The Minneapolis journal., 1906-01-22
(
Many Holders Disguised, but
They Still Refuse to Let Go
Their Lines.
Whether the Bears Can Shake
Them Out Is the Question
in the Pit.
Situation Unchanged Commercial
ly-Poor Wire Service
Little News.

Minneapolis Chamber Of Commerce, Jan. g.
Storms north and east the wire service
poor this morning and started the week In wheat
with scarcity Of important news. The markets
were quiet and fairly steady, but there ap-
peared to be lack Of confidence on the buying
side. Minneapolis May, to II O'Clock, held
traded between s7ssc and s7@s71sc. There was
much in the pit talk to warrant expectation OF
further decline, but Liyerpoors closing cable,
showing I'd advance, helped maintain the mar
ket. The speculative situation, rather than the
supply outlook. became the subject Of discus
sion. 1t is the rumor that some big firms are
out to anash the market This sort of talk
comes from st. Louis, where one big operator,
especially, is bearish. The expectation Of de-
cline is based apparently upon the speculative
situation entirely. The questions OF whether
or not the wheat is. really worth the money, Of
whether we are doing satisfactory export bus-
ness and whether eventually all the>wheat will
be needed are all ignored in this campaign. The
men who are playing for decline are figuring
upon the long holdings to go overheard sooner
OF later. Back in December the talk began to
60 around that there would be a January rise.
Many speculators, in the trade and out OF 1t.
bought wheat. The new year came in and prices
Aid indeed advance, but no such bull market
developed as the bulls had calculated unen. Now.
6nce the market has been gradually falling back,
price level has been reached that SLOWS only
moderate profits to the successful holder, evens
up the buying price for others and shows losses
to those who were late to come in. What these
holders will do IL the consideration Of most i'm
p0rtance. II they stand on their wheat, until
increasing local stocks and other bearish inf1u-
ences have spent their force, they may win
out later. But the big market movers have evil
dently concluded that If prices be ham,
mered down low enough to loosen up this wheat
they will then speedily decline from the selling
out and the execution Of stop-loss orders that
will follow. In connection with this general
holding of wheat there is rumor Of particular
line held by interest for which the bears
are cunning. This, then, is about the situation
as the week opens; Nothing In the long pull
ouf1o hos hnf fI,oh hjp- fhav
see the opportunity for turn, and since Armour
is out Of the market just now and the bulls
without an aggressive leader other than Pringle,
whose operations mysterious, they have be-
gun to act. Whether not they will succeed
remains to be seen.
Minneapolis elevator stocks show an increase
of 100000 bu for two days. Receipts here this
morning were 64s cars, compared with $50. and
in Duluth % against 2s Chicago had II
against "a. Winnipeg's comparison was "a and
50. St. Louis 15.oo0 bu and e4.ooo
thur increased 512.o9S bu for the week, the total
now standing at 4s91, 600 bu against 1881 600 a
year ago.
Cash demand was fair at 2Nc under May for
No. i northern and 47ac under for No 2.
Kansas City received Its, 600 bu against 80, ,0oo.
The weather bureau predicts that the cold
wave will reach the eastern limits of this dis
rict tonight and Tuesday. The storm will pass
slowly eastward. but precipitation will continue
in the central valleys and lake region for twenty
tour hours and possibly longer The general
forecast Is as follows: LIMOS ana 1no1ana, snow
tonight and possibly Tuesday, cold wave; Mis-.
souri,, snow and colder tonight. Tuesday probably
fair with colder In east; Lower Michigan rain
turning to snow tonight and Tuesday, cold wave;
Upper Michigan, snow and colder tonight and
Tuesday, cold wave east and south; Wisconsin,
threatening and colder tonight. with snow and
cold wave In extreme east, Tuesday partly cloudy
with colder east; Minnesota and North Dakota
fair tonight and Tuesday, continued cold; Iowa
fair tonight and Tuesday except snow in ex
treme east tonight, colder tonight in east anc
central portions. .~..-4- ..... -
Few of tue regular Monday statistical reports
available, the wire service crippled
The primary receipts and the visible did no
l. come to hand.