, 1860-01-02

SO tint even II the present cropcf Wheat was
as large as that Of 1857, VIC hare already re-
seelEed two-thirds Of il; while if it is not any
larger than that Of 1856, We have not more than
two millions Of bushels OF tho crop to receive
before the crop Of 1850 is ready.
The trade in the old crop of Wheat during
the tirst sixmonths Of the year was disastrous
TO nearly a1l who touched it. On account Of
the general abortness Of the crop all over the
country prices gradually improved, till in May,
when, owing to the excitement caused by the
Austria-Freuch war, prices became suddenly
intlated, d,-Staudard Spring reaching $:1.30 and
No. ! Red Winter tl.T3-dpclniug creu more
rapidly than it advanced, till Standard sold ut
soc, and No. Red ut 75c. As usual in all such
periods Of excitement, large number Of out
buttew came out unscathed. Speculation never
before ii the history Of our commerce ran so
wild, aud never before did Spectators learn
such costly lesson, 10 those who purchased
ut high prices there WAS no escape; for the mar
ket declined from 5010c almost daily; and
some Of the heaviest losers were those who pur-
CHASED when the market lad fallen SoGl40e
from the highest point reached.
As MI instance Of the wildness displayed by
operators during the month Of May, ,yc recol-
iect OF sale Of 1000 bushels Of No. Rcd
Winter Wheat, which was purchased ~ $l.7O,
deliverable Immediately on receipt Of the news
Of The first battle between the armies of France
and Austria" Many Of the transactions were
OF similar character, and large amount was
sold ''short' on an advancing market, as well
Us utter the decline commemorative systcm
proving nearly in all cases ruiuous and disas-
trous.
The new crop Of Wheat came to market uu-
DER the most discouraging prospects. There
WIS no probability Of European demand, aud
nearly all looked for low prices. The superior
qual,'y OF the Grain, however, brought for it
good demand and prices satisfactory to all
concerned: The trade became healthy md ac-
tive. aud shippers generally made fur profits.
Ibere was not much disposition to operate for
speculative purposes here-nn "short selling"
and tut few sales were made to other than &C.
tual shippers. On the whole, we have seldom
IT ever had 4 more healthy market-thc auctu.-
flons being: 95cnei ally slow anil gradual. aud
prices Tor the greater portion Of the time keep
lag within respectable margin Of Eastern
quotations.
year will be found in the following summary of
the years S market:
In January the receipts consisted principally
of winter grades, and the market opcned at 81
p6@1,o7 for No. red, and 81 ,lS@1,o0 for No
whlte, gradually advancing ia the 18th when
the stean,cr Ni1gu.a's news with m advance il,
London Of l@.s per quarter caused an excite
nlent and further adysnce Of &c, No. ] rcd re.
alizsng s., g. From this date to ttI,c eth The
bu0vanCy continued without Information till
s1,:;ol was reached, On the 20th however the
steamer AraJtu WAS announced with decline,
aud reaction took place. No. Red closing
at 2l,3l ~. But little was done in Sprinr
wheat ti neatly the close Of the nlonth-when
on tue 18th Standard sold at 94c, m advance of
:.ac since the disclosing at 92c
In February the market was more settled for
both Winter and Spring grades-craning on
trs lst at 81 ,ao5 for No. / Rcd Winter, and
6sI90c for Standard Spring-adyancipg on the
III H. , n r.
Csc for the latter. On tbs 18th inst the steamer
-tmt|sca was telegraphed with decline in Lir-
erpool Of 1@2d, but the news was tempered
with that Of tue probability Of m European war,
which proved so disastrous to operators later in
the season.
@1..s lor No. Rcd and 9ec for Staudard-the
n4asket daily continuing buoynnt and excited
till the 9th, when an advance Of 5@Gc on Win
ter and loc on Spring was gained. after which
The mako became quiet and gradually declined
to punt about lc below the prices paid m the
lst. About the middle Of March navigation was
DECLARED open: but owing to q want of margin
between this and eastern markets, and bnt lit
tie confidence in prices, shippers held of, and
the only sales OF importance were made on the
2itl,, when 10000 bushels No. Red were sold
al $l.35 f. o. b. on the 1st Of May, ] 900 bushels
of the same grade ut $l.30 in store for delivery
on the 10th Of April, aud 1000 bu. Standard
On tbs 2jth Of Murch the first vessel was char
tered for wheat-the schooner j. H. Tiffany, to
Hamilton, at &c.
On account Of good demand for No. Red
for shipment to CAnada West, the market at
the beginning Of April was firm ut Il 1901
o.'i, and standard Spring nj 97c; but after two
or three cargoes had been shipped, this firm
ness gave way to want Of confidence, which
continued up 10 the 9th, when decline Of 9@
9ac on Winter, and &c on Spring grades WAS
suffered. From this date, however, up to the
1ath Instant, the market improved rapidly un- !
der an active speculative iuQuiry-nnd on the :
18th it advanced at one bound Gc-reaching 81
81 for No. Red-an a3raae< Of l2c in Joar ddyt.
From this date to the close Of the month the
market was buoyaut- becoming excited By the
warike news brought by the steamer City Of
lt'nhington-closinE firm, 81 Il so@l 50 for
Of the excitement during this mouth wis caused
ty large amount Of Wheat being sold "sbort''
the sellers Of which were duly "corncred.':-
In Spring Wheat the transactions were very
INTERPRETATIONS having turned their attention
mainly to No. Red, and shippers LaFing been
driven entirsly ont Of the market.
In May the Wheat Market presented almost
daily scene Of the widest excitement. On
the lst, No. Red sold Mt $1.31l1.33l, and
Standard Spring at 9aGal.0l, with strong spc~
culatiyc inquiry for the former, aud o shipping
demand for the latter to go 70 st. Louis to SUP.
were purchased. On the 9Th instant the AIdga-
"a was telegraphed-thc news by which caused
an advance Of &c. On the 9th, the steamers
4ngIo.Saron aud adelaide we're announced With
the dcspatch-'t War ALMOST commenced =
and the market Immediately advanced 9R11c
under the intelligence. The steamer Per-
ria, however, was telegraphed on the llth,
and the news being less favorable to war,
the market declined Sc; but the 44rdgo, on
tue 10th, brought such intelligence as renew
ed the excitement, aud the market reached its
highest point, siz: $l.73 for No, Red Winter;
$1.45G11.50 for No. 2 Red; $l.35 for No. i
Spring; $3.50 for Standard Spring, and $111M /
l.le Tor No. Spring. On the following day,
however, the market was quiet and shade
lower; but in the evening the steamer EIiyo
was telegraphed, aud its news fell like bomb
shell among operators, who became panic
stricken. and sold at decline Of eighteen cents
on the highest point reached during the day
previous Next day the steamer EaAada fol-
lowed, with slightly faysrable news, causing
temporary firu1ncss, which soon gare wav to
rapid decline, closing on the S1st at 81 5OH1.59
for No. Red, and sl.l+@l.l6 for Standard
Spring. During this mouth the number of
spectators was greatly augmented by parties
from all branches of business investing in wheat
being carried awny in the excitement with
the full hope Of rcslizing fabulous profits
nineteen twentieths Of whom were unsuccess-
ful, and many Of them entirely ruined. j
In June the downward tendency in the mar
ket continued, with scarcely an interruption.
Holders OF No. Red, who had purchased at