The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-19
NOW AND A YEAR AGO.

The local calamityite will find nothing in
the local markets to illustrate his jere-
miads. On Saturday 691a cents was bid for
No. red wheat, while on Saturday a year
ago 541s was bid. Here is a gain of Is cents
a bushel. 1t is really gain of more than
that, because last year the Indiana farmer
had very little wheat to sell at any price,
while this year he has fair crop, with in
dications of better market. Even corn is
quoted as favorably now as year ago in
spite of the unprecedented crop of 1896 and
the light one of 1895. Last year the same
grade of oats as were quoted Saturday at
2115 cents sold for 1914. In the cattle mar
ket shippers, medium to good" which
were quoted Saturday at $4.2O to $40, were
quoted a year ago at $3.50 to $40. The
same grade of hogs which sold year ago
for $3.15 to $685. were sold on Saturday for
$3.40 to $3.571a. A year ago the quality of
wool which sells for Is cents now was sold
for II cents.
The distinctive feature in these compari-
sons is that the advances have come with a
larger crop of wheat than last year, and
fully as large crop of other grains, cattle
and hogs. The advance is due to larger
demand A year ago the calamityite told
us that if the country should vote against
free coinage of silver the prices of all of
the commodities mentioned and many others
would decline. AS a matter of fact, the
prices of most of the products of the farm
have advanced, while the price of silver
bullion has declined, showing that the
claim that it is a general measure of the
values of the necessaries of life is a de-
fusion. Commenting on the markets of the
past week the New York Financier of Sat
urday said:
The weeks most noteworthy incident
was the rare combination of the extraordi-
nary advance in wheat and at the same
time most favorable crop advices The APP
parently trustworthy foreign adviceS indi-
cate a diversified shortage of crops that
promises remuneratiVe returns for both
wheat and corn crops
"A year ago the remarks upon the mar
kets were that there was a general down
ward tendency in values, and tone of gen.
eral dependency. Prime mercantile paper
was quoted at and per cent. against 8
to per cent. last Saturday During the
week SO, $50, 900 of gold had left the country
for no apparent cause. With the smallest
aggregate of loans for a long time, so small
were the deposits in the New York banks
that the amount of money held by them
above the legal reserve was $21, 591, OBS
On Saturday last, with the largest aggre-
gate of loans for years, the banks held
more than $46,0O00O0 in excess of the legal
reserve The deposits in these banks
reached last Saturday the unprecedented
total of $613 2e7, 200. A year ago the de-
posts in all banks were light, but now
they are large. This is due to the fact that
year ago small depositors We're taking
their money out of the banks because they
We're alarmed at the threatening conditions.
This year people have entire confidence in
the banks and put their money where it
can be used in the business of the country.
Two weeks before the disheartening con-
ditions of a year ago the Chicago conven-
ton, controlled by the Altgeld element in
the country, had adopted a free-silver and
anarchistic platform and nominated Mr.
Bryan. 1t was this which frightened in
vestors and paralyzed industry and trade.
Because the Bryan programme failed the
country has the improved conditions.