The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-17
LCith the Grain Brokers;
Present Market Conditions

May wheat climbed up to a new record high
price for the crop yesterday, touching sS%sc near
the close. There wasn't much in the news or
in general conditions to bull wheat on yester-
day. and the advance is due likely, to Armour
and short covering. There is no other way to
explain the advance other than the covering
OF short lines and Armour manipulation win
the Russo japanese situation at such status
that important developments are just as likely
as not 10 happen over sunday, the shfeWu holu-
OF short line of wheat is timorous about
NAV not really think the market would go. up
much. for the opinion is gaining ground that
wheat has gone far already on the war
scare that the declaration of war would not
carry prices much higher in the vent OF a
nevertheless he wants his short line protected.
And Armour is in a position TO make the hold
ers of short lines tremble and run ashore as
fast as they can get there.
7
Wheat has worked in a wide range this week.
The high price in the May delivery was SS&c,
and the low figure S5lke The bottom price was
reached Monday. There had been a lot of
short covering Saturday. the same as there
was yesterday. and when the market opened
Monday morning and the news from the far
East wasn't particularly bullish prices had
4 reaction. And added TO this the inaugu-
lett ,0 Frazier s & CO. ATmour aparentIy didn't
give the market much support Monday. But
h Si'er enc the rarkt s,np1rf 'esdaY and
Wednesday and more or less the rest of the
buying a good deal OF May during the week,
5000 600 bushels In one day. IL is estimated, but
not be told whether he has added anything to
his line or not The market has been some
corning the Ruso-Japanese situation. and has
not given nearly so much heed to this influence
market had ' DEMONSTRATED it's weakness when
things in the far East loked peaceful and stocks
improved.
A. W. Thomson-Wheat is again higher. Usu-
ally Saturday is ceaning-up day and the
action Of the market would indicate that many
of the shorts were afraid to stay in sun
day. / still regard wheat dangerous PROPOSE
ton. owing to conditions which govern the mar
ket at this time. 1t will be a good sale some
day. but just would only sell ii with close
stop-loss orders behind the trade. Corn holds
up well, excepting that Eastern markets are 10th
to follow the advance in Chicago. As one
porter puts il. I'VE cannot get the prices for
corn in our MARKET as compared s ,E with prices In
buy corn on sharp dips. In hog products the
market is about unchanged. The buying that is
packer is said TO be the seller. If receipts of
hogs continue large provisions should sell of
some. but will do TO buy on the breaks for mod
crate profits.
II has been limited the past two days in the
brokers' gossip that the selling of wheat,
which was especially heavy the first part of
the week. and was led by Bartlett, Frazier &
Co, is the inauguration OF a tight against Ar
mour's deal and his practical control of the
market by a crowd of influential Eastern specu-
lators. with whom John w. Gates is closely
associated Some OF the reports have limited
that Leeds and Ried, of the Rock Island. are
mixed up in this movement. If this be true
and il is also true that John W. Gates is
after" Armour, the trade will undoubtedly
see one of the most interesting May wheat mar
kets on record. For John w. Gates and Reed
and Leeds Of the Rock Island can command
enough money to make IL interesting. say
the least for the Chicago packer-speculator
This selling movement which seems TO have
influence and money behind IL. is one of the
interesting developments of the week.
Corn has done "some things" the past week
too. The May climbed up to a new record high
price for this crop-49lsc-the middle of the
week. and has been anything but weak since then
The position Of corn has. apparently, been con-
siderably strengthened this week by an in
creased demand for the cash article and a de-
crease in the movement. And the quality of
the going into Chicago has not improved
any, which makes the larger demand all the
more significant Most OF the talk on corn is
are predicted for the spring months. The more
conservative commission men and traders how
ever seem 10 be a little afraid TO take the long
side for long turn: or TO advise such move
class He says corn should be bought for small
quick profits. He is not bear corn but he
thinks IL has had too much OF an advance lately
20 warrant much higher prices now at least.
2
The local cash dealers and shippers generally
report more activity in export corn business
the past week with seaboard acceptances more
liberal one shipper said yesterday that ne sold
and SHIPPED East the past week quarter OF