The Minneapolis journal., 1903-04-11

Government Report and Other Bear
ish Influences Against Ar
mours Buying.

Minneapolis Chamber Of Commerce, April IL
A fierce. market was on this morning in wheat.
Armour was at work In Chicago and the traae
was afraid of him. There was fear that he
might have the situation under control to such
an extent that he could squeeze the market for
still further advance Yet sentiment was
overwhelming bearsh except for this rear OF
Armour. The export clearances for the week
were light the winter wheat reports of the day
beerish and with other items of depressing ma
ture there was the government report, more
bearish than any one had expected and showing
a condition almost ideal. Naturally the feel
ing was very unsettled. Pit traders ran first
@75hc, sold up to 1850 and dropped to 741sc.
Here it held for n time, but the close the
market broke to 1899, loss Of 11sc from top
point The market closed on recovery from
low. points, May at 737sc and July at 1873 @74c,
but liquidation was still and the market weak
and apparently trading lower to the close. In
Chicago the market was very erratic' May
ranging from 77ssc down to "a ssc. 80. {
The weather map showed higher temperatures
generally. During the past twenty -four hours
there were general rains In the northwest Mis-
souri,, Illinois, Iowa and the Ohio valley. There
were general rains this morning in the north
west. 1t is typical April condition. Fair
and cool weather is, predicted for Kansas, Ne
braska, the Dak3tas and showers for all the other
states, The usual estimates to the winter
wheat total were sent out. One Chicago house
says the report suggests yield of 562, ,O00,O 900
Chicago estimator makes it 57s,00O, 900 bu, using
l71a as par. 1t is conceded in the trade to be
phenomenal promise. The Kansas state report
Is about due. Advices from Topeka say that
conditions in the leading wheat counties range
from 95 to 12o, with the average for the state
about 81. Nothing much came from abroad, nor
will there be any regular cables until Tuesday.
Budapest sent some private advices to the effect
that prospects in Hungary improved.
Local stocks decreased $4,000 bu, or something
less than indicated early in the week. Minueap-
dis had 2S7 cars against 141, and Duluth 3S
against 10. the figures for this year covering
two days. Wheat and -four clearances equaled
169, 900 bu.
Broomhall predicts worlds shipments for the
week viii be about 10, 500, 900 bu, Of which guam
tity Euge99 will take about $780, 900. He ex-
poets tho quantity of breadstuffs passage to
show moderate increase. Arrivals Of bread
stuffs into the United Kingdom the past week
We're about 3,6OOo0O compared with 100000
IN the previous week and 100, 900 in the cor
responding week year ago.
Rradstreet's report of wheat and -four clear
ances shows 2 $50, 2S5 bu for the week, against
s,139,974 last week and s,s42,11 last year.
The Modern Mlllers says there is no change to
report in the prospects of the winter wheat crop,
the condition Of which is maintained at muc,
higher average than usual at this season of the
years. The hessian fly is heard of in some Sec
tons, but damage Of consequence is indi.
Gated or apprehended. Farmers continue to sell
wheat freely.
Thirty loads were reported taken at New York
announced in the government report on winte,
wheat indicates winter wheat crop of 578,OOO
or 100 per cent which last year roved to be
nearer correct than, anything else" -.
: F..P: Frazier says: July wheat seemed It
most everybody thinks, however, that Armou
bought a world of wheat. He may have sole
some His buying was very open and if ht
have the greatest prospect for winter whea
crop this country ever saw and on the othe
amount Of July options. I don't care to advis,
either way