The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-02-08
A Number Of Things on Their
Side, but Prices Inclined to
Be Stubborn.
Snow Predicted for Tonight for
Kansas and Nebraska,
Where Needed.
Local Elevator Stocks Decrease
by 100000 Blu for -Four
Days

Ninneanolis Chamber Of Commerce. Feb a.
The bears in wheat had material IN mana .ouaS
with which to break the market, but they !ouhu
1t no easy matter to do it. and thru halI the
session the price held firm, despite much pound,
Ing. Cables favored the bulls, coming Is y tAa
up. and the Minneapolis elevator stocks tsil on
another so, 900 bu showing decrease of 2oO,ooo
bu for five days. The bears had a weather pre-
diction very favorable for their side, snow for
Kansas and Nebraska and the prospect OF mo1s-
ture where most needed for winter wheat III
the Chicago pit Patten appeared personally and
sold 500, 900 bu May. This probably was on
the better weather to come. Llncoln "lreo
that the damage in Nebraska from coia %e nut
was unimportant, and the California bulletin
said a good crop is promised for that state
The Price Current says recent and preva1iiahe
low tempera lures, attended with snow covering
have not modified the satisfactory position OK
the wheat crop. Hard freezing tends to better
msnt of corn, heretofore excessively moist. ne
! ceipts were larger all around 276 cars com,
pared with 1876 here, 81 against ~ at Dulutn, 10
against 10 at Chicago and> 107 against IS at
Winnipeg The southwest comparisons were
&S, 900 bu and 80, 900 at Kansas City and 82,O0o
/ and IS, 900 at st. Louis. >. ss.. L.
The bulls got encoura gssnent in Liverpool
! cable attributing strength In the English mar
| ket to the buying there on advices from lndla.
! In Cawnpore the crops are said to be wltherlng,
/ and there is no rain relief in sight. Liverpool
has been acting firm of late this Indian
| news and some local traders think that with a
| little encouragement from our side the foreign
z! ers would advance prices readily. e..s,,.,..
| There has been a preponderance OF beartsh
| news In print of late, and some OF the bulls
| have felt that their side has not, had show,
that bullish factors have not beeR put Forward
and that hearish influences have been magni-
! fed. Yet the bearshness, so far as opinions
| go, shas come from men of prominence IN the
trade, and the reports are only reflection or
! this. When sentiment In the trade turns more
| favorable to price advancement the reports may
| be expected to reflect it, but so long as the
! men of prominence In the trade, whose opinions
| are considered important, going around talk
/ small
trader scarcely be blamed for fighting shy
/ Of the bull side. Every day brings its Illus
tration, Today 1t is F. W. Thompson Of the
ogilvie company, the big Canadian milling con-
Germ. who is quoted. In the Chicago Record
Herald Mr.. Thompson says: Il am a pro-
nounced bear wheat, and I estimate that the
Dominion of Canada has at least 10000, 900 Blu
yet available for export above all the require
ments until the next crop. The Canadian crop
1O5. 600 bu, of which the northwestern
territories produced 81 900, 900 to 80 O00 900 bu.
] am counting greatly Increased acreage in
the Canadian northwest this year, immigra-
ton will be even larger than last year. when
10 per cent was from the United States" Mr..
Thompsons estimate is only moderately higher
than the official figures for the Canadian north
west, which were s6O0o0Oo. In 1904 they were
81, 0o0 600 and in 1906 rs, 100000. This is the
ment, and long as 1t continues coming from
men generally known the printed market com.
ment cannot be very bullish. There really
some important things in the situation to war
rant belief in the legitimacy of present prices
on q commercial basis, with Of course assurance
of a higher range in the event of any impair
ment. of the crops-but few are considering then
p now. With market comment aiming at trut
reflection of the. state Of feeling in the trade
it can scarcely be expected to be overly abulisl
5 when majority of the prominent men in the
trade are saying day after day that the pric,
ought to go down. They may be wrong Som
of the more pronounced BEARS who SCI
no good at all In wheat are wrong for certain
ty.[ But their continued bearish expression hal
its effect nevertheless <....s
Cash demand good at &c under May TO
: No! ] northern and &c under for No. 2 northern
Argentine shipments for the week 1000 900 bu
Primary receipts 900 Blu against SOP 900.
s, Clearances. 800, 600 bu
The market off to S3kc before the close
but was stubborn and inclined to resist the sell
Ing pressure. and came back up a little befor
the end Of the session.