The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-19
May Smashed Down to $3.50, but
Back Up to 95s4c Before
the Close.
Sully Had No Wheat, but His
Failure Affected All Bull
Sentiment.
Many Little Longs Shaken Out
No Rain in Kansas or
Oklahoma.

Minneapolis Chamber Of Commerce,
March 19.-This was a day Of wide fluctu-
atoms in wheat and great uncertainty. So
sharp were the price changes, and so Sc
traders to get in line with them quick
enough to profit by them. With continued
declines for five days the bears had the
market down to $3.50 yesterday at the
start, and to 95hc at the close. This morn
ing they had it down again to 1910, and
were beginning to talk about soc as COM
ing figure. Then the bulls got little cour-
age, and sent prices up &c with rush,
May going to 95%c. Sully's failure was g.
big bear card. 1t unsettled sentiment gen.
orally, and yesterday while there was q
panic on in cotton. other markets natural
ly suffered. This was natural Sully had
spread himself around of late, and was a
member Of almost every exchange and into
almost everything. raiders carrying long
stuff Of any kind let go on the fear that
there might be selling out Of their favorite
commodity, for account Of Sully. AS
matter of fact there was no real cause for
alarm from this source. Chicago reported
that Sully had no wheat there himself,
and Watson's New York office sent advices
to the effect that investigation showed no
wheat trades open for Sully's account on
the exchange there. This had the effect to
restore confidence and start buying again.
But meanwhile the bears had had the ad-
vantage of liquidating scare, starting
yesterday and continuing to-day, and they
had made the most Of it.
The weather map shows generally unset
tied conditions with showers in all states
except Kansas and Oklahoma. Temper
atures lower in the far northwest else
where more springlike. Following Is the
forecast: Illinois, Indiana, Missouri, Wis
consin, Kansas and Nebraska, cloudy to-
night and Sunday; Michigan, cloudy to-
night and Sunday with possibly rain or
snow; Minnesota, Iowa, Dakotas, fair to-
night and Sunday.
Receipts here were 271 cars against 1855
and in Duluth 45 against %. Chicago had
20 against 10. st. Louis receipts to-day
$4,000 blu; last year. $4,000; shipments to-
day, 1872. 900 bu; last year, 166, 900. Kansas
City receipts To-day 81, 900 bu; last year.
$4,000 bu; shipments, $4,000 bu; last year,
$4,000 bu. Tota primary receipts were 49,
600 bu, against 1886, 900; shipments, 100000.
against 100000. Wheat and flour clear
ances 100000 blu.
The Minneapolis Market Record says the
statistical position Of wheat in the United
States is strong. Supplies in the visible
and in farmers hands are smaller than at
any time on March 1, during the past five
years, and the outlook for the growing
winter wheat crop is not apparently, as
good as usual at this season, while the
acreage, according to the department of
agriculture, is some 100000 acres less
than 1t was year ago. According to
private and state reports the condition of
growing wheat Is below the average. Most
states show a low percentage Of condition
and none a high one.
The receipts from the 1903 crop. as shown
by the movement to primary markets,
have been larger than the average move
ment for five years past during the same
time, and Notwithstanding the large fall
ing off in exports the visible supply is now
some $4,000, 600 bushels below what it was
a. year ago and about 1900, 900 bushels
below the average held on March for five
years past. Wheat this year upon leaving
the farm, has apparently gone more into
milling and other channels, and does not
reappear, as in former years, later on at
the seaboard.
Minneapolis elevator stocks decreased
for the week by 56,295 blu, leaving II, 4O4,
OPS bu in store.
The close was strong and active, with
the bears on the run and much hasty GOV.
ering Of short sales. Later reports from
the southwest were not very good, ant
Kansas sent repetition Of yesterdays re-
port Of extremely dry weather in the west
May wheat closed at 95%c; July, 85M
September, S2Ac.