The Indianapolis journal., 1896-05-26


Those who are insisting that the fact
that the commercial world Is on a gold
basis affects the price of wheat and
other staples are not sustained by the
market reports, as few of which. taken
by chance from the files of the Journal,
will show.
Feb. IS. says the Chicago report,
wheat opened remarkably strong, due
mostly to apprehension regarding the
predicted cold wave. Most of the OPEN
ing advance" the report continues,
"came from the unexpected strength dis
played by the Liverpool cables" that is,
1t was caused by firm prices in the CEN
ter of the worlds market for surplus
wheat
The next report selected at random is
that of March %. wheat was erratic
to-day" the report begins: "the weak
ness was due to an absence of crop dam
age and the rather tame markets
abroad. in Liverpool. Another OPEN
ing of the files gives the report of March
5. 1t reads Reports Of poor snow pro-
lection and apprehension of consequent
damage created a firm feeling in wheat
to-day" April 16 the report says that
wheat was weak and strong to-day by
turns, but closed firm at one-fourth over
yesterdays close, because of frost re-
ports from some wheat-growing States"
The report of April 27 gives a new cause
for decline of nearly a cent. 'The in
f1uence Of the general opening OF Rus
sian ports and the consequent heavy
shipments Of grain from that country
here to-day" 1t goes on to say that the
weekly Russian and Danubian shipments
were enormous, 49,, 900 bushels" These
millions of bushels went to Liverpool and
a few other markets which make the
worlds prices upon the basis of light or
heavy receipts.
The report Of May begins: 1.-The i'm
the winter-wheat belt created a weak
market to-day" 1t also appears that
cables did not show the steadiness ex-
pected." AS the result of both causes
the price fell off one and a quarter cents.
May IL the report says that "the predic-
tions in the winter-wheat States and the
reports Of rain over a large part of the
in the day. and that .'the early firmness
was due to the high temperatures and
bug stories in the wheat belt" The re-
port of May 16 begins: Wheat finally
succumbed to-day to the absence of ship
ping demand and favorable crcp re-
ports" May 10 the report says that "in-
sect damage gave a little strength to
wheat to-day while 'the Hessian fly in
the Michigan wheat was the principal
agent in creating strong market" On
May 20 these causes sent the price up to
81 cents. On May 21 "the bears ham,
mered the price down over one cent on
reports Of harvesting In Kansas" This
was the condition on May %: Floods
and consequent damages in the Dakotas,
and the fact that the local wheat market
Is on parity with the foreign markets.
tended to strengthen the market to-day"
In none Of these reports can be found
any reference to the effect of gold or
silver on the fluctuations in the wheat
market Bugs and insects cause prices
not gold bugs Even the prospect that
the silverites will control the Democratic
national convention does not affect the
price Of wheat in this country, but the
unlocking of the hitherto ice-bound ports
Of Russia, letting 100000 bushels Of Rus
sian grain foods into the market OF the
world, sends the Chicago price down.
Generally the price of wheat in Liver
pool, with the cost Of transportation and
small commissions deducted. is the price
in Chicago.