The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-31


The Armour wheat operations illustrate modern
methods in speculation. Nothing is left TO
chance that be definitely settled by the
spending OF money OF the putting forth OF effort.
There IS much careless talk of the Armour
luck in his speculatons, but he leaves less TO
luck than anybody who has ever been in the
market before him or anybody else in the market
now. Armour has not made a mistake in the
grain markets since he began TO be prominent
in them His vast facilities fer ascertaining
the situation. and the industry shown in using
them, must be al the bottom Of the success.
Since the packer has been interested in wheat,
the Northwest has been gone and over
again by his people for the facts to the spring
requirements When the Southwest movement
became 80 large as 10 make the bull theories
little doubtful. were sent into that terri
tory and weeks spent in getting at the reserves
corner of Europe is called by direct cable to
tell the wheat situation. Odessa. Antwerp,
Paris and Liverpool cables are held as cheapiy
by the Armour house, when information is want
ed. as 40-cent messages to New York. II the
information direct II Argentine weather is an
influence Rosaria or Buenos Ayres is cabled
Of painstaking gathering Of facts from the whole
world for the intelligent guidance Of a specula-
is nothing like the old-time huge guessing oper-
alton, with somebody's gossip or say-so the
method in the field of speculation. and against
II the haphazard speculative guesser has poor
chance.
r +
Years ago it used to be an axiom in the cash
trade that cats were worth about as much pound
for pound corn and the standard weight of
oats per measured bushel is thirty-two pounds
and that of hfty-six pounds il followed that
ordinarily worth a little over half
as much corn. But the old rule is not nav
ing much weight now. No. white oats arc sell
ing zoe to 42lkc. or about l-3c per pound.
and on the pound for pound basis ought 10
be selling al about 70c, instead OF which No. 3
! 421Rc, or about @Ic per pound.
European grain dealers, especially in the i'm
| porting countries, still refuse to show much
concern over the possibility of war between
Russia and Japan. f. Lenders & Co., of Lon
don, under date Of jan IA, say: THE opinion
most prevalent to be that, provided hos
tilties localized and strictly confined TO
tho two powers most largely interested the eff
feet wheat prices should be scarcely notice
| able, and with this opinion we are disposed to
/ agree. In the beginning the market might be
carried away by excitement, and there
would always be the fear of further complica-
| by the ordinary law supply and demand
and other conditions besides the purely political
! Our American adVices Just 10 hand do not ap-
pear 70 be in hopeful mood, and the impression
seems TO be prevalent that prices have reached
| a lever ana II may be difficult 10 maintain and
| II seems highly questionable whether after all
! America is independent of European dema nd
| as many nave claimed so unless there should
| be some increase in the exports decided de-
| crease in primary receipts il would look as If
| prices must md a rather low level. European
| requirements Of foreign wheat are still no doubt
large. but with the first spell Of fine weather
| We may expect 10 see larger offers of native
| grain in those countries where the excessive
rains of last year prevented the wheat being
! IS also evident that, with the exception of
| North America, other exporting countries will
! be able to keep us supplied with liberal guam
| titles, there is nothing in the position which
would lead US to anticipate a higher range of
| values"
|
Says the Northwestern Miller: american
'nillers have had few months of reasonably
good business. At time however, have the
profits been excessive and at present business
is quiet. II the crops of 1903 had been enormous
and IL was clear that the American mills were
not large enough TO grind them there would be
a reasonable excuse for an increase in capacity.
But except in the Southwest, the harvests were
moderate and the fact that the supplv Of
the raw material too great to ena bIe
the mtllers to handle it satisfactorily is due
largely, the measure of prosperity which has
region of Kansas. the mllers have been able
I 10 keep up with the supply Of wheat and have
| succeeded in sending the product Of the fields
abroad flour rather than grain. There is evil
practically exhaust the years crop The new
crop Will not be coming in before summer and
fall. In the meantime the supply of the raw
material and the needs of the miller are so nice
i ~ adjusted that there is no danger of the
wheat being shipped abroad. Mr.. Chamberlain
scheme. should il receive the Endorsement of the
British voters, will have a tendency to interrlpt
and even eurtaii the foreign business At pres.
emit there Is no security for the export flour
trade as far as the United Kingdom IS con.
| ceTned. Without this demand the mills wouIf
be unable 10 run to full capacity even with tbei,
present size. If capacity be increased tht
surplus must be dumped on the domestic mar