The National tribune., 1882-04-22
spECuLAT1oNs IN WHEAT AND CORN.

A recent dispatch from New York says:
The ocean steamship lines are now carrying
wheat from this port to Liverpool for only
penny q cents per 100 bushels, and yet are
getting very little. The steamers running
from Boston to Liverpool have lately been car
rying free, as ballast, what grain they could
get, and this week a premium of penny per
bushel has been offered in Boston for 10000
bushels of wheat for that purpose. 1t is re-
ported from Chicago that even the offer of a
premium has failed to start a movement of the
supply, the consumers refusing to pay the
speculative prices at which wheat is now held
there. Report is also made that some shippers
have urged the officers of the transportation
lines between Chicago and the seacOast to re-
duce their charges on grain, but that these
requests have been refused, partly upon the
ground that a very heavy reduction would not
stimulate movement of wheat under the
present circumstances A member of promi-
nent firm in the produce exchange in con-
versation said that the movement of wheat
from the West to the sea ports had been so light
that the spectators had been able to buy up
most of the supply and hold it at prices at which
it could not be placed in Europe. Last years
crops of wheat and corn here had proved short
shorter than was at first expected-and for the
last two months the roads in the West have been
almost impossible on account of mud. The
! depth ofthe mud in many places was reported
to be "all the way from five feet to the length
of telegraph pole" ard it was impossible to
get grain from the country to the points of
shipment 1t was even reported that farmers
in some parts of the West were obliged to carry
flour for their own use from the mills to their
houses upon their backs, as wagons could not
be used in the miry roads. Under these cir
cumstances there was really no wheat to be
| moved, except that which the spectators had
locked up. Therefore, q reduction of railroad
rates by one-half would probably have no effect
| in starting shipments. The visible supply of
all the wheat in the United States and Canada
was not more than 100000 bushels against
81 100000 bushels at the corresponding time in
1881, and "a 900 900 bushels in 1880. Of corn the
visible supply. was only between 100000 and
100000 bushels, against 14,0000O0 bushels
in the corresponding period of 1881 and 15,OOO,-
600 bushels in 1880. The reports of the grow
ing crop of wheat were unusually good, how
ever, very little damage having been done to
it anywhere, either by insects or the weather.
If good weather continued, we were likely to
have wheat crop which would compare very
fayorably with the large growth of 1879, and this
circumstance, together with the fact that some
100000 bushels of wheat were now on the
way TO Europe-from this country, Russia,
India, Australia, etc.-would tend to restrain
foreigners from taking much of our wheat at
higher prices, or even at the present rates
The spectators who are "long" of wheat arc
| hoping, it is said, to hold it at high figures
until the new crop begins to be available, and
in the meantime, to compel the shorts" to
come in and settle. 1t is reported, on good
authority, that a clique of spectators in New
York sold out from 10000 to 100000 bushels
of wheat at two cents per bushel below the
market price, in order to get the actual wheat
out of port so that they might manipulate
options to better advantage.