The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-03-20


country indicate that this will be the
rule for at least two months longer.
It now looks as if the parties who
control provisions will find them
selves forced to let down prices in or
der to get outsiders in on the short
side; and will then run them up, es-
pecially, if favored by change in the
attitude of France in regard to i'm
portation.
CHICAGO, ILL.,, March 13.-The pres
ent situation at Chicago presents an
aspect decidedly different from the
uninteresting apathy which has char
acteriZed it for some weeks past.
There is great activity in the markets,
and larger number of outside orders
are received than at any time since
the dull season began. The general
81 uatlon also presents nice Ia. Il Thy
appearance than ii mas since prices
broke after the recent sharp upward
movement.
In the wheat pit, local influences are
favorable for tirmer values, the
weather being cold, unreasonable, and
calculated to increase the uneasineSs
regarding the condition of winter
wheat in central and southern Illinois,
Missouri and Kansas, where many OF
the fields are reported bare of snow,
and the plant unpromising. These
reports are partly confirmed by in
creased buying orders from such To-
calitities, thus serving to overcome
the adverse advices from distant mar
kets. Among room traders it is no.
ticeable that the largest shorts are the
heaviest buyers, they evidently being
disposed to "even up" 1t is so Il that
No. spring wheat is being i'll cd i'll
Liverpool at $1.03 c., f. and i. (cost,
freight and insurance., which is equiv
alent to $1.O3 in New York. 1t is
said that this offer was made in an
ticipation OF the fifty per cent. reduc
ton in freight rates to the seaboard.
It will be noticed, however,
that this is essentially a bear
scheme, since such an offer would
necessitate the purchase of cash wheat
here at nearly l cent per bushel less
than current figures.
Latest private advices show a more
marked improvement in the statis-
tical situation of the wheat trade than
at any time since the close of the har-
vest; only 1,136,O00 bushels of India
wheat are now in transit for the Eng
lish market, against 100000 bushels
at the close of October last. Reports
from some of the largest wheat dis
tricts of India, although not posi-
lively bad, are certainly not such as
to encourage predictions of full crop.
The Australian harvest, just reported,
is reported good, but the marketable
supplies of that country are likely to
be nearly or quite absorbed by the in
creasing necessities of. the cape colo
MES, while English consumption is
gaining on it's imports and
home grown supplies to such an
extent as to cause serious encroach-
ments on its reserves, the consump-
ton there last week having exceeded
the imports and farmers deliveries
184, 900 bushels, and the ratio of con-
sumption over foreign receipts and |
home grown supplies is likely to wi
den more rapidly as the season advan-
ces. The French markets which have |
for months been depressed by an over
burden of foreign stock, are now be- |
ing gradually relieved by dimluuta- |
ton of current and yearly stocks, the |
former having been materially deple- |
ted during the past thirty days by con-
sumption, while thezamount in tran |
sit on the ocean for that country is re-
duced to $4,000, bushels, against l.
10000 bushels at this date last year.
Two years ago in this country No. 2
red wheat was selling at SO cents,
while spring wheat was proven to be |
worth $1.35. Our spring wheat now
can laid down in Liverpool at $1.091a
while red winter wheat in st. Louis |
is bringing $109. From this the bulls
declare anyone can easily demonstrate
how much too cheap our spring wheat
Is.
The feeling in the corn pit rules
stronger. Receipts are smaller, and
the old bull arguments which were
forgotten the past few days are being
advanced again. The break below soc
was fictitious, and done for purpose,
which reacted on the perpetrators of
The scheme, but the rally was due
more to real merit than to any indi-
7idual effort. Occasional illusions
ire made to a deal in May corn, but
leading operators generally regard
hem as rumors. only. The present
better tone is largely due to free buy
ng to cover shorts, and liberal pur-
;haSes by longs, whose confidence is
increased by diminished receipts for
asst week, as compared with the one
preceding, coupled with reports that
his weeks arrivals will show a fur
her diminution. The position of the
rade is also largely strengthened by
he reduction in east-bound freights,
which VIII largely increase shipments
If low grades to consuming points.
The corn market is no doubt much
more oversold than wheat, a good
,ortion of the short lines having been
nut out at near bottom figures and Mil
vine says tonight: 1.-The market is
q shape now to become very active,
nd perhaps advance materially under
fforts OF shorts to cover. Corn is
nore likelyito attract speculative buy
no than wheat, public sentiment be-
ng favorable to it." ii
Provisions rule steady. Outsiders,
s usual, are not disposed to buy, ]
caring they will be caught by
hose who have for weeks put j
rices up and down as suited their in |
crest. The course of corn is being I
loosely watched by those most inter
sted in hog products, as the two mar ,
cts bear so close relationship and the
resent firmness in corn is sufticient to h
seady provisions without other I
ssistance. Legitimate dealers say i
lat although the present demand for i
is light, the trade gen. s
rally is assuming more healthy po- I
ition and better prices are predicted
5 the season advances. h
8
whate'er besides you chance to want. :