Los Angeles herald., 1908-11-12
CHICAGO GRAIN

fsnecia1 service to The Herald by J. C. VIII
son rnenher Chicago Board of Trade, Hotel
Alexandria, Los Angeles).
CrrcAGo Nov. u,-Wheat cables gave only
martial response to our advance of yesterday
Weather was good with addltonai Hiois'uie
over the southern part of the winter wheat
belt Advioes concerning Argentina were gen.
ersrIv favorable excepting cable by way OF
Duluth claiming sensationaily drought con-
ai.ions in southern Buenos Ayres, All kinds
of wild claims were made concerning ye sn7,
davis export business. This morning, nv .
aver the news bureaus confirmed only IVY loaus
hut even this amount is a strong liulca ,
of an excellent demand. The real sIens tnel
ms factor is the big line helu ny Soera+e ~
mission house. supposed now to agsresaee 40
much as Is OGO 900 bushels, largely OF the pneg
oution This house has continued lIs t.t
operations throughout the day ana sun - ..
added to its line. There is some lhpIoNe-
,nent In outside interest In the market. StatlS
Tics favored the bull. Late claims lholoa.s e
another good day in export Worhlnss s, saa,iitie.
western elevator man VINO mas uiusue' 49,
Tor being In touch with conditions up mere
stated Yesterday that 1t is logical to expeet a
nearby market decline in volume pl Isoe ~ 20
in that country. 1t seems TO US that al tnaI t
is needed TO give a genuine old fashloned pun
s,,r,,at here is the citing up in receipts Up
to This time they holding well anu tne
only ct mfort is that they are somewhat lesS
than year ago -. .a,,ia +,,,e mar
l,at stnoe 1891 F." said James A. Patten IN ule
inter ocean last night. 81 look upon tne
drought in this country ana over 10 10 NJ =.
Europe as a most serious iaclor' AZ
nor+tern Europe the drought Is most severe
and water in the canals there Is SO low uaS
boats are only able to carry halI loan anu
sretsht rates have been doubled in the last
three months -. ,+ riabt was
sentimentally bullish, Those who have been
right on the situation have pousht the SUI H.
off the market realizing that II was a "o si .
nronosition ard not a local or domestic aHalr'
o. conditions the world over are making the
nTioes of wheat and that the situation IN en-,
eago is only a fyspeck on the cornnefclai
wheel and has only Temporary p;d Of ep the biz
holdings by Patten, thinking he was ohly
scalping and that his wheat would eoile ous
on the bulge or breaks, but they nave psei
dieannointed The market is just beginning 10
oct in good shane for an advance and whlle the
small shorts have covered, the Dig ones are
said to have hardly started. sentiment aihohe
deal said in favor of the bear side, In fact'
that they have the advantage OF crop SITUATION
and the weather 1t was said that notwlth-
standing the advance in wheat al tne pee,
has to do is use patience anu PRICES wiz WIN
rregularly lower. -
Corn was heavy and met with selling OF an
excellent character and would nave uhdoup'eely
scored a greater decline had 1t not peeh TOT
the strength of wheat. There Is 'some I'M
v y,ro In the shipping demand but 1t is
small. In the meantime there were very
strong people in this market and elsewhere
working aggressively on the bear side OF the
market. Theer was late RAINY On so'he s"oi
covering in December
There is an element in the oats market
which is satisfied with their profits, having
been inclined to take them today ana as tne
enocuiative interest was very small even the
strength in wheat was insufficient to over
come that class of selling.
Provisions were easy early on the excessive
run Of hogs west and some pressure from the
local hackers and from scattered commission
longs. but rallied on buying headed by stock
yards interests.