The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-12-16
TIE GRAIN MARKETS.

NEW YORK, Dec. 15-Henry CIews, In
discussing the features of the wheat mar
ket OF last week, says that there was q
rather marked improvement during the
week, both in the volume of business and
the course of values, and that this was
based principally upon developments in
the home situation. The chief of these
was the government agricultural report,
which showed an even more marked de-
terioration in the condition of winter
wheat than had previously been believed
or expected; and the other causes were a
decrease of over $500, 600 bushels in the
amount on passage, and also one i'll the
visible supply or over 100000 bushels
and very encouraging export clearances
from the Atlantic ports, principally New
York. There have been few bearish fac
tors, heavy markets abroad and European
selling being the only ones of note, and
even these had little effect, for it is some
time now since home news has been of a
sufficiently bullish character to produce
any continued strength, and the bulls ap-
parently decided to onj Dy the opportunity
while they had il. There was a certain
amount of covering done by the shorts,
but no ''scram bles" have occurred.
"The accumulating supplies in the west
have certainly been feature worthy of
consideration for some time past, particu-
larly when the export demand is limited.
Although the visible supply showed a
large decrease and started the advance, it
is not necessarily bull argument 1t
does not mean that we have IL million
bushels less wheat in the country, but
simply that the receipts are in such a po-
sltion as not to figure in the visible, in
other words they are not yet in public
elevators. The reason for this is the car
famine in the west. which we have spoken
of in previous reports, and which is still
unabated. There is an almost unprece-
dented blockade among the roads which
carry grain to our principal receiving
point, Chicago, and ali the available
freight room seems to be taken. Besides
this large amounts of wheat in cars are
side-tracked, for which it is impossible to
secure entrance into the city. The actual
receipts have not, therefore, been any
thing like what the country movement
would indicate, although the supplies are
still there.
1.-The demand for export is not at the
moment large, though the clearances are
much better than they have been for some
time. through the filing of old orders for
late shipment. Further heavy increases
in the English and French visible supplies
has had a decidedly depressing effect on
cargoes, and the demand for them seems
TO be steadily falling off, for under the
circumstances Europe is not at present in
clined to make any further heavy pur-
chases of foreign wheat. The average CON
dltlon OF cur growing crop, according to
the government report, was S53 on Dec. l,
against 9s 4 last year. Every one expected
a rather poor showing as a result of the
vicisstudes experienced early in the crop,
but the stimulus the report gave TO the
market goes to show that conditions were
not generally thought to be quite so poor.
Since Dec. l, however, the crop has been
doing very well. and conditions are re-
ported to have considerably improved.
So that, unless foreigners become promi-
nent buyers, the advance is not likely to
be long sustained, owing to the disposi-
tion of the trade to sell on all the ad-
vanceS.
The corn market is still in very strong
position, and the shorts in December and
January were actively covering all the
week, prices at Chicago, in particular,
showing heavy advances. The weather in
the west has been clear and cold, thus In
suring a better grading for new corn; but
the action Of the trunk lines in refusing
new orders for transportation Of corn until
the blockade has abated is the principal
feature for it means probable continual
tiou OF the present small receipts for some
time vet The fact that the new corn can
not be applied on December and January
contracts in Chicago Is causing serious
trouble. The reason for this Is that the
season has been poor one for drying out
corn, and the new corn Is not vet dry
enough 10 grade contract or NO. 2,
ana the chaness are that it will not be
until February There is nothing to fall
back on. therefore, but the old corn. stocks
of which are very small in Chicago being
less than SO, coo bushels; and, in the mean
lime, there Is a short interest 70 be sup
Piled which is estimated to reach into the
millions. [ less, therefore, the weather
continues dry and cold. so that corn will
dry out and grade good, there IS apparently
no reason Why the squeeze" shouldn't be
carried into January