The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-16

Farmers are showing more disposition to sell
their corn on this advance yesterday said
Edward w. Bassett, and the situation gener-
ally is considerably improved. Export accept
ances are considerably larger than three weeks
ago. and it now looks as If things are shaping
themselves TO make a pretty good movement.
The corn coming to this market is showing up
well, probably 40 per cent. of it grading No. 3
white, which is contract grade in this market.
Our corn is making a better showing tnan the
corn going into Chicago
: r +
Said a well-known local dealer yesterday,
when asked what he thought of the talk that
corn prices are likely to be higher in the option
market: Corn has had a pretty big rise on
this advance already, and / am inclined TO
doubt whether it will go much higher. 1t is
almost always the case when a grain market is
advancing that almost all the sentiment seems
TO become bullish, and people seem TO forget all
about there being d probability of the market
purchase at these prices or at a slightly lower
quick profits now"
A. w. Thomson-Wheat about Ac up from
Thursdays close. influenced. no doubt. by war
scare. The course of the market is hard to fore
cast at this time. Actual war would cause
shorts to scramble to get ashore and would
cause sharp rpturn. For my part, 1 prefer let
ting wheat alone for the present In corn it
looks like some force is at work 10 get II above
soc. We have haG a good steady advance for
some weeks and d reaction Is due. L favor the
long side of corn on any good set back. Provis-
ions opened lower, but soon recovered the loss
The hog proaucts are influenced a great deal 5y
action of wheat market. The outside is doing
the buying and the packer the selling; The
latter would no ooubt Ike 10 snake out the
country. On any weak points Duy the May
options.
Wheat was mostly a strong market yesterday.
Opening around 64c, the May delivery advanced
-. o-go 49, -oa .ban xuant hack 70 30 ona
closed around sc. Argentina sent news of rain.
the Southwest reported continued dry weather,
and the crowd seemed TO want to buy all day.
one of the things most noticeable about the
trading yesterday was that there were so few
offerings. The advance was due, partly, TO this
condition. ON the advance there were some
no wheat for sale. The news from the East,
though not particularly bullish-at least not as
weeks-was not at all bearish. The stock mar
ket was slow. but not particularly weak. Con-
bought some wheat at the opening.
There is considerable talk from Chicago to the
/ effect that a clique of influential capitalists are
trying to down Armour in his May deal. Bart
lett. Frazier * Co.. one of the largest houses in
Chicago. have been leading the selling in wheat
this week. while they have been heavy buyers
Of corn. 1t is reported that this firm repre-
sents Eastern interests which are opposed 10
Armour. When the Russo-Japanese situation
began 10 affect the wheat market to much of
an extent about three weeks ago. Armour was
suDosed to have a line of May any where from
| 10. OOO. 90 or i, 0G0, 90 to Is. 900, 900 bushels or more.
Whether he has much OF a line now IL Is pretty
hard 10 tell. as ne has been buying and selling
so promiscuously. He has sold on the bulges
and on the breaks he has supported the market.
some DAYS he has had TO take as much as g.
900, 90 bushes 70 keep the price up. The trade
feels pretty certain OF this. But as 10 how much
he has sold, or whether he has sold more than
he has bought, a guess has not been ventured.
Al any rate the heavy selling the first part OF
this week forced Armour 10 add a good many
million bushels 10 his line Of May. The Eastern
capitalists evidently are trying TO force Armour