, 1876-01-01

Isas had made .hsm TerY careful; Ind Buct, ii
thom ~ did opetAte carly IN tho season failed
to mako noaey. and witI1few. Tho for
part Of tho year, aud for tho rost Of tho time
buyers purchased from haud to mouth only, 40
that tEcra Vas An untino accumulation of atockB
1T the leading centres. making the apna.
| previous year lla1 bean, to European buyers,
ono Of the most disastrous In tbs history OF tho
trade. tie do:no In pr'ccs having heen almost
rteady throughout is74. }Icpco thoy adopted
tho ''let atono' policy. but
wrsrEaH CAPITALISTS
lia'e sakon Their place. The prominent operators
IN oir l,oard Of Ttado haso Btuck to It por-
si1tontfs, s'lippel rather freely. and dom lhnF
tost to manipulate the marriott within tho naro~
range permitted BY tho rules Of the 1>oard.
! They, too, llayo bonn loeeFh, except those Of
them who confined their attantton to tho lower
grades, tho shipment Of which has paid veil.
Besides shcso Tho market laa beon patronzcd
BY thousands Of men {Rnd wotnan} who arc mot
IN tte baHiness." but oftan try their hands In
] t!*culatIon and many Of whom llaya transferred
whoas II Chicago. Tho aggregate Of trading In
wheat for these parties. who sro scattered all
| over tho. country, Ia ntu1nly enormous. Tic
ssua! Volume Of this traffic was largely aug
mentsd lat ,', antnmof ny tho fear tint sl,sro
woathor bulletins, and tho hfroct Of local skies.
| Wclo scanned eagerly and constantly for tho
! purpose Of obtaining au Indication whether It
he[H WIe9 LU Dut OF b1lI 6OUt pI tuGS1 people
Gained largely. willie others lost ~ hoavlly.
| Tho buying orders chiefly catuo from Ohio aud
1udann, in which Statos tho storms were moat
aevcro Oh tho winter wheat. aud many Of those
lucns decline, addition to that outa1led ly tho
| partial failure Of ttoir local crop.
! DIHECT oRnEIs rnoN ErroPE ~
| have beou unusually small, ~ already stated.
DO large one. boaIers on tho other side Of tho
Atlantic waited to have tho grain offered to tlloin,
and tho supply was 10 fba1a! that their markets
I worn generally weak. tiil towards tho clueo of
abundant o,e. aud tho granaues OF tLo Oid
World woro full. 70 that wheu tho surplus Of tho
| West began to move in upon them prices won't
! down, tsllfornfs winter wheat selling AZ low III
summer : good detnaud sprung up. Euro
| peAu biyers took ltitc stock IN The NJ
ports from tls United Atates. ~ they
argued taat thd country Ia too large to suffer IL
era1 stusu,s Bwopt over the Uritihu IE!es inst boz
fore tho time OF harvest, laying many Ut tLer
wheat hetda several feet under water, sud 10 this
was added tho rGnur that hupeiB was slao ail}ics
| nit thu wheat offered in England aud OH our Rea-
| board, aud several orders caine to Chicago but
| tho otAsn waa Roon ovot. lu tla latter raet of
the year, whom it becamc known that England
I was ahort fully 160.UjU, 00U bushels. there WAS
mure disposition to tRko our wheat, but 1t was
| considerably cuackel by thn puor condition Of
the crop aud tho unusually wido dlfIorence iu
rslsos :,e.u Of tue upper 'ad lower grades:
"sf'a oNpreed pa rs.t 1 fas fea'ng j. 'sSs sss n
/ aound. aud held OH from taking the hcttor
qualities, hoping tins thcso would DO spaody
Harlnsago In the premium demanded. DanubIan
| Wteat Boit very low IN I.onllGn, lii November,
notwithstanding the sene~pl ot the outcry that
| wheat W2H partial failure ia Northern Europe.
/ THE MOVEMENT TAHoEa1s CAEApA
waa exceptsonally iigbt. a good crop OF wheat
Waa ralstL IL ttle Dominion bat the proAtratIon
of tho lutntor interests tnaJe tho peope poor.
aud past lusaas tito business rendered it diii-
| cult 10 obtau the liso OF lnoneT With which to
assst in moving tbs grain Of the Western States
to . European market. uei,cc, wilh the baat Of
facilities, in tho shApo Of stcan4of llnes. tile
CnuaIian dealers have been almost 1nacliyo-a
result which IL partially die. a!so. to sharper
competition OIL the part of puEta on tho Cnited
| States Besboarl.
coCRsE or THE MAHEEr.
