The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-03-05
Yesterdays Premonitory Signs of
Weakness Have Full Effect in
To.day's Session.
The Market Holds for a Time at
7614c to 1880, Then Slides Off
Quickly to 747sc and 75c.
Government Report of Tuesday Next
Is Being Discounted-The
Close Very Weak. ,,"-

Minneapolis Chamber of Commerce. March o.
Wheat took a sudden down turn this morning
aud dropped to 1914 for May before some of the
pit traders could make up their minds what to
do Coming after the prolonged period of stag
nation the sudden sinking tendency Jared up
the pit and activity developed in twinklins
where for fortnight all had been quiet and list
less. To the scalpers the down turn was not a
great surprise as there were signs of 1t late
yesterday. and premonitory symptoms of weak
ness on the curb this morning. 1t was the
old line bulls who were the most disturbed. as
the break of such nature as to leave them
no doubt to just what import to draw from
it. The market having been quiet and neglected
for some time, and bearish news having piled
in. there was nothing especially surprising in
the fact that the market fell off cent. But
the bulls were undecided and could not make
up their minds whether to take the break as
setback to be followed by steadiness and
scalping market the lower range. or as the
warning of heavier declines to come. Chicago
pit traders, always quick to see the worst OF
everything, wired that there were indications
of lquidatio in May wheat. This was secuted
here. No doubt large holders of May
wheat in Chicago were forced out when the
market there dropped to 16hc but that lfq,1lda
ton had started in the sense that the big long
interests in May, have. started selling out was
doubted. The result simply what might
have been expected. notwithstanding the fact
that the Minneapolis situation Is firm, and that
the average local trader Is a bull, 1t cannot be
denied that the outside dncluding the south
west. the seaboard and the Liverpool market) Is
hearish. AS stated yesterday, it has come to
the regular annual time of the northwest against
the southwest The danger of being bcarsh
now is in the surprises that Will be sprung.
Let any serious damage reports come from tue
growing crops. or let any big Chicago operator
so in and start bidding for wheat, and with the
great number of shorts that are always a fea-
ture when a bear market is on, rush for cover
would likely follow. and so advance might
come when least expected. But unless some.
thing like this it will be still the old
story of Minneapolis against the outside, with
the news and the general sentiment favorins
the outside. Even to-day the Price Current
says the wheat crop maintains good promise;
There has been little injury from freezing and
thawing. The Kansas crop is the most uncer-
tain. The ground is wet in all sections. Rad
roads retarding the interior grain move
1rent This report. of course. has two sides
TO it. 1t is good it reads. The ground
being wet in all sections is excellent yet cold
xeather might come and then the wet ground
4 tsould be bad condition. :.
The government report on winter wheat vii
he out on Tuesday next, March TO- The trade
cannot see how this report can be otherwise but
favorable. This is bear feature that was
figured upon to-day, both here and in Chicago.
Primary receipts We're 3s3. 900 br against 400
last sad a cars
year. and Duluth 60 against 121. Wheat an
flour clearances 1000 bu.
Liverpool closed I'D lower.
Broomhall cabled that the easier feeling,
the close in America last night was reflected i
inactive with prices sd lower. These quota
ticns were merely nominal, however. and !, n
market being stagnant: At the opening cor
showed no change and sd decline in the nearb
month recorded by :30' p. m: An easie
undertonp' prevailed. however. a result
mild English weather and poor spot demand. e.,
Broomhall cabled later that the premier @
England has acceeded to the request to grant a
inquiry concerning the food supply of Grea
srbe Ohio N std repoft MAKES 4he winter whea
condition in that State 94' against 81 last sean.
The market continued weak and on dectne
t ths s std a Ssq t9f 6 ss ts gSIHt ST.
The cash -, market vas triae less , active II
bat;nut enite saIcha rush sfor III asrof slate roth
whole market iss unsettled by the, sax. sitnato
and The 1illihg demand Is nncertaih from i'm
to tif1e:l- Most Sand f1!t2 northern fsold eve
at a firm premium ...g Fl,