The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-03-01
May Declines to 971s Gents in the
Local Pit and to 961s Gents
in Chicago.
Selling Pressure Is Too Strong
for the Market to Re-
sist.
Many Traders Think a Reaction
Is Due Before Many More
Days.

Minneapolis Chamber Of Commerce.
March IA continuation Of yesterday $
ceiling broke prices still further, and by
II o'clock May wheat was down to 979sc,
and looking lower. On the curb this morn
ing the May price was Ssc under last
nights close. at 991ac, and when the gong
rnng for the opening 99c even mad beeh
reached Wheat receipts at all points
were much heavier by comparison, and
other statistics were bearish. At present,
however. such influences are completely
ignored and the governing OF prices is
apparently done entirely inside the PIT.
Just now every one who is on the long side
appears to be anxious to get rid or ms
holdings and it would take a pretty stiff
piece of bull news to turn the "l1quldatlng
sentiment" This may all be changed to-
morrow and heavy buying may begin again
even tho figures and news continue pear
ish. Such Is the very uncertain cohuitloh
of the market. No one will venture to say
where the decline will stop, but 1t Is evil
dent that there Is a good-sized bull party
looking for g. good recovery before, long.
This sharp break over night has been
rather denoralizng and looks as If 1t
might force further liquidation. 1t Is rath-
err a trying time for the bulls, but they are
oea ring in mind that a continual decline
of &c is likely to bring a good reaction, as
soon as natural conditions are again con-
sdered. The market Is now IN POSI-
ton to respond quickly to any untold de-
yelOpments.
General liquidation caused an easier
opening in Liverpool, the break IN TINS
country yesterday being good selling IN
centive. There was some recovery on
serious news in regard to the strike trou-
bles in Argentine but the close was l1sd
lower London closed A@1Bd lower
Antwerp INC lower, and Berlin l7sc lower.
Wheat receipts in the southwest are In
creasinS noticeably, Kansas City corning
in strong to-day with $4,000 blu against
$4,000 last year. st. Louis had $4,000 bu
against $4,000. Arrivals at Minneapolis
were 246 cars against 100, at Dulutn t ~,
against Iii, and at Chicago So against 81.
Local elevator stocks have decreased lOo,-
900 blu for the half week.
The weather map shows light SHOWS In
Manitoba and light rains in eastern Iowa
and generally thru the Ohio valley. There
IS still no precipitation in Kansas. Okla
homa, or the southwest. Mercury is lower
In the north and slightly colder IS III
Dictated.
Bradstreet's reports decrease Of 2,7O3,-
600 blu in the visible supply. The quantity
east of the Rockies fell off 1,7OS,OO bu,
and that for Europe and afoat 100000.
With the appearance of this report some
buying developed and prices recovered u c
from the low point, to $3.50.
Primary receipts were $4,000 bushels
against $4,000. and shipments were 397.-
600 against 1870, 900. Wheat and flour
clearances were $4,000 bushels.
Near the close another break put May
down to 971sc in the local pit and 961at
in Chicago Several heavy lines were sale
the break In a very few moments how
ever, prices were up around 97R@98'
:. lgain. and fluctuations were wilds unit
the close.
May wheat closed at s7ssc, July at s7A
and September at $3.50.