The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-02-21
Big Chicago Bull Not Quite So
Aggressive Now-Some Of the
Traders Follow.
Wheat Gains 1ac for the Day,
Principally on Lighter Local
u
Receipts.
Flour Situation Not Especially
Favorable to an Advance
Just Now.

Minneapolis Chamber Of Commerce, Feb. FL
The bulls In wheat were surprised today to find
one of the big men of their party gone over
to the enemy. For four months Patten, the
Chicago trader, has been bull For four
months he has talked higher prices and Of the
great market to come. Today, in his messages
to G. e. Lewis there was less of the aggressive
spirit than had been seen at any time since
last tall. Perhaps 1t would be too much to
aay that Patten is bear; he does not say go
But he calls the attention of trade to the fart
that March 1 Is almost at hand and the flour mills
are not scrambling for wheat as many thought
they would. He takes decidedly less hopeful
view as to high prices than formerly, and
moreover, admits that he sold wheat recently
With one bull leader gone, some of the little
traders let go. those Of them who would rather
follow Patten than Gates. The market did not
weaken on the early selling, for some Of the
figures posted were Of the sort to make traders
who were not committed take hold for a
possible scalp on the long side Only 100 cars
were In here against 504 year ago. This
was not fair comparison, for last year the
Washington birthday holiday came two days
earlier in the week. and this accounts for the
wide difference. The same applies to the 10 cars
1t Duluth against lot. These things had some
ket. May even coming up to $1.15N. Chicago
had 81 cars against SO, Kansas City $4,000 bu
against 10000. st.. Louis &c, 900 bu against
$4,000, and Winnipeg 90 cars against 40. :.
Cash wheat was not In the best tone, demand
at drst being very light. The basis for No.
northern about Nc under May. Some Of
the low grade and poorer stun was unsold late.
Bradstreets figures the decrease in the worlds
visible for the week at 10000 'bu: East OF the
Rockies there is a decrease Of 10000 bu, but
this La almost offset by increase of 700, 900
bu In the quantity afoat. Fl, y;
The Record Herald quotes northwestern
miller. now In Chicago. as follows: "1n my
twenty years milling experience 1 have never
seen a situation comparable to the present one.
Every production Of the mill, from the patent
-four down to feed. is a drug on the market
and difficult Of sale. This seems the more
strange when the fact Is considered that every
grade of -four below patent, well as feed,
those ruling a year ago. when No. 1 northern
wheat was selling in this market at about 9Oc
per bushel instead OF S1.15, as at present.
This means that the difference in the price
by the patent -four, thus necessitating mill
to demand as high a price for this grade at
the present time as II wheat were worth $l.2o
per bushel with first and second clears selling
at their normal discount under patent of about
S1@2 respectively, instead Of $2.5O@8.5o per
barrel discount, as at the present time. with
these lower grades almost unstable even at
prices actually less than year ago. Is 1t any
wonder that the demand for patents is light
at prices $3.50 per barrel higher than year
ago?
"Can we reasonably expect anything but a
hand to mouth trade Of the most meager sort
as long these conditions last? Our mills
running less than half time. and I can see
hope for improvement until the price of the
raw material IN tnlS country becomes auJusleu
to that ruling in the rest of the world
Primary receipts 800 600 bu last year, 1,1S1,-
600: clearances, SO. 600 bu.
Broomhalrs foreign crop summary: United
Kingdom-Wheat looking fine. Germany, Hun
gary--W Gather conditions rather unreasonable.
but crop complaints not serious. France-Crop
conditions improving and offerings wheat. first
hands. larger. Russia-Weather past week has
been variable, but there Is sufficient snow to
protect crops. Arrivals Of wheat at ports now
rather small Italy Spain. North Africa-crop
prospects fair. ,India-shippers now say that
wheat in Punjaqb district is all right. They
reported week ago that this state had been
damaged by cold weather.
6 The following is the forecast: Illinois. Indiana
and Missouri-Cloudy tonight and Wednesday.
Michigan. Minnesota and Wisconsin--Part cloudy.
probably furries. colder. Iowa, the Da-
kotas Nebraska, and Kansas-Far tonight and
Wednesday. - e
May wheat closed at $1.15M and July at
S1.14A @1.14A. -. -.