wheat
was taken sparingly Thursday and the
local millers were not in the market, but
some brokers reported a better inquiry
from the outside Sales We're 10000 No
hard at 31Sc under May in store, COM
pared with 415c under on the last sale
and a nominal difference of 4c Wednes-
day. In addition Is, 600 bushels mixed lots
were sold. Offerings on the tables were
meager and the market purely nominal
Milwaukee reported a sale of 35, ,00t
bushels. Kansas City wheat in transi