The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-17
GRAIN GOSSIP.

THE -four business is no better. so far as
the local millers are concerned, than II was
weeks ago." said Edgar T. Evans yesterday.
But -four stocks are getting low almost every
place and the trade will have to come up to
Of wheat, If wheat stays this high long. Peo-
pie have got to have -four ard when the stocks
went up are exhausted. the trade will have to
pay what -four is worth at these prices for
wheat"
Marion county farmers are selling lots OF
wheat on the dollar market. A very large num-
Der of farmers have been holding their wheat
all winter. confident that the price would go
to a dollar sooner or later. They watched the
sell much. even when it got up in the SOS. But
as soon as the dollar mark was touched. the
roads in this vicinity began to be full OF wheat.
One miller said yesterday that the scenes around
the mills these days remind him OF harvest
times, there are so many loads of wheat wait
ing to be weighed.
OF the local grain and flour business the past
week, the Northwestern Miller will say to-day
from it's local correspondent. Charles Nicholas:
The indianapolis mills have taken on a new
lease or life and the prospect is decidedly
brighter. Inquiries from both domestic and
foreign buyers increased, but the advance in
grain prices curtailed sales TO a great extent.
ii sb s 1ea Indications fsa1Ee PP S,nt et TO an S SSsine eu sbows
signs OF life. and a few sales OF well-established
dramas OF hour were mdue ldSl week. Inc
majority of foreign bids. however. were at the
tail-end OF the procession in the shape OF being
tune for bargain-counter sales. There is no old
stock at below cost. The principal trouble the
shortage Of raw material. To an extent this
will shortly be eliminated, as wheat from
has moved freely, and the millers are buying
readily to replenish low stocks. Feed has a
saturdays prices on this market were on a
basis of $lz75 to s1S.25 per ton bulk for domestic
shipment"
Noycs. of Finley. Darrell & Co.. wires A. r.
Thompson & Co. as follows: Am just back
from Kansas City. Best posted people all talk
ing poor condition Of growing wheat and ex-
cheap. even the July. Whatever the move
ments may be. there will be a big demand for
Nortb~eet for hard wheat Think Kansas civ
wheat Is purchase
There was what amounted to a decrease OF
1.52s. 900 bushels in the visible supply. COM
pared with the change of a year ago. the total
decreasing 9S2. 900 bushels last week, against
a $1,000 bushels increase last year at this
time. This reduces the wheat in sight to 49,
21S.OOO bushels. against AS. 10000 bushels last
Increased consumption, except in part, the as
sumption is that the mills are grinding flour
and unless this CONDITION soon is relieved By
''scraplng of bins" stimulated by high prices,
III seems lDtN lldDie lldl VIII De con-
siderably smaller next spring. At any rate. sup
plies are not piling up, and this state of af-
fairs Is supplementing the bullishness created
by cash strength everywhere. The principal
decreases were: Buffalo, 515, 900 bushels; Gal
weston. 1872. 900 bushels; Minneapolis. 1871, 900 bush
els; Kansas City, $4,000 bushels.
One OF the oddities Of the wheat trade just
now Is the general impression among the pro-
fessoinal operators that Armour. who has been
the stanch bull-at times almost the only bull
since May wheat started up from 76c, is short
a considerable line of July wheat. While rad
ically bullish, this interest was supposed TO have
a line of July sold as a hedge against part Of its
May line and to be still short the July while
getting out of the May. The impression may be
right, but II has not been an easy matter tC
read the Armour hand. Some traders would
not be surprised If 1t should develop this in
teIest is long on all the deliveries.
The proposition to make No. 2 hard winter
wheat deliverable on contract in Chicago at 20
penalty after July l, was carried Monday by a
large majority. The vote for the proposition
was AIS TO only 81 against. There will now be
two styles of trading the July. the old style
on which the penalty for the delivery of No.
hard winter is SC, and the new style, in which
the penalty after July 1 will be &c. The diff
ference between the two should be about &c.