The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-10
GRAIN GOSSIP.

Pork was the sensation of the Chicago mar
kets yesterday Both the May and the July de-
liveries advanced a full hundred points-S1. The
May went from $3.50 to $3.50. and the July
from S13.s5 to SASS. Commission houses were in
the market to fill large orders for pork and on
iy There Was Some profit taking around the
top prices and the market went back some
fifty points This is the highest price for pork
sold around 81. Last year about this time
pork sold Is high as SIS.
y. w. C'Sandy'O Thomson.-The market on
Tuesday for wheat closed 1c higher for May and
PIC up for July. The market would indicate
that the wise ones are selling between the two.
If it were not for ArmOnTs support Of the May
ly. July and September can be bought for the
present on account OF antieipation OF protract,ed
wheat is pretty high, and l would recommend
Corn was not without friends yesterday The
market closed about 1l2c higher than Monday.
The sentiment is still very bulliSh, and doubt
| is born Of the knowledge that the quality of
| corn this year is not good enough TO make con-
tract While corn can be sold on bulges, one
| it's Corn can be bought on any reasonable reac-
| ton for quick turn.
! tional advance. Pork jumped over 81 per brl in
| side of twenty minutes then dropped back 40c
| brl over Monday. on any setback provisions
| can be bought with view of good profit Ribs
Po d bu n
| sons The packers. who have long been touted
buyers to-day and it begins to look as though
the outsider held the key to the situation.
Interest in the wheat markets yesterday CEN
| tered to a larger extent in the July delivery,
| which advanced &c for the day. selling up TO
| s6ssc. This is fiat &c advance over Monday s
| closing price. Private wires to brokers had 1t
| that Armour was selling the May from his line
of n RAJ
whoever the buying was for or whether il was
Tor any prominent interest july wheat advanced
| S69sc. The May did not do better than get a
little past csc. against s4c, Mondays closing.
AS a result of the Russo-Japanese war there
| is decided increase in the foreign demand for
| wheat and corn this week
|
| In spite of all the talk about the poor quail
| ty of the corn of this years crop" said George
G. omerly. Of Hancock Co, the Philadelphia
| West. bringing it Philadelphia. and shipping
it thence to Europe constantly. and il has been
| standing the double trip OF about six weeks all
right and arriving in good shape on the other
side We have not had complaint. For two
weeks the export demand has been dull. but
this morning we had ali our offers accepted.
has evidently changed the sentiment over there,
and / look for a good export business from now
on. We are great bulls on the cash corn which
is certainly selling at too great discounts under
the May and July
Flour stocks in the East are small" saws
a New York wire to local house. Dealers and
jobbers have been buying from hand-to-mouth.
and stocks OF wheat also light all through
the East. The crops in Pennsylvania New York
anG Maryland were largely overestimated by the
government The Baltimore fire losses can hard
IL affect grain insurance, because stocks are So
extremely light everywhere"
Many mills in the Northwest will run only
western Miller. This fact has been caught ur
by the daily papers and some grain interest:
as a basis for sensational statements One OF
these was that the mills were after the scalr
OF the ArmouI people IN Chlcago; who are pop
wheat. Another that they wanted TO break
| the cash wheat market. The simple truth /,
that the mills unable 70 sell flour and rathel
than continue running and TO throw more M
| failing their output This incidentally affect:
| cash wheat and perhaps takes some support
-four trade this may seem innovation an6
| a departure from old methods. but il is never
theless IN line with common sense. In the pas
| the mills have persisted in running when Their,
was demand for -four. and if not able to ge
out -four whatever the sacrifice. One miller die
this because the other fellow did it. Incident
point mllfeed was depressed while flour W.
piled on an already depressed market am
found this sort OF thing did not nav IT,
, are now exercising little common sense Will.
tions cannot be obtained fast enough TO keep tn
mills in operation The result is that they ar
making less -four. The Northwestern vhea
l crop is conceded 10 be short OF the requirement
J OF the mills. and were they to run full capacit,
AT this time, would only be To bull casi
wheat and make it the scarcer later in the wear
Many Eastern buyers though they have a GOO,
Droft in -four booked with mers, are not or5sr
ing II out for the simple reason that il canno
be sold. As illustration. one miller state,
that lac knew OF flour track at noinf !,
, PENNSYLVANIA upon which the owner had 306az
profit. but II could not be disposed OF and ha,
to go into store"