The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-09-28

more than thirty-two and O half millions 0
revenue to support a government from who's
! administration her people are practically oe
J traclsed, and against whose people the Repub
Il can party ID waging continuous warfare
u BEARS IN GRAIN.--The sharp reaction tn
grain and provision market experienced Il
the West last Wednesday caused much ex
element. Wheat which had advanced Q
cents per bushel within few days, fell a
Chicago cents, and corn from,111s to Q cent
per bushel. Pork was from 20 to 80 cents ant
lard Is cents lower. The bears were jubilant
but their Joy was temporary, and tie BULL
have since regained their hold upon til,
market. The Chicago Times thus describes
the bears victory on Wednesday:
About ten days ago the traders In wheat on
the Board OF Trade started big "bull' move
ment in that cereal. which was apparently
supported BY tie entire western country, ana
opposed BY large majority Of the moneyed
men usually Interested In the markets. This
movement was successful until yesterday,
when sharp reaction occurred. The advance
In wheat lately has amounted to about TWEEN
ty-fOur cents per bushe This Improvement
in that cereal was necessarily felt In other
cereals, and In provisions as well, and the
whole grain and produce line Witnessed de-
IL H..
| ing had been clear for the "bulls," who man
aged to- realize large profits from the upward
| turn. The losses incurred were suffered by
men who were able to stand them; and, con-
sidering the great advance II prices. but few
failures have occurred, and those few were
oceasioned more by the failures In the East
| than by losses Of their own. On yesterday the
bear interest. both Ia grain and provisions,
| came to the front and routed the "bulls, hoof
and horn. All the markets traded in on the
board opened, In the morning, with strong in
dications favorlng q still fufther advance;
but the bears" soon worked a change In the
aspect OF affairs. Under the influence OF o
stoppage Of shipment Of wheat, ocoasicnedby
point, together witt. freer selling movement
OF the part nf small holders. WHO were an1
ious to realize while prices werein their favor
the GEARS took possession OF all the markets.
Of any consequences. AID pricos for wheat ana
other articles broke badly. Gurlns the Gay
there was considerable fuctuatiDn, but the
bears proved themselves masters of the
movement, and accomplished their purpose
which was to force a decline In prices. Com
pared with the closing quotations OF Tuesday
evening the shllnkage IN values on yesterday
amounted to from to 5lss cents on wheat,
from II to 2cents on coln, ia cents on oats,
20 cents per barre' On mess pork, IS cents per
one hundred. pounds on lard, and 27lls cents
PER ono hundred pounds on meats. The
bulls. who had realized handsomely from
w
the day passed off without single suspen-
sion. During the day the floor and courtways
were the scene Of great excitement.
The Chicago Tribune commenting OF this,
says
The excitement in the wheat market was
Increased considerably yesterday by decline
Of about five cents q bushel, alter steady
days. Such q 'break" In the market was
probably to be expected, owing to the IN
usual rate OF advance that preceded 1t; and
it was the anticipation thereof which oper-
ated largely TO bring itabout. The prospect
of higher prices for wheat, based upon the
European shortage, induced many outsiders
to invest large proportion Of these occa-
sional and amateur dealers have but small
means and are not prepared to carry pur-
chase Tor any. length Of time; they usually
let 90 at the first sign OF decline. There |
was an indication Of a break day before yes
terday, which grew out OF the precipitancy Of
the rise, and hence there were numerous
orders yesterday to sell the small lots which
orders to sell aggregated q sufficient volume
OF sales to affect the market, aud the decline |
would have been even larger than 1t was had
not the regular dealers, conscious Of the real
value OF wheat for shipment, and recognizing
the spasmodic nature VI the decline, begun to |
buy after there had been decline Of or 4
cents. That there Was no legitimate cause |
for q fall 10 the value OF wheat was proved by |
tanned The decentralization was purely local. |
It may be that the advance In wheat during |
the last two weeks has been too precipitate. |
The chief cause for that Is to be sought In the |
reckless and diShOnOrable course or certain |
commission men Ia the seaboard cities. The |
practice OF selling short" In the Western |
markets has been condemned In unmaasured |
terms. but 1t is not nearly so reprehensible as
the same practice In the East when short |
sales are made to buyers In Europe SpecuIa-
tors here are accountable under the rules Of
the Board of Trade and under the State laws |
but the men In New York who sell short to |
men in Liverpool and London count upon |
evadng their responsibility II the market 60 |
against them. |
The new German tariff on breadstuffs and |
provisions will 60 into permanent effect on
the first OF October. though 1t ls already pro-
visionally In force. Duties are levied in marks |
per 100 kilogrammes. Reduced to our weights
and money, the new duties on the principal |
articles are thus fixed Wheat, rye oats and |
roots. 10 80 cents per 100 pounds; barley, |
corn and buckwheat, s 45-1O0 cents per 100
pounds; malt 10 cents per 100 pounds; lard, |
81 % per hundred pounds; meats, 81 81 |
per 100 pounds. These duties, which are de-
signedy imposed to protect the German
farmers will, under the circumstances. be
paid by the German consumers.
HE DRY GOODS TRADE.-The Boston Post |
of the twenty-fifth instant says The market |
Tor cotton goods Is generally quiet, 50 far as
business from first hands is concerned. The
sharp decline 10 raw material during the last
few days has led to m easier feeling, and a
cautious policy on the part OF dealers, who
are now buying only for immediate USE But
while there Is a general weakening Oh orders
for future delivery, the supply of goods In
hands available for immediate
use is SO very limited that there Is no DISPOSE
ton to reduce ppricss in order to effect sales.
Hence. all styles OF plain and staple cottons
are unchanged, and both brown and bleached
sheetings, especially cheap grades Of the lat
ter, drills, corset Jeans and canton Haune,s