The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-09

South Dakota and Minnesota not so much. The
trade need not look for large receipts from
this on. 1t is not case of holding-the wheat is
not in the country"
The trade is on the alert for December State
reports on winter wheat. The Michigan State re-
port was issued on Dec. last year. and last
year the Ohio and Michigan State reports were
the only which preceded the government
crop report. The Ohio report has already been
issued. and the Michigan is expected to-day
Nearly as many complaints are heard now
from grain dealers about lack OF motive power
of lack of cars. In the northern part of the
State, especially, shippers have little trouble in
getting cars, but the roads seem unable to move
the cars at all promptly. In indianapolis there
are simply unable TO take of the grain
movement promptly, and they say they cannot
see any indications OF the condition improving
soon.
veteran wheat trader has prepared the fol-
lowing statement upon the present speculative
situation in wheat. which was given out yester-
day by one Of the local brokerage houses:
''on the one hand the bull faction have an un-
precedented domestic demand, with the North
west section showing depleted stocks and de-
creasing visible. with Minneapolis and Duluth
son than they had in stock the same period last
year. In addition to this their experts claim 70
also shows marked increase over I last Year.
Another bullish feature. although perhaps lit
tie early to be considered seriously, Is the lack
or moisture for the growing crop. Ohios State
report last week showed a decrease in percent
ages OF conditions, and other States will report
probably similar conditions the coming week.
Then on the 10th the government figures are
also to be taken into consideration. All these
statistics are bullish. and as sentiment is In
clined the same way, the belief In this side of
the situation Is popular But there Is another
side, admittedly not popular, but, after a 7-cent
advance. probably one TO be considered more
seriously. The fact that the visible is about
l5,OOOOo0 bushels less than in 1902. and the total
decrease comes from the milling or Northwest
ern section Is naturally OF great concern. But
at the same time. this decrease Is than
OFFSET by a much greater decrease in exports and
the larger worlds shipments The fact that Liv-
erpool only advanced cents TO z cents
they not clamoring for our wheat, and with
Argentine's new crop to be put upon the mar
ket, unless something out of the usual happens
We don't look for our export figures TO increase
materially. Summing up both sides OF the stu
alton, II looks as II We must depend almost en-
tirely upon home consumption to establish
higher prices. and the query TO answer is: Has
domestic demands increased 80 per cent over
1902? IL is believed one-half OF the recent ad-
vance has been manipulation. II true how much
further the same tactics can advance prices IA
mere conjecture, but one thing is certain. waer
such accumulated holdings marketed, price,
will seek their proper levels. and IL present ig-
ures are abnormal decline must follow.
ITO this may be added consistently that when
Armour Is I'm wheat all signs liable to fail
that Is Armour manipulation can discount nat
urai conditions and the natural trend OF the
market"