Chicago Daily Tribune Newspaper, December 31, 1881, Page 11

i abet et avhies GeO be bern tee's mem EeTaceate« THE CHICAGO TRIB Oct. 8, the top was reached, October selling un to $1.4994 and Nocomber, at $1.47, On tho ah tho priee for October ranged nt $1.40@ 1.428/ and November at S148 4%@t4ailg. ‘I'he next mornlig it beeame known thatthe Cin clunatl men, who had scooped up so muelt money on the August denl, had omitted to respond to calls for margalns, though they wersusked altogether for ttle more than half ag much as thoy lind previously pock- eted out of Chicago. At first the cash was romised “ns soon as tt could be arranged fornt tho banks,” and two or three. days of walling elapsed, during: which "Cine elnnatl faith” became more and more of aby-ward, and tho market sunk ng tho folks Jostcontidetiec, Somoof the monoy was wis nately recovered, nnd about the middle of November the Mabilities of Preston & Co, were setlled nt te onthe dollar. Those of tne other finns wero urranged on terms less favornble to the creditors, ‘The market de- elinet to $188 for October on the Wednes- ‘day, as one after another lost confldence, weakened badly during tho next two tins and then settled down slowly to $1.30 for “spot” on tho wth, It then wiggled about aintully during the remaloder of the month nthe thirties, with {ttle Hfo in the deal, ay outsiders gradually withdrew. Thera was no shipping demand during this perlod, and our steeks Increased, though continued bad woather kept the revelpts down to avery low point. England was sup- plylug herself more cheaply eisewhere, and the Continent of Europe followed her exam- Je, ‘The quantity of whent atlont for the Gnited Kingdom in November was large, but little of it was contributed by the AUan- fle Stone, The Pacific coast furnished o large partof the whole, and the rest? was chietly from Russia and India, thelr wheat pelng offered 6d@1s per quarter cheapor than ont ‘Nhe market stiffened about the middle of November, eluietly in sympathy with corn, ani thon fell back under the expectation of larger receipts because of fine weather, But there was to Improvement in that respect, and this tnvited n few export orders, on the strength of which there was a reaction carly in December. But $1.30 was a very uttract Ive price for sellers, and they sold. A fort- night ago the bear element was in clover, be- caso ® recent estimate of the wheat crop, of — British Indin | places it at nearly 350,000,000 bu. But Inter advices from England Indicate that the tone there ts hardening, with the prospect of an advance following the holiday season, The result was more firmness here, though there Is gome reason to fear that whent store through the winter will be hazardous prop. erty In the spring on account of condition, OUR LOW GRADES of whent have met with » stendy demand most of the year. During the thne of intense speculative excitement they were wanted by (estern parties who cleaied the grain; and then, If necessary, mixed it with o suflicient quantity of bettersninples to make the whole pass ag No, 2 for sale to the clique. ‘The rest of the time the low grades were taken by ship- pel nd there js goo renson to belfeye that most of the No, 3 was sold a3 Chicago No, 2 in New York or Liverpvol. Some ot, it was clenned in Bulfalo on the way to tho sen- board. Tho requirements of New York in- spection Into store are nearly equal to onr own, but there is no control over mixing In ‘the muking por ocean crrgoes, undit Is well known that the British buyer has geterally tlofty contempt for grading by other people. He prides himself on his abillty to jude by, sample and charge for sikiilas an expert. It’ is notorious that his expertness leads lin to price our No, 3 as'very nearly equal to No. % But it is also well known that parties hero who have got londed up with real No, 3 ns the result of a spectintive deal have always been able to dispose of iton the other aide nt an important advanco on market quotations, they being able to guarantee the grade. ‘This fact also explains the renson why oxporters here have sometimes filled orders for our No. 2 when tho quoted market was hopelesty ngatust the operation, ‘I'he were buylng for parties who wanted good whent for millers’ use, and were willing to pay what tt was wort. No. 3spring has generally sold at about 22e below the price of No.2 in thls market. 