The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-18
The Cotton King Reported to
Have Failed and All Markets
Feel the Effect.
Nav Wheat Now Be Under High
Point Of $1.0014 a Few
Days Ago.
The Modern Miller Bearish as to
the Southwestern Wheat
Crop Situation.

MINNEAPOLIS Chamber of Commerce.
March 1s.-Wheat dragged thru the early
session to-day and was down traction,
refusing to rally, altho the news was
somewhat more favorable to the bull side.
Kansas began to. send some bad reports.
Notwithstanding the recent rain and snow
over the southwest, there are some dis
tricts in the western and west central
portions of Kansas that received little
moisture. Localities unheard from to this
time began to send in damage gossip, and
dust storms were reported, which would
indicate that there are still some pretty
dry spots. The markets sagged, however,
on larger receipts principally. The north
west had ISL cars against 273, Mime
apolis getting 294 against 237, Duluth 4S
against II, and Chicago IA against Is.
Kansas City had $4,000 bushels against
10000, and St. Louis $4,000 against $4,000.
Against this there were reports of lighter
country deliveries, the effect of which
ought to show later at the principal re-
ceiving points. Several elevator COM
panies operating lines Of houses thru the
southwest reported purchases in the coun-
try very light, and farmers offering little.
Argentine wheat is now reported to have
been moderately affected by rains. The
strike at Buenos Aires is about settled.
For the week Argentine shipped 2,944. 900
bushels, against 2,760,000 last week and
3,S52,000 year ago.
There is no further moisture shown on
the map in Kansas or Oklahoma, but
there are general rains from the Missis>
sippi river eastward. There are rains in
eastern Iowa. eastern Missouri and thru
Illinois, Indiana, Ohio and Tennessee.
There are seasonable tempera lures every
where; still ather low in the extreme
north, but above freezing generally in the
west and southwest. The weather forecast
Is as follows: Illinois. Indiana, Missouri,
Michigan and Kansas-Threatening to-
night and Saturday. Wisconsin, Iowa and
Enthusiastically Tonight; showers or
snow Saturday. Minnesota-Rain or snow
tonight and Saturday. Dakotas-Rain or
snow tonight or Saturday. Montana
Snow tonight; fair Saturday.
Cash business in Chicago yesterday was
10000 bushels of No. l northern at 1ac
under May and 900 bushels at May price
in store; also $4,000 bushels of No. 3
hard. Sales Of corn were SO 900 bushels,
and of oats. %, 600 bushels. St. Louis re-
ported 625 900 bushels Of No. red being
one lot Of 100000 bushels sold by Spencer
to southern and southwestern millers. At
the seaboard exporters bought 40, 900
bushels of wheat and $4,000 bushels of
corn for export.
Nebraska elevator company that on
March l had on hand 900 bushels
OF hard winter wheat reported this morn
Ing only $4,000 bushels Of 1t left. It says
millers come after it from all parts OF
the country, and farmers have entirely
stopped selling all over their territory.
Primary receipts, $4,000 blu, against
900, 600; shipments, 100000. against 1T.
About noon new selling began and May
sold down to CSC. Everyone piled on anC
the pressure was general and heavy. Con.
tlnued selling came from Ware e Leland
OF Chicago. Traders here were at a loss
to account for the persistent weakness un-
I'll the flash report came along that Sully
the cotton king" had gone under Ma1
wheat went to S51sc and closed at low
point. July closed at 95A @953sc and Sep
TENDER at 82asc. Whether Sully had whea
which was sold out whether the breal
was the result Of the general weakness IL
all speculative markets resultant from
news, of his financial embarrassment i
was to late in the day to determine.
The Modern Miller says: Crop prospects
are improving in the southwestern ant
southeastern sections of the winter whea
belt where drought conditions have beer
most prolonged and where the appeara nc
of the plant was poorest at the close o
the winter. Late rains have greatly bene
3 fitted the crop in these sections, as wei
as elsewhere. Reports from the territor
where growing weather has set in indicat
that good start has been made and tina
the plant has healthy color.
After the market closed the bears mad
q fierce assault on the market and Ma
wheat on the curb sold off almost anothe
cent, going to 943sc.