Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1901-12-31

els. Winter wheat is bringing from
Sc to sc per bushel premium here over
what May wheat is selling for and the
same is true in all winter wheat mar
kets. 1t is a condition, not a theory, 4
and is indisputable. 1t Is too deep a
problem for the average professional
trader, and is why the occasional or
outside speculator, who is better post
ed as regards matters of this kind,
has really been the dominant power in
the market for some time past, and is
likely to be for some time to come.
Foreign buying in this market was also
an important factor this week. For
eigners We're supposed to be heavily
short of futures here, and apparently
are just beginning to realize that our
surplus wheat is being used up very
fast, and, with the shortage in the
crops, the world over and the severe
shortage in the crop of corn here, it
was useless for them to longer stand
out against the inevitable.
believe the price of wheat has been
firmly established over soc, and it is
only a question of how long it will be
before it advances to a new level, or
how high it will go before it has adj
vanced sufficiently to fully Nfset the
unusual state of affairs. Some think
the situation warrants soc, and others
believe $1.00 for wheat will not be too
high. Taking the price of corn and
oats and all other products of the soil,
as well as the price of live stock, in
| to consideration, wheat at under 85c
| is certainly much too low, and it then
remains but a question of when the
advance which is warranted will come
or where 1T will eliminate. Having
almost passed through the holiday sea-
son, with advancing instead of declin-
| ing markets, it would seem on first
thought that the month of January
should give us rampant bull markets,
and owing to the unusual conditions
which have cased the late advances
this is possible, but sentiment, which
often eXerts a powerful influence, may
change about completely, though only
temporary
The corn market could not be called
a strong affair at any time during the
week. Two weeks ago and several
times since when May wheat was how,
ering around 79c May corn on the
same day was 67Ac or about. Since
then wheat has advanced &c, but May
corn at the close Saturday was hc
lower than it closed two weeks ago,
and were it not for the advance in
wheat, it is indeed probable that corn
would today be close to Csc. There is
every promise of material increase
in the movement of corn from the in
terror in the near future, and unless
wheat continues to advance further
feel that corn will sell lower. Some
time before spring, however, / look
for very high prices for corn. feel
practically the same way on oats;
they are very good price now.
There is growing interest in the
rye market, the trading in this cereal
many days recently running up to
large proportions. The firm undertone
and prevailing prices are well war
ranted. believe May rye is worth
and will sell to over zoe in the very
near future, and for safe proposition
I see nothing better on the list than
to buy some. 1t should sell within 10c
of the price of wheat, whereas the diff
ference now is about 14c.
Provisions showed considerable
strength the last few days. Lard adj
vanced to over 1Oc, and with prom
Use of a lighter run of hogs and an in
creased demand for product, there is
every probability Of a further advance
in pork, lard and ribs in the near fu-
ture. Yours very truly,
| George H. Phillips
4-t i