The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-04-26
A FIERCE MARKET And TRADERS ON The JUMP
Wheat Prices Change About
Quickly and Make It Nervous
and Erratic.
May Goes From 1920 Down to
] 87a4c and Back Up Again
IL to $3.50.
Statistics Bearish-Good Weather
Everywhere and All Afraid
to Buy.

Minneapolis Chamber of Commerce,
April 26-Wheat went down with rush
IN the opening hour, May going TO 81 "a
and July to SSHa @SSac. The immediate
course, following the opening, was upward,
but the little early advance was lost IN d
twinkling when selling began. Inc preah
appeared to have marked the end OF llqul-
dation but whether for the time only or
for good was matter for doubt. With
the urgent selling over recovery was
quick and May came back UP to $500 ana
July S9hc Some Of the little longs let
20 May and bought July, but majority
who sold quit the market entirely for the
time All opinion agrees that good re-
action ought to come, but to this time 1t
has been impossible to bring 1t about. II
IL simply a case Of liquidation until there
Is nothing left to liquidate and how much
old long wheat remains or whether any
remains is something no one can tell
about. Twice recently 1t has looked as
tho it was over and that as much OF
turn about would come as would result
from the covering Of the shorts OF which
there are a considerable number. But
while ever there remains long May wheat
In the hands of holders who do not want
delivery Of it. The weather was fne
EVERYWHERE and from Manitoba to IeXas
there were reports Of nature rather en-
couraging to the bears. The forecast Tor
Minnesota and the Dakotas Is LOT sood
weather tonight.
Salina, KAN has wired Watson that a
heavy soaking rain fell around that point
and that prospects are much improved
over a week ago.
Minneapolis received 70 cars against So,
Duluth 16 against 20 and Chicago 10
against rs. Kansas City received 41o00
bu against 100000 and St Louis $4,000
against 100000 Minneapolis elevator
stocks have decreased 100000 blu for half
the week.
big bearish item was the Bradstreet's
report Of the worlds visible change which
showed a decrease Of 87S, 900 blu. A year
ago at this time there was decrease of
4752, 900 blu. The quantity east of the
Rockies decreased by 1,922,000 bu, but in
Europe and afloat for Europe there was
an increase Of 2,SS0,000 bu.
The following was received from wanna
tab, Ind: Crop situation here is very
poor Wheat completely killed turnout
this country and low lands covered with
water. Some blowing done for oats and a
little sown but sprouts of that are frozen
Armour checked the decline. Valentine
made his appearance and bought wheat
and put traders into a. nervous state.
Whether he was buying for, effect or really
taking on a line was hard guess and his
appearance had the effect to turn the ses-
sion into one Of the choppiest and most
cratic seen for some time. Prices went
up and down zee to 1c by quick turns and
the pit scalpers had lively time Of it.
Wichita, Kan, wired that heavy rain
fell over central and western Kansas and
that crops are now doing well thruout
Kansas and Oklahoma, altho the yield will
be less than last year owing to dry wealth
err early in the season.
Primary receipts. 205 900 bu; year ago
900 blu; shipments, 10000 blu; yea
ago, $4,000 bu. Clearances, wheat ant
flour, "a, 900 bu. ..
Winnipeg was very weak and fell off &c
AS result some Manitoba wheat sait
to be 40 loads, was sold for export. New
York also reported 25 loads American
wheat sold.
The market rallied near the close AM
was up &c from low point. May closed a
s9Bc, July 9OA @90asc. September SoH g
S0Ac.