The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-13
LUith the Grain Brokers;
Present Market Conditions

buying character OF this buying led a good many
traders to believe it was for one big order
On more serious news concerning the Russian
japanese situation wheat advancing mar
ket yesterday. The opening considerably
higher than Mondays last prices and the tend
ency strong and advancing until past noon,
when the May went back to S61sc. There was
some news yesterday which the bears might have
used 10 slight advantage II the market had not
been governed by the scare-rains on the
southern Kansas and Oklahoma crop and in
creased primary receipts The rains in Kansas
and Oklahoma naturally, II IL thought, would
have had a depressing effect upon the 81. Louis
market a big crop is predicted in Kansas and
Oklahoma, where the acreage is very large one
OF the bull factors in the Southwestern markets
count Of the lack Of moisture on the crop in
those sections The primary receipts were more
than 200 900 bu larger than the same day last
week. The corn primaries showed small IN
crease too.
William d. Jackson. the new president of the
Chicago Board of Trade, is strongly opposed to
the Illinois law which prohibits trading in priv
ileges options, as they sometimes called,
on the Chicago Board. In his inaugural address
Monday. Mr.. jackson said: The section OF the
statutes OF the State of Illinois which makes
trading in options for the future delivery OF any
commodity crime is, in my Judgment, unwar-
ranted in equity good morals unjust unfair
and detrimental to the interests OF this board
and to those dependent upon it for broad and
open market. This law, born in prejudice, has
been forcing 20 other markets not go hampered
and naturally belonging to our own. The next
General Assembly should be asked TO relieve the
hoad OF ben n ear Gf ehS a
such legislation
J. w. Rush London grain expert. writing
of the possibility of war in the East and its prob
able effects says: War between Japan and
Russia would no doubt sentimentaIly affect the
market, but il confined to these two countries
there is no reason TO suppose that supplies would
probability of war quite active trade has been
done in new Australian wheat cargOeS TO arrive
tains a firm attitude notwithstandihs liberal
supplies and shipments. but caution continues TO
be displayed by buyers in view of the rosy re-
expectation OF big shipments shortly from Ar
gentina.
The visible supply OF wheat is still nearly TO-
900 900 bu smaller than year ago. but the differ
has been cut down from $1,000 900 bu in Oc-
tober. and it would not take many weeks like
the last two TO bring the total up TO that of 1903
II exports continue smaller than last year and
receipts continue y,z d Larger There Vas compare
Of l,759000 bu the week before Total stocks al
visible supply RSns are now 40 1879 coo bS COM
been. however. for the addition of Port Arthur
TO the visible supply points the difference from
last years figures would be about 11OOO,OOO bu.
OF the condition Of the corn going into Chi
cago the Tribune says: There is little improve
ment in the quality Of corn receipts. In fact.
for few days, there has been deterorat ton.
Out of $40 cars on the inspection sheet there
were grading contract, and only 6S grading
No. corn. OF the rest, 20 graded No. 4 and
| III grade. Yesterdays receipts were quite as
poor in quality. Prices Of mixed corn held firm,
| however, because seaboard exporters, unable &c
get old corn, have come in the market for new
No. and new No. 4 corn, which they are taking
on sample, Chicago inspection Shippers Will not
| guarantee quality and the Eastern buyers take
| all the chances of the corn arriving out OF con-
| cition II the present mild weather should con
| tinue those chances viii be almost certainties
| and that the East will buy on such terms indi-
! Gates anxiety to get corn"