The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-01
Weather Conditions Preventing Harvesting of Corn
Crop at Usual Time a Great Handicap
to the Export Business
Years Grain Inspection, 1903.

Total .............1,lO 4,90O 6,39l,iW Ll51'z9O
Totals QO2) ..-..-..1,7O 1850 5,9l9,2O LSS''SV
Written for the Journal by Edward w. Bassett-l
While the past year has been n fairly
prosperous one for grain dealers and mill
ers. there has been a very great number of
things which have tended to cut down legiti-
mate profits, and at the same time retard
the volume of business to a considerable
extent.
In order to make a fair review of the past
year we should go back about thirteen
months. which will represent the beginning
Of the corn-shipping season for the product
Of corn produced in 1902. The shippers and
sellers had at that time just finished han
ding a crop of wheat, which, while large
in volume and fair in quality, yet had suf-
fered a food while in the shock, to it's seri-
Gus detriment and TO a loss to the trade on
this account. 1t was known early in the
autumn of 1902 that we would have a large
crop of corn, and, prices being fair, the
farmers and country dealers sold large
quantities Tor November shipment, which
corn was. of course engaged TO go to Eu-
rope. And vessel room from various sea-
board points was engaged and made ready
for the traffic.
But the month of November, 1902, proved
to be an unusually wet and warm month,
and the corn which should have been in
good condition to move in that month was
really UNITED 10 move until December or
January. following: And to make matters
worse, the railroad companies were utterly
unable TO furnish a sufficient number of
cars TO load the grain contracted for; neither
were they able to furnish a sufficient num-
Der OF locomotives to pull the cars that were
loaded, and the result was a heavy expense
TO cancel contracts in Europe, as well as. to
cancel the contracts for the steamers that
had been engaged to carry the corn.
This was mishap number one TO the deal
ers within the past year. The movement OF
that particular crop was fairly satisfactory
thereafter, except that more or less suffer
ing was occasioned by lack of railroad
equipment throughout the entire season.
Mishap number two lay in the fact that
we had a wet and warm and very early
spring in 1908, and the crop of corn, while
or a fair quality, had not matured well
carry through the wet, warm spring months
of March and April. The result was a vast
deterioration in quality and a considerable
loss TO the dealers from that source.
This brings us down to the %springtime and
the complaining season of 1903. 1t will be
recalled that after a wet and warm March
and April we received a cold and
May and June, with the necessary result
that corn planting was retarded and the
crop got a poor start. In addition to this
particular situation some parts of our cOun-
try, notably that part west of the Missis-
sippi river. was visited with a deluge, and
much of the crop was utterly lost, and the
balance received a poor start on the way TO
maturity. In fact, the entire season was an
unusually cold one, and its effect is seen In
the poor quality of corn of the crop of 1903.
This particular point brings us to the oats
and wheat crop of 1903. Both of these crops
were disappointing in quality and yield. In
this particular territory the wheat crop was
one of the lightest we have had for years,
and the oats crop was but little better, with
the result that the movement was necessa-
rily light and soon over. And it has been
next to impossible TO buy a car OF wheat or
oats In Indiana territory for several weeks
past. Notwithstanding bids have gone rela-
lively several cents above the Chicago
basis. A fair quantity of oats has been
brought out of Illinois territory within that
time, but at high prices.
To make matters a little bit worse for
winter wheat millers a corner has been run
in the st. Louis market. which is probably
the largest strictly wheat market in the
country. that has been very detrimental,
because it has kept the price of wheat far
above the corresponding prices of flour. At
this writing, the close of 1903, it is difficult
for us TO see where winter wheat millers
Will get their supplies for the next six
months or until the new wheat crop is har-
vested, although we do have a ray of sun
shine in the fact that the crop of winter
wheat now in the ground gives every prom
Use of a good yield up to this time.
MOVEMENT Of OATS LIGHT.
The movement of oats must also be neces-
sarily light until the new crop. for the rea-
son that supplies are down to the minimum
and highest prices of both wheat and oats
are prevailing. These prices seem warranted
by the true situation, but inasmuch as oats
can be substituted TO a large measure by a
good crop Of corn and hay, and winter wheat
can be substituted in a large way by South
western hard winter and Northwestern hard
spring. we do not reason that wheat should
necessarily go much higher than il now is.
And furthermore, when 1t is demonstrated
that prices will probably not be higher,
our own farmers will market their reserves.
This bring us down TO the movement of
the crop of corn Of 1903. On account of
season conditions, previously noted, the
present crop of corn is of poor quality and
at the 1st of January its condition is such
as In favorable seasons 1t attains about the
1st of November, or in other words, fully
two months late. A recent estimate by the
government placed this crop a little above
2,5Oo,O00,0O bushels. But those best in
formed and In closest touch with the true
situation all agree that the government
for once has estimated the crop anywhere
from one-quarter TO one-half billion BUSH
els above the true amount, and the various
State reports collectively prove this opin-
ion 10 be correct. For instance. i'm our own
State. the northern half and probably the
better half of the agricultural region, has
the poorest crop in years. both In quality
and quantity, and there will be hundreds
of thousands of bushels that will not be fit
10 leave the farm, and when these vast
quantities are subtracted from the COM
mercial quantity reckOned. the result can
not be otherwise than a vast shrinkage of
the estimate placed upon the crop by the
government.
This statement as TO the condition in In
Qldud Is tludllg dut III Jul SISTER state OF
Illinois. as well as Iowa and Missouri. Thus
far marketing OF corn both for export and
domestic consumption has not been near
ly the quantity of other years and prob
ably will not be unless there is a material
advance I'm prices. and that within the next
few weeks. because after springtime has
reached us farmers sell but little, no mat
ter what the price is. as their time is de-
manded i'm the fields.
My deduction. therefore. is that. while
oats and wheat are probably high enough
in price after giving due consideration TO
all conditions. the price of corn, when COM
pared with stock and other grains, is under
Us legitimate value, especially I'm view Of
the known vast shrinkage there will be in
the commercial bushels on account of quail
ity, as noted above. We believe present
conditions warrant at least so cents for the
option of the May in Chicago, and the re-
cent light receipts from first hands show
that farmers share this opinion. The only
notable reason that the price OF corn has
not been higher recently, and which may
lies In the fact that thus far Europe and
the larger regions, both at
home and abroad, have not been heavy buy
ers, and, in fact. have been absolutely in
different TO the situation.
But this is not necessarily a diScOuragfng
situation, as the buyers, as a class. are not
more adept at gauging the true situation
than are sellers. n notable instance of
this. and a recent one. was shown i'm the
movement OF the crop OF wheat OF the past
year. The buyers bought but little when
and August i'm the los, but have been more
interested and better buyers I'm the SOS.
and will doubtless buy il more freely i'm the
g0s. although. like other things. there must