The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-29

Both the May and July wheat had fairly good
support yesterday, and both options closed the
day at advance over Wednesdays final prices.
The May was about as active as the two days
previous while the trading in July was on a
larger scale. apparently. The crowd seemed
the May, but whether this interest took on
much Of the early delivery II is hard to tell. At
opening price. The option closed at ss7sc. sc
above the opening. The July at its low point
opering' 1t Closet al sac, iM1s.e above the
opening price. As a whole the July really had
the better of the May.
The Board of Trade grain committee held
meeting at noon yesterday to pass on the COM
plants of Edward W. Bassett and Charles Shot
well upon the grading of a car Of wheat and
a car of corn. The wheat belonged to the for
me-. Ii shipped here from East st. Louis
u o@Iu u, 1i"ne . ..SPeStol IL ~.
contained too much Western hard to grade No.
2 rel winter The committee sustained his com
plant and graded the car mo grade" Mr. Shot
No Yellow, should be No 3 mixed on ac
count OF containing considerable of the red va
riety. The committee sustained the inspector.
THE weather we have been having the past
week is splendid the growing wheat crop"
said Rhody Shiel. yesterday First, we had
good rains in this section generally the latter
ground and allowed the roots of the wheat to
spread Then came the heavy SHOWS, which
cover the wheat all over this territory. This
weather is just what the wheat needed-or at
least II is not the Sind Of Weather that dam,
ages inc st row crop, III. II there mad been no
cold that would have been hard the wheat.
b ne snow D t on P Oh the grain and
wheat in first rate condition
Northwest Miller-The Minneapolis -four out
put last week decreased 1000 trls-325. 900 brl.
against $685. 900 in 1903, 2s5, 900 brls in 1902 A
for repairs was the occasion of the curtailment
Trade in flour last week was less active than
spoken of. miliers say II is so bad as not to
be spoken of. Some sales have been made dur
ing the week TO London and Holland
The trade in the July wheat is increasing. The
buying OF it has been feature the past three
days. some influential Chicago interests taking
1t on a large scale. The increased trade In the
July and the new demand for it has narrowed
the July discount The trade is getting inter
csted in the July because the May has so many
special perils. the wide nuctustion among the
others. There every sort OF view as To what
the relation of the July wheat to the Nav
should be. 1t is the sort of year for a full july
discount The feature this year is the scarcity
Of good quality wheat. There might be some
buying OF July on the score that the contract
stock here Will be low in July. but as against
that is the fact that the new hard winter
wheat will be available at SC discount The new
hard winter from Nebraska and Kansas is the
first new wheat to come. and the fact il can be
delivered &c discount would be sonnet hing
against the July. There is this in favor Of
the July The Armour people short
IL at a much narrower discount than the present
and will some day be disposed 20 take profts-
This would he a help 10 the July IL would
have the help of any unfavOrable crop develop
ments from the Southwest The MINNEAPOLIS
July is about 5i2c the Chicago and there
Is some interest in this spread. But the chances
the Chicago July. II there is any basis for the
expectation Of wheat scarcity IL is at Mime
apols and in the month Of July.
There is one thing in the corn situation that
must not be lost sight Of" says w H. Bart
lett 1t is that every sale of May corn is
short sale. There hedging sales for
the only corn safe 20 hedge is the small lot OF
contract corn IN this market. SO when YOU
selling that corn short and will have 10 buy il in
at some price at time. He cannot deliver
IL IN May. and he knows Il, and Will never stay
short till May comes
with July the feature Of the trading the past
few days the wheat market is still an Armour
affair To a large extent. IL may be right in its
claims OF scarcity OF merchantable wheat in
America that wheat is worth more money on
its merits, that supplies and demands when
measured by the other. warrant a high
plane Of values, and hence its position in the
market Is wholly legitimate and mercantile
one. that It's Judgment and conclusions are