The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1884-03-27

general character of the weather is
favorable for the winter wheat, but
these influences are balanced by the
fact of large purchases on export ac-
count and the greatly reduced railroad
freights to New York, it being stated
that within few days, contracts have
positively been made for over 1900
car loads of grain, the bulk of hich
was wheat, bound for Liverpool, at a
121a cent rate to the seaboard. These
facts caused free buying by small
shorts to cover their sales, and al
though Nat Jones, Baker, Lester and
other large bears still make persistent
efforts to break prices. Their offer
ings are steadily absorbed, and while
the market WeakenS trifie at times
under heavy pressure, it bounds back
again as soon as that pressure is re-
moved. Phil Armour and Sid Kent
are said to be quietly taking heavy
lines of wheat preparatory to bull
movement, and it is known that
Robert Lindblom has been taken
on some blocks which Will
aggregate a number of million bushels.
In fact there is good inquiry for
wheat both from speculative and
legitimate sources, and leading opera
tors expect to see our stocks grow
smaller right along; yet, with the
heavy trading going on at present it
would be a misfortune to have the
amount of stuff in store here decrease
below-say, seven million bushels, as
the market would thus be thrown
open to manipulation and business
would be lessened. Canada, however,
seems likely to take about all the
spring wheat we have to spare and
under these circumstances it looks as
though values were reasonably cheap.
The stocks in sight and atioat are GER
tainly very little larger than the aver
age for the past seven years, while,
prices are decidedly lower. Late adj
vices from London say, that while
we have apparently heavy wheat re-
serves, the majority of the surplus is
of nominal or uncertain character as
far as the milling supply is concerned,
very large per cent. being low grade
India wheat, of which, although it all
figures in stock, not much more than
half is really fit for grinding into flour,
and the good can only be utilized by
mixing with higher grades from other
countries. On the other hand we are
approaching another crop, and If con-
ditionS continue favorable it may be
hard work to advance the market per-
manently. Latest reports from Kan
saS and Missouri state that the outlook
IN those states was never more favor
able at this season of the year. A gen.
tleman just arrived from central Ohio |
says prospects are also excellent there, |
and similar reports are received from
southern Illinois. Corn is more active
but the feeling in speculative circles |
is a trifle easier, and the general move |
ment of the market seems to show |
that values are more largely depen-
dent on the course of wheat than a |
confidence on the part of operators. |
There are numbers of large shipping |
engagements and the demand for |
low grades for that purpose is /
brisk at fully former quotations |
tent faith in No. for future |
delivery has been slightly disturbed by |
reports of hot corn in a vessel in the /
harbor; and although the cargo was |
rejected corn, and was loaded late last |
fall, the latter announcement failed to /
fully restore confidence. The March |
option is now firmer than May.
Provisions are moderately active, in |
the way of scalping transactions be-
tween brokers, but the market has |
failed to develop either strength or
spirit. Conservative traders generally |
think larger short interest is needed |
before we shall get much of an ad-
vance; but they advise their friends to |
wait and let others sell prices lower,
and then buy on the break.