The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-15
Local Clearinga
Wih the Grain Brokers';
Present Market Conditions

May corn made a new record high price for
this movement yesterday-491sc. This is also the
highest price for the May delivery since the rec
ord high price for the crop last August, when IT
sold up to $3.50 on prospects of much damage to
the crop by the cold, wet weather. The buying
of corn yesterday was principally by commission
houses-Bartlett, Frazier & Co.. Ware & Lee
good buyer also. The selling was mostly by pit
traders. Corn is generally regarded as a bullish
dicted for the spring months. The crop is a good
many million bushels smaller than the govern
ment estimate. and the movement is consider
ably smaller than the demand. And all indi-
cations point to an increased demand. as sea-
board acceptances are more liberal.
The small receipts of corn showing in the Board
of Trades inspection report Observation-Disclosures
cars, seven of contract grade-can be accounted
for by the inability of the railroads to make
prompt deliveries. A leading dealer said yester-
day afternoon that he had a good deal of corn
which was due here yesterday, but was delayed
on account of the roads lacking sufficient motive
power to put the cars in on time. The corn in
spection has been running irregularly for some
time, and it is due almost entirely to the rail-
roads delay en- route here. One hundred and
eighty-hve cars have been received ei thus far this
week, or between $4,000 and 100000 bushels, APP
proximately. Unless the receipts are pretty
heavy to-day and tomorrow. this weeks receipts
will be considerably smaller than last week.
Yesterday 1t was stated in these columns that
the local stocks of corn this week would likely
show an increase as large. or larger, than the in
crease last week. That statement was made on
the strength of the heavy receipts Monday. Tues
ceipts to-day and tomorrow will make up for
the great falling off yesterday.
A. w. Thompson.-After the close OF the mar
ket Wednesday a number of reports were cir
culated that war had been declared. This I'M
doubtedly caused a food of buying orders at the
opening yesterday morning, all of which showed
losses at the close. The position Of wheat is
unchanged. Based on supply and demand, IL
is too high. Corn was the leader yesterday,
selling lhc higher than the close Wednesday.
Ii weakened with the balance of the list, but
at the close showed about CSC advance over
Wednesday. On sharp breaks BUY corn Re
ceipts are light and the Eastern demand is good.
The hog products opened firm and sold a shade
w. The country is long TO the guard and the
packers seem willing to see their move. The
sharp reactions for moderate profits.
r ?
May wheat went to S7&c yesterday, the high
figure this week for the May delivery The mar
ket was strong most of the day. There were re-
ports Of Armour selling. hut Valentine. who is
president Of the Armour Grain Company, was
taking a good deal Of May. Harris, Gates & Co.
were heavy buyers around she. The upward
tendency was due in a measure again; TO the
situation. The news from Argentina OF bad
weather r%etarding the harvesting was also a bull
ish factor
2 : :
The Northwestern Miller estimates the -four
output OF The Minneapolis mills and those at
three outside Northwestern points for the week
at 504. O90 barrels. against 44.045 barrels last
week. The -four business in the Northwest Is
evidently looking up" considerably.
= + =
A. r. Thompson & Co. Gron Finley. Darrell &
Co.)-The oats market yesterday felt the effect
OF the big buying Wednesday. Oats for May
are hard 10 buy. Bartlett. Frazier & Co. both
bought and sold in the morning. Harris, Gates