The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-27
TCith the Grain Brokers;
Present Market Conditions

May wheat broke down TO size yesterday. the
low point since the possibility OF between
Russia and Japan began to boost the market.
about three four weeks ago. and &C under
the low price Monday The continued weakness
Of the market yesterday was due to lack OF
Armour support This during the first part
OF the session. Toward noon the market be-
gan to show support and the May advanced to
e0c The strength due doubt TO the
supposition OF the trade that Armour was on
the buying side again on the decline the first
part of the session. the July got down TO olac.
lisc under the low figure Monday This delivery
later g-ev strong with the May and made
good advance before the end OF the session.
Covering By shorts probably had almost as much
to do with the advance a the Armour buying
orders The bears had their innings MONDAY
and the first part of yesterdays session. and on
the prospect OF Armour selling around sac.
When the reaction came yesterday and May
started up from Slkc and July from S01sc. the
unprotected shorts likely In and covered.
Fastening the advance; But after al the eN-
plantations FOR the advances and the breaks
are put forth and predictions are MADE one way
and another. about all that can be said Of this
wheat market is that II is as uncertain what
il will do as is the weather OF an April day
that. surely. il a very uncertain PROPOSE
ton.
IF the price of soft winter wheat would de-
cline with the declines in the option market,
in the same proportion it advances with the
oplion prices. would good deal more
prospect OF activity ia the local -four trade IN
the immediate future" yesterday said Edgar
H. Evans, of the Hoosier state Flour Mills.
..rh, action OF the cash market is very Gis-
couraqing TO the rniilei. The price o. soft win
ter wheat j. now IA 100 high Tor Us 10 do any
I,ft a little scattering business every time
the option market goes cent or two higher
the price OF the soft winter goes up, too. But
,,aen the CDtcn maj set breaks cent or two
80. -. -, - 80 a-infer article docs not
show equally large decline. perhaps 81 does
NOT Gecline at all. With this condition the -four
- f.af = f,lr
the local miller
Edward w Bassett one OF the largest cash
grain dealers o. Indianapolis. VIII close W his
business partially about the first OF March and
go to Europe Tor three months with his family.
II could SEE Indications of good spring
in The corn business would not leave the city."
said Mr.. Bassett yesterday. but the cash corn
business here viii be on such small scale The
coming srrne and The quahy OF the corn
will he 80 Door when the wet spring weather
comes or. that would rather not Try 10 Go any
thing With this cora atteF the last OF February.
Mr.. Bassett viii keep his Offices ia the Board OF
during March April and MAY and part 81
June.
"The low grades Of selling at present
disloun. because every consumer in this coun-
try and abroad knows that with the first warm
weather they viii go out Of condition says
W. II. Bartlett I'VE have had letter from
a broker at Portland. Me. saying thar while
the rev corn was arriving all right because
weather continues cold yet II so damp that
not more than one car in ten was Mt 70 grind.
Thc corn crop OF ls0; never matured. IL is the
lowest m quality since the MOI corn year OF
ISL There il not single or the crop that
will gIdde I'm Chicago contract before July.
After W. have had a few springlike days any
cor that viii beer shipment Will sell well up
into tn SOS. and contract corn for May will
sell as hixh as tnc shorts allowed 10 put IL
The oats situation is about the same. The crop
was the shortest in quantity and the poorest
n recent