The sun., 1896-10-18
THE GREAT RISE In WHEAT
1T WILL INCREASE M'KINLET'S
M1JORIIIES IN THE WEST.


ness Helped by the Farmers Prosperity.
CHICAGO. Oct. lit has been picnic for
the bulls on the Chicago Board of Trade for
the last fortnight, and the bears have been in
corrcspUndinEly fcverish state of excitement
and worry. The steady advance OF cereals,
especially OF wheat; the demand by Calcutta
and the islands of the South Seas, and the fuc-
tuations OF the Liverpool markets caused the
greatest uncertainty. and there 10 hardly
epcculator on Change who knows half the
time where hos at.
Wednesdays fluctuations in wheat bewil-
| dered every one. There were few, even among
the nervy specialists. that had stood In the pit
all day, who were certain at the close OF the
day that they could correctly interpret tho
queer ex yeriences they had been through. The
market opened strong enough to make the best
| prices that had been reached up to that time.
In the first hour of trading there was vast an
amount OF wheat offered for sale that the price
slumpcd two cents. Yet, with all this. and tho
fact that the cables brought more selling than
buying orders, there was more long wheat sold
above seventy cents than at any time since the
bulge started. With export houses at the sea-
board reporting an absence of foreign demand,
and that only five cargoes for export had been
| taken. San Francisco came to the front with
prices five n cen al higher and reports of large
sales for the Orient. A report that Counsel
man Day alone had taken over 100000 BUSH
els for May had the effect OF ralying prlc es
| over one cent inside OF ten minutes.
what Is the cause Of the markets firmness
and strength ?" is question asked on all sides.
| Many old timers confess that they cannot an
| swcr 1t satisfactorily to themselves.
"Iexpect to see wheat stay above 20 cents"
said John Cudahy. 1t is In new ground and
will sell higher. Provisions are easier to buy
| Al, lnxvp tn0f IA wv han
| you try to sell them on the bulges."
| Robert Lind blom said: " 1t seems ridiculous
| that India merchants should buy wheat in San
| Francisco and ship it $4,000 miles, instead Of
| buying 1t cheaper Ia the Black Sea and shipping
1t 1000. particularly as the quality OF the wheat
| from the Black Sea is more like the native wheat
| OF India"
| IL think Mr.. Lindblom is wrong in his refer
| enco to the quality OF wheat which India
wants." said Robert Thorburn when told what
| the big broker had said. Mr.. Thorburn Is n
recognized authority on the subject. India,
Australia, and California" he continued, "are
| the sources OF white wheat Of the world and
India would naturally do its buying in Cali
| fornia. Freights might be cheaper from san
| Francisco than from the Black Sea. notwith-
standing the vast difference in distance" Mr..
| Thorburu added. however, that he was skepticai
! about the India engagements at San Francisco.
| II think" said +. d. Armour, that the
! recent advances in grain have only increased
| the M ajorities in those Western States OF which
| Mr.. Mckinley was sure before. He will carry
| Illinois by 100000. Why, his maJorities will
| be simply overwhelming, This. however. is not
news to any body who lives In Chicago. We all
feel IL and know it, and have known 1t for some
time."
/ firm Of Cudahy i Co. has very clear ideas OF
| the situation and has stud ed 1t closely.
! Tx itl l..yf rlt ha n
very materially helped by tho adv ance in farm
products. There has been circulated for the
| past two years among the farmers a theory
based on an idea that the small Increase in the
production OF gold in recent years mas unfavor-
present rise " II go a great way toward retu,inx
that idea. and perhaps farmers Will begin to
has been due more to the action OF tho United
| States Senate in blocking legislation ana un-
| settling the mind OF thc business community
throughout the country. How 1t Will affect gen
eral prusperty depends on whether the people
OF the United states declare fO- sound, honest.
business principles and a stable form OF govern
me,t or not.
that the farmers are the debtor class. The real
| debtor class is composed OF merchants, manu-
facturcrs, and carriers. The men representing
| these interests are almost a unit Tor Aound
| money. Th- country may be itkonei 10 = very
enterurslng, pr I-perons business man who is
working largely on his own capital. We owe
comparatively very little money on the other
side. Give US twenty years OF good government
and We will be u creditor and not debtor
| nation"
Robert LindbIom. already once quoted. is one
Of the very few silver men on the Chicago
Board of Trade. On this point he said:
| "EEtra0rdinary causes are at work this year
70 tr sS FSf o !. due e to the rise
gold prices would be very high this year. Tho
spesa reason. are 70 be found in very short
100000 bushels less han the average for twenty
year,. The crop IN Australia is 80 per cent. OF
last year. The crop Of Russia is 80 per cent
short, and the crop II India Is comDleie fail
ur., 10 such an extent That wheat is beng ship
this failure IN the potato crop in Germany and
Ireland, and thcse causes ought to put wheat
Would have put il up W to 81 a nnsnei. In % corn n
and oats. Of which there Is no shortage. as well
price! CO r tHat have have ever been zen recordsa, showing
that 'hr POLITICAL situation Is not affecting those
great staples"
John Dupre of Schwartz, Dupee & Co.. said.
relative to the effect Oh Ia lr"ad business:
think tho recent general advance in the
money candidate, II II were not already AS
sured. 1t will also have IL beneficial effect all
along the line of general business. The farmer
Will be able to buy more goods Tor his home TO-.
quirenents, and This increased demand " II be
felt all aong the ne by county merchants,
jobnerr, ana manufacturers. Al far as he i'm
pr"yemrnt in railroad business is concerned.
the granger roads now have all OF the east
bound business that they can handle. As soon
as we elect toand-lnoney man they VIII aso
have large increase in the west bound freight.
and this will, OF course. swell their aggregate
ii. Seilof SELF, Schwa b e. Co. wholesale boot 8
the advance IN grain has been beneficial to the
ntss SrsS Wss wners "st OF .ns Er@n is p
the unprecedenedtly low prices they have re-
ceived for over n year. In most instances 1t
has lot paid tho farmer. He has just made IA
living: so far as making money waa concerned,
he could not do IT: IL WAS entireiy out OF the
question. The mere fact OF this advance in
price mas put new life Into them: IL helps that
much, and we are glad of II. And still The
price IL such that even now II places no hard
ship on Those who are compelled to figure Gloss
on LIVING expenses. Az Tar as the pol lical out
look Is concerned, we believe that this county
viii gD for Mckinley by over 90 900 majority"
| j. r.. Scott of the wholesale dry goods firm of
Carson, Pirie. Scott & Co. sad: I'VE have
never had season when orders were more
numerous than they ure now. though they have
often been larger. The big advance in the grain
list has been most encouraging in it, effect
throughout the enIre trade. and small orders
are as q result bringing up like mushrooms
from all over the West The farmers have sold
part OF their grain, aud are pay ng some of their
bulls. This is making the MERCHANTS feel good,
and they are beginning 10 buy"
W. II. McClintock, trade editor of the North
TcsiGIn LitIh'rndn. who is in very clo-e touch
NXi IN. lu nj hpr iutpFpat mid,