The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-22
LL'ith the Grain Brokers;
Present Market Conditions

ket which has come out plainly the past few
days, shows that Armour really has enough
shorts pay good big price to 'U cover. IF Ar
mour has 1900. 900 bushels OF the May an ad-
more than 2c"means paper profits of :soo' ooo
for this interest. January isn't regarded as a
es situation aSg D0 m0as n wheat and the
POSITION Eay Wheat Sss ever e atahes
taken into account that the contract stock Of
wheat wheat in Chicago amounts 70 only 2coo 900
Of the market is very apparent There is
plenty OF low grade wheat in Chicago ii is
holders any il they have to deliver the the stunt stuff
In September, 1902. Armour put the price OF the
that time was one of the cleverest pieces OF
grain speculation ever known.
Now that 1t is established that Armour has
a corner in May wheat and that he has q line
of perhaps $1,000. 900 bushels the question
arises; Will he be able to unload his line
or part OF II. at profit? He hasn't got now
the favorable outside conditions he had when
he ran his May corner two years ago At that
time the foreign demand for American wheat
But even If it wanted this wheat the Ub n1S
Kingdom couldn't afford 10 take II at present
prices, as the Chicago price is now nearly nm
to the Liverpool price But aGcordins 10 private
pool can't use much American wheat The
warehouses there are full of flour now. and
they aren't buying much. America itself uses
mand isn't large enough 10 warrant present
prices. Every time there has been much sell
considerable weakness. and Armour has repes =
eddy lately had TO buy literally TO hold the mar
clever and wealthy Spectator as J. Ogden
Armour would take all these things into com
speaks in putting May wheat TO s9Le Ri ne
at the same time it is the opinion OF . large
that when he tries to unload his l Seeeuisso tors
break tho market and that 1t Will have rapid
decline.
The bull movement in grain, which has carried
May wheat to go, the May corn to above
soc and the May oats TO 42lzc has been worth
a good deal OF money &c the West There has
in the wheat Of Ice a bushel. an advance in the
corn Of over SC and advance in the oats ~
Sc II means marking In the grain assets of
No one is willing 20 admit that there are anv
large lines Of short May wheat out but all
agree that the shortage is scattered The North
western hedgers are short: there is some out FOR
foreigners. but their interest has been IaryeI,,
reduced. and houses that had millions OF bush
els short for the foreign hedgers now say that
they have only a few hundred Thousands Kali
the foreign OF Harris-Gates saws: II a.
a mistake 10 charge all the short interest ~
foreigners. So far as / know they are only
have out a good many millions OF bushels .
In some Instances traders who have sold wheat
short are still fighting the advance and increas-
ing thier losses.
Z
Bartlett-Frazier and Darlington have made a
great record on the bun side Of grains and
provisions Of late. They took the buying side Of
at 45c, oats around 23c, wheat at about
SIC, and provisions and lard when the price
OF May lard was ss.75 They stuck 10 the bliy-
ing side persistently, advocating purchases On
all breaks. and have secured Immense fol-
lowing, particularly in New York getting the
largest traders into the buying side on corn
and oats This week they took profits on corn
above soc. which showed SC gain. Consider
ing all the selling b. Wall street around SOC
the corn market held remarkably well as when
ever corn advances through the sc mark after
a long decline there Is always an immense line
OF resting orders 10 sell at that figure
Schwabacher estimates the stock or provisions
in Chicago at 2l.eo barrels or pork Il ooe
tierces OF lard and s2.500.0o0 pounds az ribs
Stocks a year ago were $500 barrels OF pork
10 900 tierces or lard and 1000 900 pounds OF
rtbz