The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-14
GRAIN GOSSIP.

The past week has seen May wheat at 81 cents
the highest price since the summer of 1895, when
Joe Letter was running his corner A better
cash demand from abroad and little more bull
ish conditions in this country were the ostensible
causes for the advance over the high prices of
the previous week Armour conspicuous all
week, selling when prices were up, and support
ing the market the breaks. The May closed
yesterday at a net gain of 2h cents over last
weeks final price. and the July left off yester-
day at gain Of S7s cents over last weeks last
price There has not been such a large outside
trade in wheat the past week as there was the
previous week, and when the market broke there
was not nearly much liquidation as the lat
ter part Of last week, when the public was TAX
ing profits. Last week the high prices were
caused mainly by the immense wave OF public
buying. This week the advance seems to be due
more 10 really bullish conditions than anything
else. There has been big trade in the July
this week. and commission houses have been
almost as large or larger buyers of the summer
delivery as OF the early. The July reduced its
discount from the May this week to RS cents
When the market closed last Saturday the July
was selling sls cents under the May.
The feature Of the local grain trade this week
was the advance Of the price for the soft winter
wheat to s1.OL This was the bid for No red
at the Board of Trade call yesterday. Wednesday
the local price went to 81 bushel. This is the
highest price paid for wheat in Indianapolis
since 1895. Some of the local shippers this week
TPSFed the t Export 6Sr f
abroad for American grain
= =
May corn the past week was subject to heavy
selling by interests supposed to be very long on
the May. There was much selling the first of the
week by commission houses supposed to be rep
resenting these interests At the bottom
nd
the buying side. This is Characteristic of the
1t is not improbable that Armour is identified
off at 54s.c which was last weeks mai price
The July closed yesterday at a gain OF &c
the previous weeks last price.
+ +
Interest in oats the past week has centered
largely in the operations of Patten. the former
mayor of Evanston. who has become as large
a factor in oats as Armour is in wheat. Pat
credited with a very long line Recently he
was reported TO be the buying side in Mime
apolis He is thought TO have sold a good deal
this past week. and so far as could be told he
did not change about and buy again when the
liberal buyer of oats the days Patten SELL
ing heavily
Local stocks of wheat in store increased 51Ss
bushels this week according to the Board of
Trades figures given out yesterday against a
decrease of 1854 bushels last week The stocks
yesterday amounted to 171.s64 bushels. Receipts
for the week amounted 70 3. $50 bushels against
$50 bushels last week. The increase in receipts
Is due likely 10 the high price for wheat being
paid by the local shippers and millers. The local
stocks of corn showed an increase OF 1920
bushels yesterday. against decrease of 1880
bushels last week. The receipts this week. show
ing in the Board OF Trades daily inspection re-
ports amounted to 22l25O bushels, against 144 $50
bushels last week. The increase in receipts was
caused by the railroads being able to move cars
more rapidly than last week.
Z
The following figures show the grain inspection
for the week the stocks in store yesterday and
the weeks flour output with comparisons: ........
Weeks InsDections-