The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-24

The past week has seen the congestion Of the
wheat market. on account OF the Armour corner
of the May. reach an acute stage. The week has
also recorded the highest price for the May de-
livery since Arrnour's corner in September-s2A
cents. This price touched on Wednesday,
also on Thursday. The nrst three days the mar
ket was entirely of strength. and each day
recorded substantial advances until toward the
close Wednesday the May went at 9214 cents
Thursday and Friday there was much liquida-
ton. and Friday the May went back to sOlkc
closing at that figure Friday. The July also
reached its low price for the week Frday-s1Hc
closing at SI%c that day. Yesterday the market
reacted again and made a gain OF 1hc for the
day in the May. closing at sl%c and 1c Nat in the
July. closing at s2ssc. The May closed the week
at a net advance of 3ssc. and at loss OF sc in
the middie-of- the-summer delivery. At the high
point for the week the May SEC above
the close last week. The July showed a smaller
gain over the close last week at its high point
tor the week-OTly lkc. The market carried
up the first three days almost entirely by short
covering and Armour operations. There are only
about 1900 bushels of contract wheat in Chi
cagO. and Armour has line OF May larger than
place his line at Is. 600 OO0 bushels Whether he
has that much whether he has less than s.
600 600 bushels-it is impossible 10 tell which-he
has shown the past week he has control Of the
market AS the shorts showed disposition TO
cover their lines he has made them pay higher
and higher prices for the protection The July
advanced on the continued drought in tine South
west and in sympathy with the May But the
largest operations the first part OF the week
were in the early delivery and the net advance In
this option for the week was considerably larger
which began THURSDAY. started In the July OPP
ton reports OF heavy rains In the Southwest
May and II had a biz decline. too. At the bottom
Armour gave the May support and II closed
in the May was by small longs and probably
included only line OF any Importance. n
by the smith crowd OF Chicago Friday the
liquidation and short selling continued. The
and though Armour brokers were in the pit with
bying orders. they did not check the decline
until the May got down to 90isc around 90c. The
recovery OF the July from its low point less
than In the May. as this option has no bull leader
now-prospects OF a much larger crop in the
Southwest account OF the breaking OF the
~ me market YESTERDAY was due no doubt to
short covering. During the decline Thursday and
sps The lines were probably covered to a consid
cradle extent yesterday.
>
Corn too. was a very bullish market the past
week the May going to 5o%c the middle Of the
week The latter part OF the week there was
interest and part OF the gain lest. The MAY
closed the week at 49hG494sc, sc above the final
price last week and and at loss Of lie nat from
: 2
Albert Thompson * Co. 0rom Finley Barrett
x Co.J.-wheat stiu plainly shows ts conges-
ton. Don't believe advance will be forced to
any extreme prices at this time. The Armour
people don't want any undesirable advertising IN
the way OF manipulating markets. They have
had plenty Of IL In that direction in times past
There Is a considerable variance in reports
from millers TO the weeks trade in nour
says the Northwestern Miller Some say they
sold a good deal more than their output others
that demand was only moderate. and about an