The Indianapolis journal., 1904-02-03

turers. The average weight Of the hog keeps
last week, and the lard exports last week Were
the heaviest In q long time. 100000 pounds
eonpared with 14VIS0Jo pounds the same week
The visible supply Of wheat at twenty-four
points is 80 100 90 bushels. compared with as
447ooO bushels a year ago and with 1885, coo
bushels Feb !. 1SSS-the Letter year. But the
visible supply statement now includes the stocks
at Fort William and Port Arthur. Canada, and
az Galveston and New Orleans. which have
5.0IO,OJD bushels OF the total. These points were
now included were covered then-Oswego. Al
bany and Cincinnati-but they had only Goo
bushels this year, compared with 3,6i5.o0) bush
els in 1885,
IN an interesting comparison Of the Armour
carrpaign in May wheat this year and last ROlln
E. Smith says In the Commercial West: The
first real advance in 1902 started oct. 13. and
then followed a four months scalping campaign
on a magnificent scale. but far inferior TO the
one that has been in progress since Nov.
l, 1904. During the campaign OF year ago there
were three big shakeouts and two smaller ones,
besides the usual minor fluctuations. But the
market did not show the systematic scalping
on large scale that has been such a marked
feature OF the present campaign. In fact last
an amateurish job compares with a professional
one One OF the weaknesses last year was in
markets early in the game When the climax
came Chicago was 3Ac Minneapolis. and
had been ltsQ2c over all the time. This year
Minneapolis: early in the campaign, was made
to lead Chicago, selling as high at 1$ic over.
81. Louis was strong ali the time. and Duluth
and Kansas City had the needed stimulants
eJected into them TO keep them well in line.
In fact, Chicago relatively the strong
ket or the Western markets through the early
winter. IL comparatively easy TO keep the
smaller markets strong and these in turn made
~ easy. 70 cohtroI Chicago- While the general
plan or both deals was similar. and the Janu-
airy climax Of each almost identical, there were
nee sharp advances in the first campaign and
heavier slugging the bulges. showing less
deftness in handling the deal In the first. the
bears were hammered to death with a club;
in the second they strangled with polite
ness am consideration In a &c advance in the
second campaign. from Nov u to Dec. 80 there
campaign ii is hardly possible that the OF
lg93-O4 has ever been equaled. Armours line OF
wheat was variOusly estimated at from Is, ,000, 900
10 2.0O0,O0O bushels. and ii was. apparently,
cuniulatsd in October when all the world was
lowed 20 Dec. so. there were 80 points at which
IT seemed certain Armour was a seller, and
many where he bought back his wheat at
lower price The greatest break was &c, and
there We're but SIX others OF 1c 1t is
wheat, and the questions are: What will he do
with it? Is he glad he has IL, and he, with
il on?'
''It really seems" says cash wheat hand
Ter. ''as if there is actual scarcity OF good
milling wheat in this country. 1t seems ridicu-
lous that such a situation should develop so
early in the crop year. and the natural impulse
is to believe that things are not what they
seem; that farmers are holding their wheat;
that supplies will be liberal enough later. But
the best information from every source is that
country anywhere. and that Kansas the
ast Gny bsG section i with good big surplus has at
no especially liberal movement be looked
for from this time on