The Minneapolis journal., 1903-04-06
Bearish Reports Pile in from Every
Quarter, but the Market Holds
Up Despite Them.
The Government Report Of Next
Friday Is Expected to Be
Depressing.
The Visible Decreases and the
Amount on Passage Increases
Heavily.

Minneapolis Chamber of Commerce, April g.
Large worlds shipments. lower cables and a
three most important things favorable to the
bears in wheat at the opening of the market
this morning. May opened lower at 73hc but
stuck at I3c. and held at this point against the
pressure Of considerable selling. Trade was not
heavy and the same hesitation noted last week
sttil ruled There was mere talk Of Armour buy
from the southwest King of Toledo had out y
report covering Ohio which puts the condition
OF winter wheat In that state at 96. 1t was "A
Mt this time last year, according to the same
authority. Missouri will show condition of
90 end the high condition In other states, esti
mated by the state authorities. has started the
come out on Friday next and which, unless all
signs fail, will be an extremely bearish report.
Some OF the bulls argue that there should be
no further depressing effect upon anything the
government may put out, the agricultural de-
partment has already made the condition almost
perfect and cannot in any probability make 1t
much better. This Is probably the case. The
bearish effect would come from the fact that
the wheat is another month along towards matu-
rity with the condition maintained, unless
the report of Friday shows decline from the
condition in the report of March 10, it is
likely to be taken as hearish.
Worlds shipments were II, 1,642Oo0 bu against
S.712.O00 last week and S.S63. 900 bu year ago
America shipped 3,1SO.OOO bu, Russia 2,944, 900
bu. the Danube 100000 bu, Argentine 1885,
GOO, India 1924
The quantity on passage at So 600 bu
shows increase for the week of 2, 900 bu.
Minneapolis received 375 cars against 224
last year. and Duluth 16 against SO. At primary
and shipments pol 900 against 322, 900 Wheat
and flour clearances 6ls,OO0 bu.
makes e of te af ness
sysrass g twenty isei wssn sneit
M, 50 that the heavily increased breadth sown
"a last 5t f" T all 60 to Hessan
OF any material injury up to date.
v 9ns foesn er had
Ing all information bearing the subjects, we
future; that crop damage reports from
abroad are not underestimated, and with all
10 dbsn:o tbs with nd f Of No red
"contract.'' with good farm reserves in winter
% Wheat sections and the southwest to undersell
Chicago traders to operate on short side of
May wheat than to attempt congestion The
interesting and unexpected feature of the recent
export trade has been the French demand. Beer
bohms's figures which good any, are as
follows
Official French wheat crop 1902 .... 1856. .o0o. 900
Import wheat and -four, Aug. i, 1902 l1'o0''o'0
to Feb. 2S, 1903 ............... 1900. 900
N9eesfs;y e issG imports Feb: Is to Aug. 4soo ooo
Here again one must guess. We think the
S' b that since March can fpr
of the other 100000 bu has been arranged for
in America. If recent reports of export sales
F'renchman under pressure Of war talk and crop
damage news have laid in plentiful supplies in
enthusiasm. nor can we believe the present pre-
rnums on May wheats will exist in New York,
Chicago Toledo. st. Louis and Kansas City on
May I. The money market will also bear watch
ing in this connection.
Against the extremely bearish reports OF
which the above are examples. the market held
and near the close turned frmer May selling
to T3ss @731ac and closing firm at top point.
Millers kept pretty we'll out Of the cash mar
ket this morning and slower and weaker, tone
ruled in consequence. No. / northern sold al
Lc oHar Mav md q q L 1c