Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1904-02-02

again started the market on another
up-turn and legitimate supply and de-
mand conditions do not cub much f1g-
ure. No reports of any serious damage
are coming in from winter wheat belt
and it is generally believed that while
the top growth is poor, the plant is
well rooted and will give a good ac--
count of itself with advent of season.
able weather. Under the circumstances
we do not feel like advising buying
wheat on the bulges. There will be
plenty of breaks when you can get In
at right prices for moderate profits.
Sentiment is becoming more bullish
and soc for. July wheat is not now
deemed high price for wheat com
pared with prices of other food stuffs.
Corn-The poor quality and light
stocks of this cereal are the controll-
ing interest right now and the chief
influence which keeps the majority OF
the trade on the long side of the mar
ket. The severe weather of the past
few days has undoubtedly cut big
hole in farm reserves and receipts con-
demand for kiln-dried No 2 corn from
east and it looks like good business
policy to buy corn whenever the bears
sell themselves into a hole.
Oats-Light receipts, a firm cash
market and good demand for the bet
ter grades is holding this market very
firm. The strength in wheat is also
helping oats. The big holder in chica,
go is quietly scalping the market ana
waiting for a more propitious time
| than exists right now to unload his
| line and present indications point to
| higher prices.
Provisions-While the hog situation
| is considered rather bearish at pres
ent, we do not consider it strog
ent, we do not consider it strong
enough to warrant selling the product
short. The packers have taken profits
ON the bulges and replaced their lines
on the breaks and these little setbacks
| should be taken advantage of to ac-
| cumulate a line, especially of May lard
4 which we consider in very bulllsh
/! position. Pork and ribs also look good
4 to us.
Cotton-It is just as easy to say zoe
A cotton now as it was to say Ice when
the market was around lie. The higher
it goes, the easier it seems to push il
4 further. The bull interests are in ABB
solute control and the public are
backing them and right now they have
everything on their side. Supply anc
i demand conditions cut no figure anc
like the bull market in stocks in 1901
there seems to be no top. Can only adj
!. wise you, to play the long side of it
buying on every recession, but on the
first appearance of a collapse of the
speculative fever, make a flying switch
to the short side. Big fortunes are
being made daily in this market but i
is "a good idea to keep stop loss orders
on your holdings and not let profits ge
away from you.
, -Manipulative tactics by thu
clique known as the western contin
gent" has been largely responsible TO
the big advance in stocks during tn
, past week, but the public have faile,
to respond to any great extent in thei
!, Investments. They succeeded, how
; ever, in making a number of short
run to cover, but whether this; ad
t vance has been for the purpose of un
loading their lines or the start of
: bull campaign in which reactions ar
only to be expected. is hard to tell a
t this time Railway, reports for De
: cember all show decreases in net earn
ings but to a large extent have bee
i discounted. We think conditions sti
warrant the purchase Of good stock
on every soft spot for moderate pre-
( fits.