The Indianapolis journal., 1904-01-19
LDith the Grain Brokers';
Present Market Conditions

the future TO take OF itself. 1t was not
an easy wheat situation to decide even before
There continues the widely different views as TO
the prospects that have existed all the season
prices. He believes there will be a pinch before
sne season Is oyer He is in position to know
as to future requirements.
The general speculative view at Chicago Is of
just the other sort. The attention there is riyet
ed on the facts in sight. the liberal receipts and
the indifference abroad. The ordinary speculator
is incredulous Of any prospective scarcity SO
long as there Is immediate want He does
not care to bother with any big problems. He
has always assumed the foreigner has mad. ,ha
price, and. whether or not there has hear
great Increase in the domestic reouirements 81
os.tion Se1 1f % ianuences ans IN the price making is
long as the possibility of war exists II will not
make much difference TO the marker vhat tL Hoe
merits are. 1t is possible also that SO long as
the market is SO enormously ovsrsold the merits
son is now half over. There should soon ha
clearer signs in the Northwest as to the spring
wheat reserves. and more definite indicationss
in the Southwest to what Kansas has isft '"s
There is the same combination of bull helms
In corn as In wheat. There is the anxiety o,,sr
the outcome of the controversy between R,,,s,a
and Japan, and the market is under the tron,,t.o
of the buying Of May by a rich snecuIs ,,,.
group. Crop futures last week advanced ia
2>sc and closed at the top There Is MT M -
reason why corn should be influenced hv a Ill Ill
IN which Russia took part wheat but th@-a
ket has had the beneft for some UeaLs mar ma.
very large buying by a Chicago pr.vats OI "a, q
house. supposed to be acting for a rich Ner wire wire
group. That leadership has inspired erest Iork s
OF other buying and has Lroadened tba TnaS'-.
through the West II has sbos, ssn'iment iit
in the holding OF the cash grain. and the 'iI sdI
vance IN the market has led to some specuiati,.a
buying. Early in the season the moor
the corn counted somewhat against tbed dSi,y S.y OF
tributon contract grade SO small ana the con
claim now contract corn will be scarce tn 70 ,b h
summer. NP 70 the
If war is TO be the bull factor in wheat =, q,
singular that foreign grain markets do nor sbo,
more disturbance. and that there is not sharper
demand from European countries for American
wheat european grain men apparently are
skeptical over the chances for war and nerbans
as skeptical over the theory that war between
Russia and Japan would greatly increase ,ha
European demand. They may be overskar,,cai
While Russian exports are not large durtne ,ba
winter months. II they should be shut or er
crop hardly would be large enough to avett norn
extra demand on American stocks Az Ieas,
Iative interest in the market The Serera eSib
lic which long was excited over cotton snS q
Rson RE% shows NO Sse tn tn and
in wheat. Trade In the Pit IS largely profes-
whether this Is because the outside investor bss
no confidence In the price or whether he ls
afraid or the unloading Of the Armour Iine
which must be sold some day II is nearly a
year now since another immense Armour bold
ing of May wheat sold out
+ +
The May price reached S2&c in January. 1909
There was general buish sentiment and ON
Jan IS Armour sales Of from 100000 bu 10
Is oe0 600 bu were made within a range OF 2c
a sharp and prolonged decline following after
ri Tad q fIvh
such selling now. although a genuine sure
enough scare might develop H.
A Minneapolis house wires Albert r. Thomp-
son & Co follows: Large -four sales SattIr-
day: some TO Orient. People may consider
wheat prices high. but the mills can sell iour
on this basis and they do not look for much
lower prices" -...- -. -.