The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-15

& Co. are credited with having taken about
cne-half million May.
1T seems folly" says a Chicago trader, for
the wheat trade to be keyed up to a high
pitch on the prospect of war between Russia and
Japan, when even if war should break out be-
tween these two powers 1t would almost certainly
be confined to them for some months at least
probably until the next crop had begun to move.
The war in Africa had no effect on grain mar
kets, and the war in Asia would not be likely to
have much permanent influence. 1t would be
different, of course, If Japan should blockade
ments. but there is Certainly little IikeIibood If
anything Of that kind
xxx
The primary receipts of wheat showed another
big increase yesterday-69l, 900 bushels. against
453, 900 bushels the corresponding day last week.
The receipts of corn were 66S. 900 bushels. against
53S, 600 bushels the same day last week. The 81.
Louis and Kansas City receipts continue large.
T Z
The Price Current says: THE condition Of the
growing wheat crop is not essentially changed.
Snow covering general East and North. dry
South and Southwest. In Southwest top growth
is unfavorable. Movement about normal. Poor
quality OF the corn complained Of generally.
ing except in Iowa and Ohio. Packing To date
$685. 900, against $4,000 same period last year"
+ r
After all, Patten seems to be on the right side
in his oats deal. Last fall he bought May
cats up to tie top price. 4Oac, which was reached
in September. In fact. he took a large LOT q,
May at this price. or around it. In November
he carried the line down to SIC, a break OF ssse
on the way UP, since November, he has been
adding to his line. A good deal Of the buying
this week is credited TO patten. The movement
Of oats 10 Chicago for some weeks has tended
TO confirm the cats bulls in their contention
that the crop Of 1903 was largely overestimated
by the government. and that the oats are not
To he had IN N GO1nrrN az a a. 49,
been ruling. Receipts there for a long time
have little more than met the local require
il7,O0 bushels. compared with 500. 900 bushels
last year, do not point to actual scarcity. and
tions, but Chicago contract stock is barely loo
600 bushels and the Patten line is estimated as
high as 100000 bushels.
r
The Liverpool Corn Trade News OF December
%. containing BroomhalTs detailed estimate -
the worlds wheat crop for 1903. is at hand. II
makes the total S.25S.6SS.oc0 bushels. compared
with BIS. $50. go bushels in 1902. an incrAasa %
SO. 4ss.oOO bushels. and with 2,7ss. 7s4, COO bushels
in 1901, 1858. 10000 bushels in 1896. 262l. GIG 0o
bushels in 1899 and nd 29ss sls;oo9 bushels in 1895.
Of those Of the authority recognized bv the
American trade. the Chicago Daily Trade BuiIe-
official estimates, the United States crop NM
down at e40,e0.OOl bushels. and that Of Canada
at s 10000 900 bushels. the latter figure one
which viii generally be considered TOO high.
WINE uslhs ne oneldl ngures Tor Russia.
France. and ltaly-6u. 200. 600 bushels. So. 400 000
bushels. and l7s. 10000 bushels. respectively
Brcomhal feels the officials may be sanguine.
and has accepted the big estimates current FOR
the Australia. Argentine and Indian crops.
which he expects the thrashing returns 10 reduce
evidently expecting TO be compelled 10 reduce
his total for 1903 later. He says, further: This
years crop Is. anyway. a large one, but IL can
not be said that the quality Is by any means
satisfactory, az was the case also last vear.
and this admitted inferiority OF condition NAV
prove a serious factor in the problem. for A loss
OF one sheaf in ten, or even OF hve in a hundred.
would mean a deficiency OF 100, 900. 900 70 3e0. OcO. 900
bushels upon the annual production"