The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-07
L'ith the Grain Brokers;
Present Market Conditions

The past week has seen both cash and specu-
lative wheat at the highest prices since the
elimination of the Letter deal in June 1895
No. red wheat sold in Chicago at 81 a bushel
the middle of the week. and the following day
the highest price for May wheat since Letter
had the market cornered. The July delivery also
Sec The bulk 81 aetty Sas been in the
or at least. there has been more activity in May
vance as rapidly as the May did it did not
show as much weakness on the break the past
two days as the early delivery. The May
closed weak at an advance Of S7sq3Ac over the
final price last week. and the July at an ad-
high prices this week are the result Of a great
wave of speculative activity. the like of which
has not been in wheat for some years
Most of the outside trading has been done by
Southerners who have made good money in the
extensive profit taking for outside account. The
lower close yesterday was a condition not to be
unexpected in market like this one
= =
Corn has been equally as wild and as bullish
as wheat this week. and the May has sold at
Soc. This is the highest price for this crop.
This week has developed the fact that the Ar
inour interest Is a big factor in corn. Armour
previous to this week. but not until this week
ala the trade become convinced that Armour
was doing so much in corn as he is. apparently.
Inc May closed the week at an advance OF 49sc.
= + =
The advance in wheat at Chicago caused
higher prices for the cash article in the In
annapolis market. and the bid for No. red at
one time the middle of the week went TO CSC
Millers at that time were confidently expecting
the price TO reach the dollar mark in few
Gays II the option market went higher. The
pla yesterday was 9Tlsc. III the speculative
price advances much farther there is little doubt
the local market.
Local stocks OF wheat in store decreased IS 69i
bushels this week according to the Board Of
Trades figure given out yesterday. The stocks
yesterday amounted TO 166. 6S7 bushels against
1880 bushels last Saturday. Public receipts for
the Week SHOWN In the Board of Trades daily
inspection amounted To 2.250 bushels. the small
est receipts here for some time The local stocks
OF corn decreased IS 500 bushels against an in
crease OF 400 bushels last week Receipts for
bushels last week. The following figures show
the output OF -four for the week the week s
grain inspection and the stocks in store. with
comparative figures:
Output of Flour
Feb. 6. 19Of........ .465 Feb : 1903 - a oe0
Feb. $. 19o2........u,s74 Jan. 50. sOi.....s.s57
Stocks in Store
Wheat. Corn Oats. Rye
F Eeb 1904 ls S s,S g $500 50
Feb i issss $500 LOO Loo
inspection for the Week
Wheat, bushels .................-......... 1850
co,n pushe,s 80
oats bushels &C. $50
Speculative attention is turning sharply TO
corn says w. C. Nicholas. the New York
financial writer. "The situation in that COM
modify is felt by those best acquainted with IL
as being as full OF bulIsh possibilities as cotton
has been at any time Very little contract corn
Is coming into the central points OF accumula-