The Minneapolis journal., 1903-04-22
After y esterdays Shake Out Traders
Lay Low Waiting for Armour
to Move.
German Crop Report Shows Condi-
tions Lower Than This Time
Last Year.
Meanwhile the Chiago Houses Are
Sending Out Some Very Bear
ish Opinions.

Minneapolis, Chamber of Commerce, April ~
Wheat was inactive but strong all morning,
both options holding UP we'll The feature of the
day and Il mater Of great Importance was tue
German report of crop conditions cabled across
during the early part of the session. In Germany
4 the unit 1 is taken as indicating perfect
condition. The wheat crop IS. 1t now stands Is
reported as showing condition of 5 $40 and the
rye, crop condition is placed at ). Last year
the German, wheat crop was IN CONDITION
equal to 2 $40 and the rye stood at z 3-!h
also. The Inference, therefore. would be that
the German crop conditions are such as would
indicate crop about 33 per cent less than last
year. The trade will await fuller returns before
drawing definite conclusions. Chicago was quiet
and firm After the shakeout of yesterday the
little fellows afraid of it. and Armour and
The other big houses dominated the pit Min
neapolis was strong, May opening at 74Tsc and
selling 20 I5Hc. --
Liverpool was quiet and 4 lower, hut the con-
tinental markets stronger. Budapest was
up equal to about ~ in our money, this said
to reflect crop conditions in southern. Russia.
Paris was also up, the advance there equa1ng
ssc. There We're some charters for wheat yes
teriay and Monday and some 100000 bu will
move out by lake. At primary points re-
ceilts were sol 900 bu against 2O3, 900 bu: and
shipments 100000 against 32o, 900 ba Mime
apoIis received so cars against .9S last year,
and Duluth had against "a. Wheat and -four
clearances light, only 100000 bu.
All the trade is now: waiting for Armour to
move. All sorts Of reports continue p1!ng in
without effect. 1t is still an Armour market
Meanwhile views that are diametrically opposed
are being sent out by leading grain houses, and
while many look at conditions of immediate sup
ply and argue that wheat Is cheap, others look
ing over the field and including the future pros
poets in their views. are radically bearish For
inst ance, Frazier of Chicago says:
Last year the worlds shipments Of wheat
ard flour averaged S336, 900 bu a week. This
the total requirements of the importing
countries. Now if winter wheat crop holds
up to the present indications, and I see no
falling off. and believe the next government
port will be practically about the same the
last POSSIBLY two points less), 1t Will
give crop of $50, 100, 900 hu Of winter wheat,
and we ought to raise in the vicinity of 100000
900 of spring in fair year. That is only on
a crop Of wheat total winter and spring, of
500, 600, 600 to $50, 900. 900 b>i. The large in
crease Of immigration INTO Manitoba this year
will give a tremendous increase in acreage
in that country, and 1T is not unreasonable to
suppose that they will raise so, 600, 900 bu Of
wheat, making the total in the United States and
Canada of 900. 600, 900 bu of wheat, which would
give exporting surplus from $780, 900
to 100000 bu week. We will need some
pretty large shortages the other side to take
of this wheat
The above is a fair sample Of the radical bear
argument. This certainly discounts the fiji.
ture beyond all ordinary scope Still it is fair
illustration of how the situation appears to many.
The bulls meanwhile stand past on the PROPOSE
ton that matter what this country may
produce it is not going to make May wheat or
July wheat. Some argue that if Armour We're
not active it would be better for the general
come into the market at all. as they are afraid
of Armour, and the 342c smash and subsequent
advance In May in Chicago yesterday only served
to increase their tnidity.