The Indianapolis journal., 1904-01-19

OF the local flour and grain trade the past week
the Northwestern Miller will say tomorrow from
its local correspondent. Charles Nichols:
The possible flour output from the Indian
apolis mills for six days is over $4,000 brls Last
weeks production, however. was 16SO brls. The
week before was 5000 The corresponding week
weeks figures are ridiculous. and show the out
put of the small mills only. The three large
for repairs. The other two mills had no repairs
to make except to their order books. There is
tions Last weeks report would cover the pres
ent one. The week opens with all mills
ing up. Flour buyers do not realize the price
wheat is held at. In this city, Saturday; for No:
a af' o sase9 % sFs %fSs
the millers have no alternative but to close
down What few sales were made last week
manufactured. feed is naturally in good demand
at higher prices, SATURDAYS prices were $3.50
A. w Thomson.-Wheat closed unchanged to a
shade higher yesterday. Our foreign cousins
disinclined to keep pace with advance, and
am credibly informed that the English
houses are loaded overiowng with -four.
This argues against our prices, and commercially
wheat is too high However, speculation may
advance it further. But watch for chances TO
short it. for it is bound TO have good break
enough for the present and should have some
set back Bear in mind that there are two sides
TO the market. Provisions advanced with the
balance of the list yesterday. 1t looked like
sympathetic advance feel that on any further
it is not a good market to work on for big profits
either way
May wheat went to a new record-high price
for this crop yesterday-S9xc. There wasn't any
thing particular in the news to bull the market
on except the visible, and that really wasn't OF
much account as IL was less bullish than the
predictions at the opening The news concerning
the status OF the Russian japanese situation con-
tanned practically nothing TO the bull; consols
wer. up and the stock market strong at
the opening About the only reason for the ad-
vance is short covering. Short covering doesn't
make strong market II simply puts prices up.
And the action of the market when IL reached
the top figure yesterday. indicates pretty clearly
that the price got TO Se1sc on short covering For
reacted Isc from the top In less than an hour
the price went back 10 SSizc. Valentine was in
the PIT o 6hs6 5 bnsh There wasn't much Ut ssS
about Armour on the advance. He may have
sold or ne may have bought. The puts and calls
Sere 80 Gar away from the market all day that
they showed that the trade was nervous, afraid
of both sharp advances and sharp reactions
The Northwestern Miller will say tomorrow of
crop condition in Indiana and Ohio The grow
ing wheat in the Ohio valley is well covered with
snow. which will protect it from sudden changes
Reports from the northern portions OF Ohio and
Indiana are quite good. and from other sections
they are brighter than for some time past. The
following is a synopsis Of reports from different
sections Shelby-The growing wheat crop is
xveli urotected BY a heavy coat OF snow Troy.
q The new wheat conditions may be consid-
cred excellent. for II has been covered by snow
sirnost continuously since the latter port OF No
vernber: Monticello. Ind.-The winter has been
favorable for tho crop has mad good covering
~ snow for many weeks; Shelbyville, Ind
G~oy.trp wheat has been under a cover OF snow
for two weeks. The condition then did not look
good"
With so much about the situation that is ex-
trsordinary the merits OF the wheat position are
neglected. But IL seems to be the fact that the
believers In higher prices are those who are
counting upon future developments. and those
who consider the prices too high the ones
who look 10 the immediate situation and expect