The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1922-06-14


the year. They gaze across their
wheat fields, try to estimate the
yield and to anticipate the probable
price after threshing. Then they hold
converse with the boss at the eleVa-
tor with the view Of doing a little
dickering. Sometimes they contract
to deliver at a certain price, and
again they don't. BY the same token
there are elevatormen who are in
clined to take a chance, particularly
if the going market is running IN an
ordinary groove. Just now, and fol-
lowing the shakedown of cash prices
and the July and September deliver
les, the average elevator man is in
clined to be wary and but few of them
in this neck of the woods are anxious
to contract for the new crop.
But some farmers. have already
sold their growing wheat, and here
and there we find elevators willing
to bid price for No. 2 for after har-
vest delivery. There is already a diff
! ference of 15c per bushel on bids for
new No. 2, from high to low of these
bids, by the same elevator company
Here and there we also find that grain
| buyers are putting strike clause IN
/ their grain contracts, fearing that a
railway tieup might leave them full
! bins at the wrong time. This clause
gives them leeway and protection.
Newhope Has Been Buying
| Richard and Armacost, owners of
! the elevator at Newhope, Ohio, said
on Tuesday that they already had
purchased a few crops of wheat for
! delivery from the machines. Their
! price on Tuesday for new wheat was
/ 95 cents, but Mr.. Armacost admitted
that they had paid 81 for crop OF
| two and a bit earlier had bought one
or more crops as high as $1.1O. This
is the highest price we have so fa1
! learned of being paid for new wheat
| The cash price on old wheat at New
hope was $1.05 on Tuesday. Mr.. Ar
macost says that while little has beer
said about chinch bugs as yet there
| is some complaint of red rust. 1t Is
! his opinion that wheat doesn't prom
Use big crop around Newhope.
Not Willing to Sell
Following our chat with Mr.. Arma
cost we called up A. V. Mcclure, Of
Eldorado. who says he has been un
able to buy any wheat for July dellv
ery, although he had made severa
/
planning and is in the mood to avail
the arrival of the grain at the eleva
tor. And one of his reasons for thl:
attitude is this: The railway situa
ton in July is an uncertainty. 4
strike is possible, he says, and IL
such a case the country elevator
having bought to come in are likel!
to be filled to the roof and be una
L L. md hn n
> has sold for a specified delivery i
will have a penalty to pay for non
: fulfillment of contract, if the con
Germs it has sold to are inclined t.
push matters. In any case if yol
can't deliver, "off goes your deal, ant
if the market breaks on you; thel
you are left to hold the sack" Thi
is about the way Mr. Mcclure put i
; and he says that in present c1rcum
stances the elevatorman should in
clude strike clause for his protec
ton
George Richards and Son, of New
Paris, said they had bought but on
crop so far, and will pay 81 If sam
grades No. 2. Mr. Richards said h.
wasn't anxious to buy for future dc
livery just yet.
J
vet bought any new wheat. TIL
! manager said had been able to bu
considerable corn this season, on
shipping basis, and that they wer
: bidding 70 cents per cwt on Tuesday
which was trifle high for shlpp1n
, stock.
Crops and Markets
1 The Chicago Board of Trade opene
IL H.
. all grains. Wheat decline to a neN
q low on the present downturn and oat
! touched the lowest on the crop. Thi
!. low on oats brought July oats to
y low of 351a on Monday, but the dc
! cline didn't stop there, for it was COZ
tinued on Tuesday when July oat
/ closed at 343s. In the meantim
!. wheat stea1ed and advanced trifl
on Tuesday, closing at S1.10&s 70
!. July, up " cents from Monday
close, with September at s112A.
So much old wheat is showing up
marketing points that spectators ar
beginning to think that reserves
farmers hands six weeks ago wer
! considerably larger than estimated
The lower wheat has broken the hea'
Ter have been the receipts. Thes
heavy wheat recelpIS indicate ina
Il farmers who are letting go at the bo
= tom feel assured that they will ha
/ vest liberal crop in replacement.
e 1t was reported from central III
,, nois on Tuesday that both corn an
S oats were in need of good generi
E. rains. Corn was said to be dry almo
down to the roots and oat fields crac
a. ing, in the Paxton district.
e 1t is now stated that Minnesota an
n the Dakotas have been favored wit
e rains at the opportune time and farr
a. ers are feeling better.
is Harvesting of both wheat and GA
d began around Enid. Okla. on Tue
IF day The result of new crop oper
d tons so soon to begin in the Kans;
10 City section has resulted in floC
c. of old wheat arriving at that marke
so much so that cash wheat broke
ar cents to cents on Monday.
ID Live Stock Prices Down
S. Any market receiving 1888 cars
IL live stock in a single morning wou
lie naturally be cluttered up all day al
FL its prices be under pressure. Tt
iy was the case at Chicago on Monda
o, where more than 100000 head of
classes of live stock came in Lit