Tho market for No. spring opane1 In Jauu-
ary ut 4OEc, anl declined to 83lic il, tho middle
os Febsuasy. Just ~ nearly every one WAS
expecting further drop 70 55e it took an up-
cllatlY Influenced by fear for tho condition Of
the winter wheat. II fell back to 9y;tu tiss
| month. nnd reboundet TO Sl,05;lc. then fell back
10 t9s by she close os May. Ihe market vas
and thon ioso to sl:31 thu first week N August,
with prices huctua.ing mp anu down 5o in ono
day. amid tho most intenso excitement. causetl
] CY TGHEFkA OF EEEaL ul1UHT0 70 Tue Cf0h& ~
storms IN Eurat,e Tie snsyke. dropped to
s1.U5il during tle next slx weeks. From t4o
middle OF September to the cnd Of October 1t
was steaa'ca by the small receipts OF tho sisecu
tllat was rpdeil At Ell3@'l. .ls!i. Tho lnurlot
rcceded to Sl.O9. a1ld rulel steady during the
tlrst lLree wecka Of November, the lowest poiut
being s1.0G. Then tho 1cpurt OF II ,0hi, ,0tD bu
the Un,tod btates {not .atiua'ng tho Iac;tis
| Coast or the Southern ftatcs}, castscd breaK
10 !y, the first week III December chen to 9J5lc,
aud closed AEsnor at 0Caic.
i Low GRADES
Under an inorlnato percentage OF supply, tue
rsics OF No. seceded iH October aud Nofo.ubes
| 10 4lc Fer btu below No. 2, md rejected to about
lac below No. .. AZ tbs percentage decreased
[ thcs0 differences dIlntntehod to TIC aud lie 70.
sl,ectyely near the ooAo Of tho year.
Tho fact that = largo percentage OF tho !ass
crop inspected INTO tho 1owcs kraucs did mucl,
damage to tue genera! market for wheat. Sollo
| European buyets entertained the incorrect idea,
which was carefully foHteroa by dealers in otnor
citisB slst our No. 2 WAS poor In quality, aud
sout their ordera elsewhere: Tho trrtl! ~ that
tic integrity Of our No. 2 spring NAcat was
past year. The fear mas also Expressed BY Honse
capitalists that there would bo u tottus down III
tho grade. That waB equally !nfouutied, but II
Ind its effect nevertheless; and capital was lout
| very unHtllingly OH OHr whoat.
ot'H MINNESOTA uRAnt.s.
Tho market for atinnesotn wheat has exhibited
b steady growth, evor a!tlco tle Fulton Elevator
III &hia city was not apart for tho reception of
that klud of grain. Wheat FROM Nnnusuta now
coussit!lteH about one-tll1rd Of our wheat ro'
caipts. half Of which cones by rail direct fron
that Slate, aud tho rest con,cs from Futton OF
tho Atsssslppt River, to which point 1t III car.
rcd By water. The demand for it hero is coll
Hta,.t, aud would DO creator II tho supply were
largu c.lougll to n,aot It. Early In the year M,
j sold roady At premium, of So. which wlt!otsod
; to 7(A6n iu Juno atd July under heavy buying
pruss,.se. cbetly on European account. Tht
premium tha., declined to Do. aud Afterwards tt
10, ~ ahippers wsso unwilling to lid up for it.
tho straight No. ! boug alroaly very hiBA "
compared With tue lower grAlcs. Tho No.
Minnesota commanded premium OF go above
Straight No. z at Que time. which was afterwards
reduced to 1a!%Ml3c, but It widenud later II
. nbout 19c. Ills No. has always boon Grst'
c!asH wlloat but some Of tho No. 2 {alinn.) o.
tho last crop has run rather poor in placos. il
October. htil1, thu character OF tno gfade Aal
boeu well preserved as whole.
CnItAua AND MtLwAuKEs.
While wa liave received Eseat deal of wheat
fron. several sections iu Minnesota, wt,ci
fotmesiy set,t all tlolr wheat to Milwaukee. tha
: CITY has sucueelu4 III drawing Away a good dea
! Ut wheat fruiu places which used to ship ax
/ cIus!yely TO Chicago. It has protably !;ot oho'
| hair TIN trhtts lnyH n91f} nnArlv