The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-24
Other Bull Items Come in and
Wheat Turns Stronger All
Around.
The War Situation Still a Specula-
tive Factor Not to Be
Ignored.
Firmness Of the Market Against
Former Bear News a
Surprise.

Minneapolis Chamber Of Commerce,
March 24-Fear Of a cold wave over the
southwest turned wheat prices up Tor a
full cent after the opening, sending May
from s4Ac to 95Ac. The weather pre-
dictton did not warrant fear of anything
very bad, and did not predict q, freeze. 1t
did predict colder weather, however and
this coming after heavy rains naturally
suggested the possibility OF temperatures
low enough to freeze over the felds ana
do damage. That freeze over the south
west Just at this time would do enormous
damage is evident, and 1t was on this pos
sibility rather than on anything really
alarming that the shorts ran in and the
longs bought more AT Winnipeg the ear
~ range was Is degrees above zero ana
no very low temperatures were shown
anywhere The cables were firm Liver
pool Sad up. The Price CurrenOsays 1t
has been a favorable week for wheat Crop
prospects are improving In the southwest,
but are still unprom1sing In the OHIO val
ley and actual condition uncertain. Bad
roads are restricting the interior grain
movement. Land generally favorable for
spring seeding.
One thing not to be lost sight Of at
present In looking at the market specula-
lively, is that the war is on In the far easf
and that after the lull Of the last few
weeks some sensational news Is likely to
come along now at almost any time or
course a fight, and a victory one way or
the other, can have no bearing upon wheat
prices In the legitimate sense. Driving the
Russians back or defeating the Japanese
is not going to make any more or less
wheat in this country. But this Is an
extraordinary year and to size up the
speculative situation without considering
war possibilities might be dangerous.
There is already talk Of new cabinet
in France. Let the Russians meet with
defeat, and there might easily arise q, SEN
ony,t iyo hot
relations between that country and Eng
land appear strained War might be as
far off as the moon. but the bears In
stocks and the bulls in wheat would not
be likely to let slip an opportunity to
start another, war scare, and man on
the short side with the situation sized up
correctly enough, and with the proper
commitment for a profitable long pull,
might find the market going against him
nevertheless. Wheat ought to be heading
lower now according to all precedent, and
probably it will drag lower from time to
time. Nevertheless there has been some
pretty bearish news lately and the mar
ket appears stubborn against 1t. Ogden
Armour is off for Europe, and Marcy, his
lieutenant, off for Florida, and no one
need look for any Of the old bull leader
ship. Spring is opening, seeding already
beginning in scattered localities, the
southwestern drought is broken, and the
Minneapolis flour mills are closed in part
While wheat has declined of late it has
not gone down as much as might reason.
ably be expected. and at this writing ap
pears to have made turn.
Minneapolis received 226 cars, agains
225, Duluth 81 against IS and Chicago l.
against "a. Kansas City had 10000 b,
against $4,000, and St. Louis "a, 900 b,
against $4,000.
Primary receipts 100000 blu against 1863,
000 shipments 1858, 900 against 1877, 900
Wheat and flour cleararces 100. 900 bu.
Indiana had out bullish state reuor
later on, and May here spurted up t.
963s961sc on quick buying.
McCaull had some telegra phic advice
from Kansas giving the effect Of recen
rains in some detail and showing the stat
greatly benefited.
Milwaukee reported the sale of carg
Of hard wheat Erie. st. Louis re
ports No. 2 red sold to Detroit millers,
! Poole Of Chicago, who has been thr
Oklahoma, came back this morning wit
the opinion, openly expressed. that nc
over half a crop will be raised there. Wit
this New York sent word Of the resale
q cargo to Duluth at 51hc over New Yor
May f, and this was further help t
prices.
Near the close the tone was very strony
Good buying came in ill around. Ma
closed at 9614c, July 96Ac, Septembt
83Ac.