The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-07-02


The Chicago Tribune oil the twenty-eighth
of June has this to say about the singular
condition Of the wheat market:
The speculative market In wheat ID just
now In D. very curious, and perhaps democrat
wheat In Chicago Is about 81 0611z q brshel,
whereas the price. II governed BY the foreign
market quotations for the same grade, would
be not more than 81 cents u bushel; that is TO
say, 1t would be necessary TO- secure wheat,
which ID now selling here at 81 O6h, for o.
cents lii order to ship 1t to Liverpool Without
loss. This condition has been brought about
BY the Keans deal, which actually controls
about d 75G,0 600 bushels, or the total amount of
No. spring wheat within sight; this Includes
all of that particular grade In Chicago, Mill
waukee and New York.
The fact that the New York price has been
forced up to the Chicago prices, with freight
added compes the conclusion that the wheat
y actually controlled by the clique running
June will be- forced to settle st the New York
price, under the rules Of the board, which en-
able the buyer to select his own market for
shipment or settlement. The fact that this
grade Of wheat has been believed to be Ia the
LII this market for the past two or three
months, and ii the same clique shall continue
to hold this immense stock Of wheat beyond
the last Of June, II will continue to demor-
menace TO the price. II still remains to be
seen whether the men who are running this
extensive ideal can get out OF 1t with q
profit when they come 70 realize upon their
actual stock on hand: II not, they will proba-
bly, not attempt again to apply the California
stock system Of speculation to tho wheat
market.
OCEAN RACING. The new Guion steamer
Arizona lett New York at g5 b. I'LL on Tues
Nj T,Ipa nrIn ixYad at tntur nt
7 40 u. m. yesterday CIV ednesday) IN days .
hours and "a minutes, which ID the fastest
passHge ever made. When the steamer Seq
tia, of the Cunard Line, crossed the Atlantic
1870, ms days hours and minutes, the
achievement was regarded as something re-
markable. for it WAS the quickest trip that
had ever been made. Ia May, 1872. however,
the Adriatic, of the White Star Line, threw
this trip entirely into the shade by steaminR
from Queenstown to Sandy Hook In days %
hours and III minutes actual time, having en-
countered more or less dense fogs during the
last four days Of her passage Then came,
n January, 1s7s, v stii s quicker trlp by
made the passage from Sandy Hook to
Queenstown Id days 30 hours and o minutes.
III August 1875, the Germanlo, Of the White
Star Line made the westward passage from
Queenstown to Sandy Hook In days % hours
and I minutes, on 10 minutes less than the
Adriattc's time In May. 1879. The Germanics
time was soon thrown into tho shade by the
City of Berlin, OF the Inman Line, which
made the passage from Queenstown to Sandy
Hook, in September, 1876, in days IS hours
and J minutes. Oh her return passage, ii
October, the City OF Berlin still further i'm
proved On this time BY making the distance
rom Sandy Hook to Queenstown In days Is
hours and 4s minutes In December Of the
same year the City Of Richmond, Of the Tn
man Line, came near rivaling the achieve
ment Vi her sister ship by steaming from
Sandy Hook to Queenstown III 7 days and Is
hDtlrH