The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-03
Market Turns Weak After scor-
ing an Advance Of a
Cent.
Gables Only Slightly Higher at
opening-Big Argentine
Shipments.
Cold Wave in Southwest Accom-
panied by Sand and Dust
Storm.

Minneapolis Chamber OF Commerce.
March 3.-Cables were UP a fraction this
morning, but the advance abroad was
scarcely up to general expectations after
the strength and recovery in this country
yesterday. During the first hour trading
was moderately active, and apparently
about evenly divided between buying and
selling of the scattered small lot order.
News from the winter wheat belt was un-
favorable and following close upon yester
days bullish official report on the poor
condition of the growing crops, caused
i. prices to advance Hc to $100B for May.
There was not the. strength in news to-
day that there was yesterday and re-
actions were frequent. Now that the
spread between Chicago and Minneapolis
is very narrow, the price fluctuations in
the former market are followed more
closely here than a week ago. when there
was q difference of 3@4c in the May price.
4 Therefore when Chicago fell suddenly yes
terday from $1.00ls back to 99Ac. Mime
apolis was quick to follow. The bears in
Chicago were said to be resisting the adj
vance with considerable selling pressure.
and up to II o'clock they had succeeded in
keeping prices close to the opening figures
1t is very probable that they found consid-
cradle assistance in the report Of Argen-
tine shipments for the week. which
reached 100000 bu. This is the heaviest
shipment made from the South American
country in many weeks. Next Thursday
the omount will probably be less than half
this figure. owing to the strike which has
tied up the traffic system. The most Seri-
Gus news that has yet been received in re-
gard to conditions in the southwest was
wired from st. Louis this morning. At
junction City. Kan, the temperature fell
about so degrees last night, so that the
weather is now considerably below freezing.
The cold wave was accompanied by a Sc
we're sand and dust storm, which was one
OF the worst ever seen In the state. 1t is
said that the storm was general thru the
state and country lying to the west and
southwest. IT is feared that serious DAM
age has resulted to the dry wheat fields.
A scare" from Abilene. Kan. said that
the small wheat plant was nearly drifted
under by the dust. 1t is not likely that
these reports will have any direct effect
on the local market. for the aversion of
minneapolis millers to Kansas wheat is
strong. On March 10. the government will
give the amount Of wheat and corn in
farmers hands as on March 1. The amount
of wheat last year at the same time was
a64, 100000 blu. If the wheat crop Of 1908
was as large as the government claims
farmers holdings this year should be larg
sr than lact The Price Current says moth
ing has essentially changed the wheat crop
outlook. The position admits of feeble
developments Of the retarded growth un-
der good wea ther. While adverse influence
would justify apprehension as to the re.
E
wheat movement Shortly before noon, re
newed selling broke the May price to 9S1l
19S3sc.
Liverpool failed to maintain the early
advance and closed 1sd lower to 1sd high
sr. London closed 4 @4d higher. Paris
hM10 cent1mes higher. and Antwerp un
changed.
The weather map shows general snow
In the west and northwest, and heavy gen
eral rains in the Ohio valley. turning t.
snow in some places. Rains in Missouri
and much colder west and southwest ST,
above at Dodge City. Kansas. Tempera
lures are stationary in the northwest an,
warmer in extreme northern portion; Yves
and southwest generally fair
Minneapolis received 1876 cars of whea
against 237 last year. Duluth 80 agains
CO. and Chicago 80 against 16. st. Loui
had 10000 bu against $4,000. and Kansa
City. 11T.000 bu against 10000. Local ele
va tor stocks have decreased 100000 b
for the first five days Of the week.
Primary. receipts totaled at 593. 900 b
- against 3S6.0OO, and shipments at 1900
against 10000. Wheat and flour clearance
$1,000 bu.
Shortly before TIE close the marke
turned very weak. Offerings were fire
on all sides and prices went down wit
little show of resistance. By 12:45 Ma
wheat was 967s in the local pit and 81
In Chicago 1t was said that Chicag
would have gone to pieces but for tn
IL support Of Armour
May wheat closed at 973sc, July at 973s
and September at S6hc