The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-04-03
May Makes a New Low Point at
$1.o6, Then Turns and Adj
vances 27sc.
The Shorts Buy in on Fear of
Freezing Weather Tonight
Over the Southwest.
All the News, the Weather, and
the Statistics, Favor the
Bears. .--

Minneapolis Chamber of Commerce, April a.
J. " the bears had put In order for over-Sunday
weather favorable to their side Of the wheat mar
ket they could scarcely have been better served
Rains tell nearly everywhere. In North Dakota
and other states where too heavy fall would
have been bullish influence. rs likely to delay
wetting down, but In the southwest where some
little talk of dry weather had been started on
saturday there was precipitation heavy enough
and general enough to put the winter wheat
into fine condition and stop the bull talk. This
was the Notwithstanding to last night. and
again this morning there were gentle rains where
altho at o'clock it was clear at Kansas City.
Against this weather it was impossible for the
bulls to do much, and when the posting showed
gear ago, the market made new low points. May
going to s1.oe and July to $1.o1h. Evidently
It had been the intention to start the week
off in Chicago with a drive In Of shorts. and
altho the conditions were so overwhelmingly
against its success, the plan was tried ON, and
Chicago May screwed up In about six jumps
from s112N to s1isH But there was = a lack lack
here, there is big chunk Of Chicago May wheat
that is going to be sold out some time. To
throw 1t on the market now would be to smash
things all around The clique has no difficulty
In holding Chicago May up while other options
sink for few stand short in It, nor Is there
much J.. pressure: It is an easy matter to sup
to support lack Of speculative interest, makes
It equally hard to sell on. The men who con-
troll Chicago May have It bottled up all right,
and with their means they may run 1t away
up, but whether In the absence Of crop-damaee
news they can make a market that will take
their long lines At at profit !. question: There
start q general buying wave will come along.
Failing this, the clique will probably continue
to manipulate the market against the trend
until favorable opportunity to unload presents
itself.
The -four situation took on additional bearish
color from tho report Of the sale by Milwaukee
and H al az n. 0e
get anywhere near this business; indeed, It Is
doubtful II they could figure within TIC to 81 a
Ghes demand for nour for n ed
which buyers must have. and this the local
mills can get Also there Is a good Oriental
business in low grades, but minneapolis trade
Liverpool was R@%d iowes. rhis pssoomh. all
attributed mainly to larger Australian ship
ments and new estimate Of g. DOC, 900 bu fol
Blu more than formerly estimated. Budapest
closed 2ssc lower. Broomhall's estimate OF
ss0O,ooo bu for worlds shipments proved toe
The quantity on passage now II $4,000 bu. DE-
creased for the week by 1,b44,o0o. Receipts Vi
and 70 against IA at winnipeg. St.. Lout'
received $4,000 bu against 1900, and Kansas
stocks decreased by about 10000 bu for tws
days. For last week Duluth stocks Increased
1880 bu making soil, III bu now at the heat
Of the lakes. At Fort William and Port Arthur
the increase last week was 2e8, 600 blu, making
total stocks 800 900 blu compared with 4, 1888. OOt
a year ago. The visible supply decreased
400 COO bu. year ago the visible decreased
1874 900 bu. There Is 400, 900 btu less IN tn
visible than at this time last year, or 81, 1877 ,O0
against 81 1877 900. a. Is BE
4 Primary receipts were 100000 Blu aga1ns
$780, 900. No wheat was cleared, but q, 600 brl
four equal to about o. 900 bu wheat, left tn
seaboard. -.
Freezing weather for the southwest was tn
talk after noon, and the market turned YER
strong when frightened shorts started In t
cover. May went to $1.osH. OF 2Mc up fror
low. point touched early In the day. As tomor
row will be holiday In Chicago st. Louis an
Milwaukee, the shorts in those markets wer
afraid to stand over until Wednesday agains
the weather uncertainty.
=" Cash demand was good. Milwaukee miller
were represented. feature of the day wa
the shipment OF 10 cars No. / northern to Chi
{cago. One cent May was the trading basi
in Chicago at time Of SALE and as Minneapol
May was much weaker than Chicago May at tn
time, it said to figure out small profit.
The forecast says Illinois fndianashower
this afternoon and tonight, Tuesday fair. cooler
Missouri, Iowa-Fair tonight and Tuesday, colo
er. South Dakota Nebraska. Kansas-Fafr tt
night and Tuesday, colder tonight with freezin
temperatures. Mlchigan-Fafr e1tept, snow flu
ries near Lake Superior. North Dakota-Oolde
fair.
.UX N l,U6