The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-04-13
AL Other Considerations Brushed
Aside While the Trade Watches
His Every Move.
Sentiment in General Is Bearish Not
withstanding the Attitude
of the Big House. r.
But Armour Probably Controls the
Nearby Situation and May
Boost Prices.

Minneapolis Chamber of Commerce. April IL:
The speculative element In wheat was all at
sea this morning. No in the local pit pre-
tended to have any very decided opinion as to
to immediate course of prices. Neither mere
nor in Chicago there much disposition to give
advice. 1t was Armour market pure anu
simple. Two developments over Sunday were
moderately Strengthening i'll way; the one
private cablegram from France repeating what
had previously been said that the condition OF
the French crop has been lowered rev Polhts'
the other the rainy weather over the northwest
which will delay seeding for a while. NO one
paid much attention to statistics or the current
gossip except where the items pore upon tne
Armour deal. Export demand, and statlstlcai
changes are after all but minor considerations
so long as interest in Chicago dominates the
situation. 1t is probably the case that Armour
Is more nearly alone i'll the present deal than ne
has been before and nearly every otnef Dlg en- ~
caso house is beariesh. While they may loi-
low the market and appear on the Armour SIDE
on the advances. they are not telling their Gus
toners to buy wheat except for trade as
scalp. 1t is impossible to get the bullishness
thro the trade. Maybe. the traders say, prices
will be run up much higher. but 1T seems like
ayns In the face Of Providence to run bull
campaign at this time. Nevertheless 1t IS not
to be denied that If Armour bought the wheat
he is said to have bought, he now has more May
and July wheat coming to him than there is
contract grain in sight. and why can he not make
his own prices? Perhaps he and will. but
the trade is afraid Of him. There is wonder
full crop in sight. OF course, everything in the
way of bad news from now on Will help Ar
Just as the rainy weather uelpeu Aihi
this morning And since conditions are so very
promising the chances are all in favor of such
changes as will help him. Given some develop
ment of O nature seriously unfavorable, and Ar
mour can unload his line at a higher price level
than that ruling. and he has the money TO
hold the market up if he has to wait week
or two for such development.
On the other hand, the feoreign news is no
worse; and, although there was no session in
Liverpool to-day. and hence no regular cables
Broomhal sent over cable regarding Rounlania
vHh drought has been reported, saying that
rains have fallen and relieved the situation ma
terially AS to our own winter wheat crop
there is likely to be something less favorable
pretty soon but If the government report is any
where near right could lose $50, 100000 bu
of winter wheat and still have crop well
above the average. So the market stands Let
things run on as favorable they now are. and
lower prices later on seem assured; but he would
be bold man who would attempt to say what
the market will do while the Armour influence
dominates.
Minneapolis May opened this morning at 74A
@743sc, sold to 74kc. to 741ac down to 1880
and to 74@74Ac, where it held awhile. The
local market simply followed Chicago. as did
all outside markets. Apparently no one cares
to take the initiative for heavy commitment
either way until the Armour position is more
clearly defined.
Worlds shipments were. 9.371 900 bu, against
II ,69S, 900 bu last week and 5000 o bn last
year America sent out 1888, 600 bu Russia
2.6OS.0o0 bu the Danube $4,000 bu. and Ar
gentine, 2,44o.o0o bu. The quantity afoat fol-
points receipts We're more than double those
last year at 63sO0o bu. against 30s, 600 bu ant
shipments $4,000 bu. against $4,000 bu. Min
neapolis received 312 cars, against 174 cars las
year. and Duluth 2 cars, against 16 cars.
Wheat and -four clearances equaled 234. 900 bu
The market was easy at the end, May closn,
at 1878 0IT4c, and July at 74c. Septembe
wheat closed at 81 NC.
In the cash market the demand good no
only for the choice wheat but for the low grade
we'll. as everything was cleaned up promptly
No. 1 northern brought about exc May 70
the average. No. 2 northern, &c over, an
No. 3 wheat sold from &c to 21ac under