The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-12
REMARKABLN Gram TRAD


The year 1898 was the most remarkable
in the history of the grain trade. The
price of wheat in the Chicago market
ranged between 81 cents and $1.S5, the high
est point being reached May 13 and
the lowest Oct. 3 and 4. The high price
was the result of Letters speculations and
the shortage in the worlds crop. Young
Letter had the market under his control for
ntteen months, but he continued his opera
tons too long and made disastrous failure
on June l3 losing something like $12 000.0 900.
Never In commercial history were world
reserves OF wheat reduced so low as they
were on June 80, at the close Of the crop
year. SO great was the exhaustion that,
Notwithstanding the good crops last year,
the worlds yield being 1907 100000 bushels
an increase of 307 900 bushels, as COM
pared with 1897, there was no accumulation
OF consequence in the closing half Of the
year, which witnessed an unusually heavy
movement from American farmers The
American crop was the largest on record,
probably reaching 600.0O0O00 bushels, though
the official estimate is 61S543,000 bushels. At
primary markets the receipts from July 1 to
Dec. 81 were over 170O00OO0 bushels an in
crease of 100000 bushels but there was no
accumulation of supplies. Exports of bread
Stunts and provisions were enormous. The
increase IN Hour was 2l.7 per cent, wheat
ZS3 per cent, corn per cent, rye 32.1 per
cent. The only decreases were per cent.
IN oats and M.S per cent. in barley. Pro-
visions increased 23.6 per cent, aggregate
exports of pork, lard and meats being 1885,
511,000 pounds. In the exports of cattle and
hogs there was q decrease of 1872 per cent.
The price of corn in the Chicago market
ranged from 26 to 50 cents, the lowest price
being in January and the highest in Decem-
Der. The consumption of this cereal. both
in this country and abroad was enormous.
American corn has at last come into general
use in Europe, and our exports for the year
were 200 $4,000 bushels. The use of corn on
the farms of the West was the largest
ever known. The price of oats ranged be-
tween 2OA cents and 80 cents. There was
q very large increase in the Russian crop
and the exports from this country de
creased slightly The yield of rye was
smaller than in 1897. Sales were made at 20
cents in May and at Al cents in June. Pro
ducers of barley had good year. The crop
was about 65, 900, 900 bushels and there was a
good home and export demand throughout
the year; The crop of hay was the largest
ever gathered, amounting to 65,OO0,0OO tons.
valued at $41S,000 600. 1t was not a satisfac-
tory year for dealers, the immense crop
making low prices. The receipts OF hogs at
Chicago in 1898 were 100000, the largest on
record OF these 100000 were slaughtered
and packed, as against 6, 100000 in 1897 Prices
ruled comparatively high throughout the
year the average being 10 cents higher than
in 1897 and 80 cents higher per hundred
pounds than in 1896. Receipts of live stock
at Chicago were Is, 900 head or a million
more than in any previous year Receipts
of sheep were 1858, 439 close to the best
record. Cattle sold higher than since 1885.
hogs higher than since 1895, and sheep high
er than since 1892