Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-09-28

This shows an apparent deficit of $780,
600 quarters or 6S,00O,OO bushels, not
withstanding the fact that India is expect
ed TO send 100000 bushels of wheat to
Europe. Accordingly, it would he thought
natural and legitimate if the price of wheat
rose as a matter of record, it has declined.
This may be due To the influences of the
stocks left over from 1882, to American
corn, to German potatoes, to Russian rye,
and TO the thrift Of the Latin nations,
which know how to get along with less
wheat, il necessary. But these people
cannot be thought unreasonable who hold
that later in the crop year, which ends on
June 30, 1884, the price OF wheat ought
to be much higher than il is now.
HOW THE SMALL OPERATORS HAVE BEEN
SQUEEZED.
indianapolis Journal, September 2lst
1t is well known that there have been
heavy losses this season on the bull side
of grain margins. We have been placed
in possession of certain facts, cOllated with
care by a gentleman who has made the
subject Of statistics Il study, which show
very conclusively that so far as prices are
concerned, actual supply and demand has
been no factor Whatever this season in
regulating grain quotations. The facts
and figures given the journal are from
tlty-three counties of the State of Indiana,
and may be relied upon as accurate in all
respects. Between April 10th and June
10Th of this year, parties residing in these
iifty-thrcc counties bought wheat, or
margins, to the amount of 2lO, zoe, 900
bushels. This was bought on a rising
market. 1t was bought at prices ranging
from 81 Oh TO 81 Il, the larger part OF ii
averaging 81 II. The amount bought by
parties of this State was, as is seen,
more than douLie the whole an.
nual export demand. Nov, i is
very probable that Indiana in
this regard is about an average of five OF
the central Western States. On this basis
then, parties in FIVE of these Statcs-Ohio
Indiana, Illinois, Missouri, and Iowa
bought in the same period 1893, 800, OO(
bushels Of wheat, over POO, 600, 900 more
than h largest crop ever produced IN
this country. All of these margin-buyers
were future sellers. None of them bought
Tor legitimate uses. This fact, of course
was known 90 the "bear" side of the oper
ators. When wheat went up to 81 /;
and 81 10 the rise stopped, because al
who were willing to invest In "IHargins'
had done so, and the demand ceased
The amount bought" was known to tn.
wealthy ring OF operators who possesse,
themselves Of these contracts, and tn,
squeeze began. The buyers held oil
through the rest OF Jupe and Jul.
and part Of August, and paid thei
margins, hoping for an upward turn
They did not know that they ha,
bought over two such wheat crops "a W
produced this year, but the ring who bega
the squeeze did. They began in Angus
10 sell or forfeit their contracts. The pric
Of wheat went down below 81, notwitf
standing II was known that the crop was
short one. WhyP Because there wen
sellers, hard pressed, on the market Wit
: l.053, 900 bushels. The result is TN;
the wealthy operators inside the KNOWN
ring taYE possessed themselves not on
of the margins from time to time, but
$ the grain, so TAR as it could actually be d
= livered by some Of the parties, II a pri'
: much below the legitimate one based G
supply. These buyers were business me
brokers, county officers and armerS
large per cent belonged to the latter elias
. and as n consequence scores of farms ha'
, changed hands in the past two month
When you get down TO actual figures,
, obtained III t,.is State, they give a clew
, the singular fluctuations of the market
and they explain why the prlCc Of vine
went below 81 under the influence of
short crop Of nearly 00,000,000 bushe
II need hardly be said that this class
! speculation is the most disastrous to legl
mate business that now prevails. Perha
Is the disasters to the losing operators mi
n nave n tendency to stop it. But the spec
n iaticn. as a rule, is done in Il corner, al
: SO under cover rs TO make the reme'
i available only 10 the sufferers themselve
II these thousands Cd small operators cou
he brought 10 understand that they a
merely victims lured 10 ruin by the lar
spectators the purpose Of this artiC
would be reached, and they would pro
> ably cease - lac lambs for the shearing
"a unprincipled ~ganipie,s.
al oar y, Louis special indicates tnnt co
IS closed at 46ic, wheat closed al 81
SIS spots and 81 COZ for October deiiyeri'
:. oa,s closed at 25ic for spots and 25Jc
October; Rg,l closed ut Sll %; la
q 81 62l; clear rib sides, 50; hogs w
ne ~ 5OCrA IL.