The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-03-23
The Market Holds Against Pounding
and Acts as if Already
Oversold.
There Is an Army of Shorts to Run
if an Upturn Should Once
Begin.
Monday Statistics Less Depressing,
but the Weather a Help
to the Bears.

Minneapolis Chamber of Commerce. March %.
Foreign grain markets reflected only in part the
decline in America Saturday and Liverpool
opened to-day SD lower, or tirmer than had been
expected. This put little strength into our
markets, and Minneapolis May opened higher
at 1925 M72&c selling on sharp squirt to &c.
The fact that Liverpool at the opening differ
ence was about 15iac over Chicago, the best
premium on the present crop year was an argu'
ment for strength, the difference amply
wide enough to afford opportunity for export
business If there was any going. 1t looked for
q minute or two if the shorts to be
driven in for turn. but the strength gave
way all around on persistent selling in Chicago,
this said to come from two big traders, who
are heavily short, and have been short all the
way down. and are apparently not vet inclined
to let up In thei: bearsh aggressiveness. The
weather was great help to the bears and in
the southwestern markets every thing bear
lsh This was natural i'll view of the further
protection and additional moisture afforded will
ter wheat by a heavy snowfall st. Joseph,
Mo,, reported the heaviest snow in years. be-
ginning yesterday afternoon, and continuing
through the night. covering the ground over a
wide area 20 n depth Of to IL inches. Kansas
City had one of the heaviest SHOWS of the season.
with six inches reported on the average, and ST.
Louis wired rs late as 10 O'Clock this morning
that 1t showing hard and likely to continue.
Some bullish news came from the Pacific. coast
regarding the crop west Of the Rockies, but
this was ignored, as were the few other items
Of Strengthening tone.
Worlds shipments were 9,2oso00 bu against
7.266.Oo0 last week and 100000 year ago.
America shipped 100000 bu Russia 1.64O, 900
bu and the Danube 1.60s.000 bu. Argentine
shipped $3.50. 900 bu and India 1900 bu. The
quantity a1oat for Europe at 81 ,024 900 bu
shows increase for the week of 900 hu.
Minneapolis received 1858 against 449
last year. and Duluth 2T4 against r. Primary
points received 100000 hu against $50, 900 bu,
and shipped $4,000 bu against $4,000 'bl.
Wheat and -four clearances equaled 81 900 bu
Poehler of Minneapolis had cablegram from
Paris direct responsive to inquiry to the
cause Of the frnness of the past few days in
speculative buying, but to scarcity Of the desir.
able grades, and good milling demand for
wheat.
The visible decreased by 1.o11 900 bu, leaving
the present total 45O5O.0O0 bu.
Near the close Chicago wired that Valentine.
Of Armour & Co.. was back on the floor after
long absence. 1t Is not supposed that his
return has any significance. but the bear crowd
in the pit became less aggressive when they
edly is. there is the fact that the small traders
now nearly all bears. and there numer-
Gus short lines out. The possibility suggested
itself Of rush for cover should any big manipu-
lator begin the buying Of enough to s,lrt IN
upturn. On this the trade turned little more
to watch closely and stand ready to move
quickly.
Minneapolis May closed at 1890; July, 7sc:
September. 67%c.
Premiums on cash wheat higher all
around. No. ! northern going at 2l2c over May
for the ordinary lots. few selections bringing
Be over. No. 3 northern sold at 1@i1ac over
The low grades sold we'll and were taken at
prices relatively a little better than Saturday.