Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1879-07-04

Mr.. tfOuue.-DetrOH rFee x-FeSS.
The Chicago Grain and Provision
Market.
The indications of the present season
are that the separation Ct the purely
breadstuffs and provisions, from the
sales OF actual property, which separa-
ton has been growing wider for some
time, is soon to become absolute and
permanent. When that result has been
attained fully, then there will be bet
ter, healthier, and, we may add, a moro
rational, market. This result has been
brought about by the ever-increasing
magnitude of the property offered for
sale, by the ever-increasing demand for
that property abroad, and by the pres
ence here Of all the capital needed to
hold all the production which supply
the market. The old practice of send.
ing grain and provisions hence to be
sold by commission men has long since
been succeeded by the transfer of the
purchases to this city. Purchasers for
tue Eastern. States, for Canadian ship
pers, for London and Liverpool, and
France, Germany and Holland, come
here with their money and make their
purchases here, bills on London and
Paris being nearly as common in this
market as are bills on New York. This
city therefore being the market where
in purchases are made direct from the
owners of the property, owners have
become able to fix the prices Of that
property without reference to the daily
fluctuations of nominal prices quoted
in the sales in which no property
changes hands. 1t is no unusual thing
for sales to take place on Change dur
ing mornings session OF blocks of five
to ten thousand bushels of grain, ag-
gregating several million bushels. The
prices at which these sales may be
quoted range up and down during these
two hours, yet IN all these transactions
those selling have not pound Of wheat
or corn. and those purchasing not want
ing it if they had. A buys from L, and
five minutes later sells to Q at fraction
of cent advance d, who has already
sold short, purchases OF u to balance
his transactions !; and this is carried on
actively and vigilantly to the latest
moment of business hours, and there is
a rush to collect the differences. BY
the record of these large sales it appears
that prices have advanced and fallen,
risen and declined during the day, when
in fact the prices of grain in the hands
of the holder have remained unchanged
and in no wise affected by the voclfer-
GUS changes made by the. howling trans
actions on Change.
The holders of grain fix their own
prices. If prices are not satisfactory,
they do not sell when prices are salts
factory, or when they are compelled to
sell, they sell on the best terms they
can get but in the transactions in
which property actually changes hands
the prices paid are wholly distinct from
and in no wise Influenced or governed
by the prices quoted in the transactions
which are purely speculative and in
which no property is transferred.
It is therefore pretty generally es-
tablished that in the Chicago market
the daily record of short sales does not
necessarily furnish or indicate the
actual prices of either grain or provis-
ions that the prices OF these articles
in the hands of actual holders are al
ways affected by these outside and I'M
substantial transactions, but that own
ers or holders of these kinds Of proper
ty are often able to hold it, and wait
until they can sell it on satisfactory
terms, Just US the owners and holders
of all other kinds of property sell it to
the best advantage. Prices rise and
fall when the property is in store and
sales are made at losses but that is in
cidental to all trade. The pcint.we de-
sire to call attention to is, that grain
and provisions are now held in this city
by actual owners, who deal in bona fde
purchases, and the prices ut which they
buy and at which they sell are be-
coming less influenced or governed by
the nominal quotations OF the nominal
sales by those who are merely nominal
dealers in imaginary property.-Chi-
cago Tribune.
"WHAT 1.-The following story
is told of Methodist minister, named
L. S. Day, who received an appoint
ment on circuit in Western State:
On the first Sunday morning, he
started from his domicile to the meet
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