The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-13
WHAT THE TRADE REVIEWS SAY.
Heavy Speculation Caused by Heat
and Drought Reports.

NEW YORK. July 12.-Bradstreet's to-
morrow will say: Varying commercial and
Industrial conditions make ii difficult TO
strike IN a sentence the keynote of general
trade for the week. In the East business
appears TO be of a midsummer character.
while I'm the Southwest conditions have
been adversely affected by drought and hot
weather reports. which superinduced a
tendency on the part OF many to cancel
orders previously given. In the Northwest.
on the contrary, business seems to be quite
active as the result of excellent crop con-
ditions. and credit is reported being freely
granted, but in the middle West the tenor
of trade is apparently steady, while in the
South ordinary conditions are noted. But
for the week the important developments
seem TO have been rampant speculation in
corn and oats, due to reports of exceed
ingly heavy damage i'm the Missouri valley
belt, the nervousness OF the stock market
and somewhat troubled railway rate situa-
ton, together with a more favorable feel
ing in labor circles.
The crop reports to the Agricultural De-
partment point to a reduction OF 100000
acres, or 3 per cent. from the area plant
ed last year. with a lowered condition
as compared to July "A year ago. and as
a result the statisticians are figuring on
a crop of only 2,O9S,O03.OOG bushels. which
may be regarded as above the
probable yield IL account be taken of the
decline in conditions as compared with the
average for the season last year. For the
wheat crop as a whole "A total OF 1Of. $50 900
bushels is figured out. also. seemingly. an
estimate which may have TO be revised in
the direction Of a reduction. The wheat
remaining in farmers hands is estimated
at 81, 100000 bushels. which is less by 10000
600 bushels than on July 1 a year ago. The
oats crop shows a decline In condition for
the month of June. as compared with
July / last year. while barley shows a
slight gain for the month, but a consider
able advance as compared with July l last
year.
Corn and oats, as was to be expected,
showed the heaviest gains for the week in
cereals. though wheat, which was weak at
the outset. was firm toward the close on
heavy buying orders and in sympathy with
corn Reasons for the advance In corn are
obvious The July ] crop report of the
government made the condition S1.3, the
lowest for a number of years back, while
a reduction of the acreage planted as COM
pared with last year was indicated in the
returns. Hogs were active throughout the
week on scarcity of supplies. and pork Is
unchanged at the close. though at one time
IL advanced in sympathy with hogs and the
activity in corn. In cotton the market was
irregularly professional, the tendency being
to wait until conditions became better or
worse. Texas meteorological conditions
played an important part in bringing about
price changes, which were lower on the
week.
Wheat. including flour, shipments for the
week aggregated 5.0l6. lf9 blu. against j.
aoa .t59 Du last week. Z,S-9.SlU In the cOFTS-
spending week of 1900, $685. SIS in 1899. and
2.910.S27 in 1898. Corn exports for the week
aggregate $500. 73S bu. against 2.2i0.933 last
week. i.022. 06S bu in this week a year ago,
ASS. 739 in 1899, and 2,S22. lbs in 1885.
Dun * Co.'S trade review Will say to-
morrow. Grain crops this season are
occasioning much uneasiness among spec
ulators. owing to the extremely compli-
Gated situation. According to latest Of
fetal and unofficial representations there
Is reason TO anticipate the heaviest wheat
Weld ever harvested and making the Gus
tomary allowance for domestic cOnsump-
ton. even with the small supplies on hand
wher. the year opened. there appears avail
able for export about 80 per cent. more
than went abroad In the year of greatest
shipments. Yet prices are far above the
low record and vigorous rallies follow each
decline. Extensive needs abroad continue,
the movement from Atlantic ports for the
week. amounting to 3.20S.635 bu. against
2,19S. 443 a year ago, and Western receipts
were 4.57s.37S bu. against 2.6lS.6T last year.
Corn exhibited remarkable strength,
drought and heat since July l giving rea-
son to expect less than the official report,
which indicated more than two billion