The Minneapolis journal., 1903-04-21
1 "A Terrific Shake-Out in Chicago
Puts Minneapolis Traders on
the Ragged-Edge.
But the Decline Reaches Only 114c
Here While Chicago Breaks
Off sac.
The Tax Bill One Factor Statistics
Generally Favor Strength,
Not Weakness.

Minneapolis Chamber Of Commerce. April a.
"A fierce market in wheat with a badly ratified
crowd of traders and no one knowing Just what
to expect next-this was the situation at the
chamber this morning. For long time May trad
s ers had felt that setback in wheat prices was
due to come and the fact that day after day
passed and it did not materialize made 1t the
more certain that when it did come 1t would
be sudden and severe This morning 1t devel-
oped in the midst of trading, and before the av-
erage trader could make up his mind what to DO
the local market down l Nc, while Chicago
broke for about 3hsc. 1t was very panicky III
- Chicago. The local pit suffered less for the rea-
that the Minneapolis market had not followed
on the more recent advances in Chicago. Still
there were good many small traders here who
were shaken out. One feature that helped along
the decline the report that in consequence OF
the tax bill passed by the Minnesota legisla-
ture the elevators would deliver all wheat posi-.
bic on May 1. by which means they could avoid
being taxed for it. The Chicago market got
this early in the day and this was one Of
the arguments entering into the general decline.
. The small holders were scared enough to let go
here, while in Chicago the market was simply
slammed down them until they had to le.
The statistics of the day rather bullish,
but all this was lost sight of in the excitemen ten
year Duluth getting 4 against o. At primary pp n
points receipts were 5 M 600 bu against sa 3o o1 oo
Wheat and -four elearanses eGualed 225 600 O. bu -,
wa vsbe sp1v of e
and decrease of 2.6OO,OOO bu in the quantity
in Europe and ahoat total falling off of $685.
900 bu.
The following is condensation of foreign crop
conditions published to-day in Broomhals Liver
pool Corn Trade News:
United Kingdom--There is nothing new to re-
port crop conditions In this country, pros
poets continuing generally satisfactory.
France-Reports contradictory, but there
is undoubtedly much anxiety regarding wheat in
~ the reseeded in the northern districts.
Farmers deliveries extremely small and will
probably continue until mild weather deter
mines the actual conditions of crops.
Germany--Further cold weather has been expe-
ricnced during the past week and the crops
have continued to make unsatisfactory progress.
Iiussia-Some districts east and southeast still
complain of dry weather, recent rains not being
sufficient to relieve the drought. Port stocks are
rior being smaller than had been expected
ROumania-The recent rains were followed by
favorable weather for plant growth and for the
whole the outlook Is now satisfactory.
Austria -Hungary--Co1d and wintry weather has
lowered crop prospects,.
Spain and Portugal-Further complaints from
drought have been received.
Ita1y-Some damage has occurred from cold
weather and hail storms.
Prompt recovery followed the break. and the
market rallied to about half way between the
, extreme high and low points: May closed Mt 75c
and July at 75c also. September closed at 6Shc.
There were only few cars on sale in the cash
market. Prices generally strong. There
was demand for No , to arrive.