The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-25
War in the Far East Proves Bull
1Sh Factor on Local Board OF
Trade Floor.
RISE IN LIVE STOCK DUE
Prospects for Indiana Farmers
Are Brighter Now than for
Past Decade.
ALL FOODSTUFFS HIGHER
Benefits Accrue to Producer and
Agriculturists Experience
Rise in Prices.

SOFT winter wheat IS now bringing the
highest price in indianapolis it has brought
in fourteen years or a longer time. No
red the soft winter variety. is worth $1.OS
busheI One car sold on the Board of
Trade call yesterday at that figure to the
Acme Milling Company.
In reaching this high figure, the local
wheat market has been following the lead
of the Chicago and other markets.
No. red wheat is now selling in the
local market at a premium over the price
OF the May option in Chicago. This is an
unusual condition. Usually the price Of
cssh wheat is under the option prices. In
Chicago the contract grade is selling up to
a range toward $112
Previous to the present high prices. the
best prices were paid for cash wheat in
the local market. during the past fourteen
years. during the Letter deal in 1898.
The option wheat market has been at the
highest figure in fifteen years this week,
May touching S1OS1A. One dollar for the
July delivery is expected by a good many
traders this week. One local speculator
mas line or 5000 bushels of the July op-
ton, held through of the local COM
mission houses, which is being held for 81.
There are numerous good things ahead for
the farmer during the coming spring and
summer. and it may be that the whole year
farmer has had for a long time.
WAR SUSTAINS PRICES.
The present high prices for grain are like
ly to continue well through the harvesting
period If the war between Russia and Japan
is not brought TO a sudden termination. This
means that the American farmer will re-
ceive more for his grain-his wheat and
especially-that he has received in
many years. There are those who claim
that there is a good deal of initiation in
grain prices. but. nevertheless, wheat and
corn are now selling right from the farmers
wagons Tor more money than for many
on the Board of Trade yesterday at $1.OS per
bushel
more effect upon wheat than corn. but corn
Is closely related 10 wheat in markets like
the present one. and corn will be affected TO
q large extent by the influences which put
wheat up or down.
II the Russo-Japanese war comes to
throughout the world again wheat prices
Will, no doubt seek lower level i'm a short
time But the domestic situation-that is.
the situation in America-is bullish, and IL
Is likely that wheat will sell for a good
price until we'll through harvesting time
The continued advances in the option
Wheat market, and in corn, too, are the
most picturesque feature of the commodity
markets at this time Wheat for future
delivery, as well as the cash article is now
worth more money than il has been since
the elimination of the Letter corner in June
lS9S. This week the May option at Chicago
has been at S.OSz with the cash article
selling around that figure in Chicago, and
prices above around the dollar mark
in all the other markets
If the talked of alterations between
various European countries, arising out OF
the Russo-Japanese war. should terminate
In another war. there is little doubt that
option wheat will go at least 90 cents higher
This condition would. of course carry
prices of the cash article to much higher
levels. too. But little dependence can be
placed in the reports of a threatened war
In Europe. and II does not seem wise for
any owner of grain to hold his wheat for
$50 bushel. or a price any higher than
that being paid this week.
ARMOUR'S INFLUENCE BROKEN
The Russo-Japanese war and the talk
of a European war have been the principal
causes for the recent advances in the wheat
and corn markets. The influence upon the
market OF the operations of the Armour
grain pool is not felt to any considerable
extent a few weeks ago. when it
locked as if the difficulty between Russia
and Japan might be settled amicably. the
effect OF the Armour corner in the May de-
livery was responsible for sharp advances.
and also for sharp declines
At that time Armour was the principal
factor in the option wheat market. Ii was
the general impression then that Armour
had a line of perhaps 100000 bushels of
May wheat. What this interest has done
on the recent advances cannot be told and
IL Is useless to speculate as what influence
Armour viii have on the market IL the war
ceases TO be as large a factor as il is now
The condition of the growing wheat crop
In Indiana Is not known definitely. During
the six weeks preceding the last cold spell
the wheat crop all over the State was well
covered with snow Before the snow cover
ing came the plant was not well rooted.
The plant makes headway under the snow
and it's roots were likely strengthened dur
ing the six weeks covering. Whether any
serious damage was done by cold weather
after the thaws Is not known and the best
posted grain men say ii cannot yet be told
what condition the crop is In.
The coming spring and summer will be
prosperous seasons for the farmers who
will have cattle. hogs, horses and mules to
sell. Cattle are now selling at prices en-
tirely too low. and indications point to
higher prices the coming spring. 1t is not
unlikely that all year cattle will seek a
slightly higher level. The cattle markets
of the West have been demoralized for
many months. but conditions are shaping
themselves now for prices TO get back TO a
more normal level The fact that men who
are in "A position TO profit lose by higher
or lower cattle prices are buying feeding
stock at the local stockyards every day in
Is looking for better prices the coming
months.
PROVISIONS DUE FOR RISE.
Hog prices. though not excessively low
now, are likely 10 be somewhat higher this
spring and summer. Present prices are con-
siderably lower than those of last year at
this time. but the fact that the prices of
the late winter and spring OF 1903 were alb
normally high argues that there cannot be
reasonably expected very much OF ad-
vance from the present level of prices: that
is. If outside influences do not affect the
market.
But the effect OF the RussO-Japanese war
upon the prices OF provisions must be taken
into consideration In an effort to fOrecas ST
conditions in the hog market. Prices OF
pork products have risen about 30 per cent.
already by the war. and If the struggle con-
tfnues IL IS not at all unlikely that prices
OF pork and ribs and lard will go still
higher. Now this condition Of the provision
market will have its effect upon prices of
hogs. And farmers may somewhat safely
exDect a considerable advance in hogs IL is
thought IL the war continues and prices of
pork and ribs and lard continue on their
upward march.
Present Indications point 10 considerable
Improvement in the market for horses and
mules this spring During the past several
weeks. the demand for horses in the local
market has been somewhat dun. but men
prominent in the trade say conditions are
shaping themselves for considerable i'm
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