The Indianapolis journal., 1904-01-09
LUifh the Grain Brokers;
Present Market Conditions

From the action OF the wheat market yester-
terday II begins TO look as IL the war scare
has put wheat up about as far as II will go
without actual war. And even with war be-
tween Russia and japan 1t is not at all improb-
able that wheat will not go very much higher.
To the high point FOR May this week ss11o, the
high price for this crop in the option market,
the war scare has sent wheat prices about 614c
higher than the quotation when the trouble be-
tween Russia and japan began TO take on war
Ike aspects.
cables came lower early yesterday morning
and cOnsols were up +. and wheat opened weak
Nav at Ssatc JzGAc under the close of Thurs
day. The biz short interest which has been
cumUlatng on this bulge made itself very evil
dent at the opening and sold pretty heavily for
a time Then, when the news became bullish,
the shorts got frightened and let up. The re-
bullish news from the East but wheat not
disposed 10 advance much, going only to S72c.
on news not one bit more warlike than that OF
yesterday wheat made big advances previous 10
has been worked for about all il is worth TO
wheat bulls, for the present at least. The mar
ket was described frequently in brokers' wires
''It looks to me If there is big chance Of
actual not putting wheat much higher
said local shipper, who is one of the heaviest
option traders in the city. Prices have ad-
vanced so far already. just on the war scare
that i wouldn't be surprised If actual war
wouldn't have bullish effect on the market.
ana ~ there isn any war wen, II looks pret-
ty certain that wheat will go considerably lower
on short notice"
The flour outlook in the local market is a little
brighter than it was at this time last week
There is not any more foreign or outside business
this week than last but inquiry is larger, and
the local millers are receiving cables for prices.
The thing that makes the flour business in the
local market slower than in the Northwest is
that prices here are higher than those at Min
neapolis. minneapolis is the barometer of the
condition of the Hour trade in the Northwest.
The soft winter wheat markets are considerably
higher than those Of the Northwest and that
keeps the price of -four at this point above the
wheat from. the millers is such that prices are
clear out Of reason with the demand for flour
from the soft winter grade.
a morning wire to A. r. Thompson & Co.
said: Provision markets have yielded a little
to lower hog prices. and trade is not broad as
It was The market shows the effect OF the SELL
siders'
Minneapolis wheat stocks are reported TO have
increased 1905. 600 bushels for the week. a
month ago the Northwestern receipts were show
Ing large decreases every day. while the South
western receipts We're increasing each day, The
the past month, bat they have not decreased
sufficiently 10 discount the increase in the North
west.
st. Louis receipts of wheat were 1900 bushels
less than for the corresponding day last year.
The Kansas City receipts yesterday showed a
large increase over the same day year ago.
1t is predicted that the visible Monday will
show an increase of about 100000 in wheat.
Last week the visible increased around 1,OOO,-
coo bushels.
Bartlett. Frazier & Co.-There two un-
certainties which keeping the wheat mar
ket in nervous conditon-the war contingency
and the doubt to Armour's plans and his
operations.
+
a Minneapolis wire says: "All flour offerings
accepted and millers the best buyers of cash
wheat"
=
The Modern Miller says 'Snow sleet has
covered the larger portion of the winter wheat
territory except in the Southwest, where mois-
ture is still lacking and badly needed. Com
plants Of insufficient moisture are also coming
| from the Pacific coast. The winter wheat plant
generally has a small tor growth. In a few
| localities no growth above ground is reported
| The plant in general is we'll rooted However