Custer chronicle. [volume] (Custer City, Black Hills, D.T. [S.D.]) 1880-1890, 1888-10-20
STATE OF TRADE.

The feature OF the week IN basincss circles
advance In the prices OF four and wheat IN
al the markets Of the country. ~ Chicago
especially there has been unusual c~oniunc
ton Of speculative deals and 'sOrnci ing
movements tn both grain and provisions.
The price Of corn has advanced 4 to = cents
per bushel, and notwithstanding the enormous
crop yield, which should indicate a declining
instead Of u rising market, the near futures
10 Chicago have been SO largely oversold that
a corner before the new crop shall become
available is not improbable. The provision
trade gamblers have put up the Irioe Of pork
90 cents per barrel, and the lard market lie
"cornered' about as badly as that for wheat.
The bear panic In the wheat market, how
ever, has attracted most attention IA cousc-
quence OF lis close connection with the much
talked about September 'sgueezeni n Chicago
and its direct bearing upon the cost Of IN
article OF prime necessity IN every household
In the land. Prices OF wheat are now IL 70
10 cents per busbel higher than they were q
week age, and have been higher In the inter.
val. The speculative excitement has carried
prices away above a parity with values in Eu-
rope, and has consequently stopped business
Tor export. Very little wheat Is moving to
commercial centers east or west, partly be
cause farmers ideas Of value have been 80
advanced by the pending speculation that
they are unwilling 10 sell, but mainly because
mliiers THROUGHOUT the country are paying
anywhere from ) 10 10 cents per b0stel more
for good milling grades Of wheat than they
wolid command in Chicago, New York and
Philadelphia. The millers Of Minneapolis
are paying 10 20 ~ cents more for wheat than
the present price in Chicago; and It Is this
strong demand for home consumption in all
the markets east and west that has frightened
the wind sellers" aud caused a general
scramble to cover outstanding contracts Oh
the best terms they have been able 10 make
with holders. The explanation OF this ex-
aitei milling demand is found In the deficient
crop !ill aad Inferior gfiud.ag quality Of
the smaller production IN the sDring wheat
region and in some uarts OF the winter wheat
belt, aud also In The rapti advance In the
price Of four, which has been more rapid
tuNR the ftNc IN the cost OF wheat. lIoUr
that was made IN this city n few months ago
ff0G wheat costing - To 90 cents per tuslri,
AMI which soli then AT wholesale s. per bar
rel, l. today selling at s. 25 to iS1 so per bar
rel, an advance equivalent to ~ cents per
bushtl Tor wheat, which sold yesterday nj
SLY per blsnel, or 80 70 "a cents
above IT'S CPS. Waen toe -four sold for
Z? 80 Per barrel below today. p..ce
lhis illustration OF the widening OF
milIers' profit margins holds good in applics-
ton 10 alnos the entire -four output Of the
country, ana furnishes the only reasonable
explanation Of The present w.llingness Of
manufacturers to Jay the advanced price for
whcat. Iii probable that a little further
advance In wheat values would make it Doe
sioie to reship American wheat fct IN Eurupr,
as American cotton was sent back during the
August corner IN this country.
Blt, while these speculative inov, ments
ahd combinations have unscttled culiilvncr
and dis'U0hel legitimate business in hrt ad
stutle ana provisions, the general trade ct TIE
couu r. his made satisfactory progress. and
the industrial situation has continued toshow
gratifying evidences OF Improvement IN sew
erAl directions. The iron trade generally IL
more acige. Between forty and fifty thous
aad tons II steel rails havc been suId curing
the week. and the rail mllls t~hroughout The
STATE a'r IN strOnger position than they have
been for months past. The anthracite coal
trade is in about The same condition as I0tet
ani the large production is being readily
marketed.
The failures for the past week throughout
the United States aud Canada aggregated2Il,
a decrease OF r!uc - compared with the tots
Of tie preceding week.