The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-23
LUith the Grain Brokers;
Present Market Conditions

The history Of the grain business is repeat
ing itself IN the present advance in the wheat
market. The public wants to buy but does not
want to sell. There probably is much money
made in selling short as there is in buying,
but the public is seldom found extensively on
the short side. There is now good deal more
outside intsrest-thst is, trading by people
who are not regular speculstors-in the wheat
market than there was when Armour began
buying the May extensively. two months ago.
Historv of wheat corners show that when the
market began 10 advance rapidly and the trad
ing became sensational the public always got
into the market more extensively than when
conditions were normal ana fluctuations were
volume of outside trading in wheat has been
increasing pretty rapidly the past two or three
weeks L is probable however that consider s2,
past few days. for commission houses have been
by close stop-loss orders And when the mar
ket began TO break Thursday II Is likely that
and got out The same process continued yes
terday, no doubt
The public of indianapolis has been taking
a moderately extensive part in this advance
in the wheat market. according to members of
the leading commission houses. Up to a few
weeks ago there was little public interest in
wheat here same as at other points ON put the
brought a good many local outside traders into
sion houses have been increasing their lines
OF long wheat for outside account It is
thought close stop-loss orders are-or were-be-
shaky and lower, it is possible a large proper
ton of these trades will be closed or have been
already.
The shaking-out process of the small longs
in the wheat market continued yesterday. There
was a good zeal of profit taking again and as
Armour didn't see At TO hold the market up.
prices declined nc to 134c for the May de-
option. The selling of the May was more ex-
tensive than OF the July. perhaps, oHt the May
July. There is nothing in conditions TO depress
the May, but the July has prospects Of much
predicted to carry. This makes July heavier
than the May.
The break yesterday and Wednesday does not
indicate that Armour is through bulling wheat.
There never WIS a bull campaign in grain
that not varied by days OF weakness. And
II is probable that to-day or Monday VIII see
another upturn. II is not the order OF things
in speculative markets that prices should keep
going Up without any setbacks. Yesterdays
break and the weakness Of the market Thurs
day are just the sort Of things to look FOR oc-
CaSiOnaliy in a wheat market like this one
This weakness is not due TO the liquidation Of
small traders taking their profits when they
thought the market was up as high as 1t would
go, perhaps
There is no evidence Of any change in plan by
the bull leader. The Armour people probably
did very little either way yesterday but bought
wheat rather than sold II. In all bull markets
there is a larger or smaller company OF ''S AL.
company Of late had become a large one In the
May wheat. Yesterdays drop was sufficient 10
dispose of a great many long lines held By those
who we're relying on the Armour operations.
? y
Within the thirty years that have been in
the -four business" says George Urban. the
Buf.ais millsx. " have Bsysr known q uintsx