'The ditterence was 1c inthe early part of October, and It has recently widened to 4@ fe on aeconnt of the relative scarcity of No. % Thenew crop grades so miserably low that No. 8 was introduced on the afternoon call last month. 1¢ is not improbable that thore will be an active speculative move- mentin that grade this winter, Rejected has ranged about 20@250 below the price of No. 8, with a wide diserimination In regard to location, the A. D. & Co, recelpts gener- ally, commanding tho highest price, PIICES, The following tablo shows the monthly Mmoge nnd the average price on No. 2 spring whent throughout the year: Jowest. Highest. Average. $95 BL S Ohls - not be depended ‘ 00 wae TR 104g 10000 T0G3§ = 102.58 We 10L47 Tiss 11028 yee UBL 40 28. Taig 138.10 T4ai 135,55 we wr eK WUT 4 O53} WMs ‘The folfowing table shows, approximately, thu average price of No.9 spring wheat, in specie, In this market, for twenty-two years past. Tho figures for the past nine years are very near the tritth: Year, Price.) Year, Price. 0 "11871 1880, te BBY [1B8E. Average price of twenty-two years 0520. ‘The following table, compited by Henry S, rnk, Esq., shows the lowest and highest . prices for spot wheat in this murket from 1858 tu 1870, We add for 1850 and 1881: Lowest, “Highest. 2 Sh 3 RRERRES xi rat 70; ‘va! LOL BD Oct, During tho last twenty-four years the mar- ' ket haa ranged loweat in the several months BA follawa: January, lx tines, viz: 184, 00, 703.970, 170, nud 781; “February, | twice, Viz: fn 1858 and 1875; March, oneo, in 1864; une, once, in 1801; duly, once, in 1870; Au- Hat, five tines, viz: Ln 186), 407, '71, 7h and 40; September, once, [11 1873; October, twice, in 1874 and '783’ November, $n 1868 and 173; ecember, twice, i 1800 and "70, During the same thne the highest polit of the year has been touched In the soveral Months as followa: January, twice, in 1805 and '80; April, threo times, vize; Mi 1860, °74, Gnd 923; May, seven times, viz. 111859, ‘01, ‘G4, "07, 708, 43, nnd 773 June, once, i 1870; duly, once, in 1870; August, four thes, viz. in 185g, 159, ‘60, and ‘73; October, once, in 1881; November, once, In 1856; December, Uiree times, yiz.3 In 1803, '76, and ?79, THE WINTER WHEAT MANIKET Qimost be described by the «phrase, here iy none,” after the model of the gen- tleman who devoted the fourth cbapter of his book to an essay on “Snakes In Sreland,” Pt may + and exhausted the subject In one line. What Nettle nyarket there was practleally vanished {nore than a year ago, the said oranishinent bot rpued being ascribed by some to the faci that Bpeelte ation was crippled by the rule permitting orthern grown to be delivered ns regular. Jowever thia may be, Itlscertata that milters discriminated rather severely against the forthern-grown wheat, claiming that It Js harder than the other, aud thersfore atxes ‘0 poor advange for grinding. Very little Wheat of the old crop came here after No- Yember, 1880, and that from the lust crop has Fuct with *motal more attructive” elsewhere. The smaltness of the yleld In ‘southern sec- Hons caused the millers of St. Louis aud other places nearly on the Parallel to dip farttier north for sup. vulles, while diacrimingting freights In favor of ‘Toledo have drained the surplus of Central {inols; and we have had no con: signinenta from Indlann, which n few years ago sent in eonsiderable quantities, ‘The surplisof Northern grown wheat ins ehietly been taken by local intllors, ‘Tho speculi- five oxeltement here was tn spring: whent, Which was above a shipping basis during a largo part of the time, and buyers did not. Want ‘wheat that would not fill contracts, Novertholess No. 2 red ins been salable most of the time at the full price of No, 2 spring, and sometimes soveral cents above ft. Since tho spectiative boom stibsided, No. 3 winter hos sold at nearly the same prices as Nu. 3 spring. MINNESOTA WHEAT has also ceased to occupy an important place in our market. We now receive very little whent from that State, which 0 few years no. yas the great aren for competition’ between the wheat-recelvers of Chicago aud Milwau- kee. ‘The crop of Minnesota in 1880 was Jargor than that of 1879, bub an tnereaso fn inilling capacity, with angen requirements for seed and: food within tho State, loft little wheat to be exported in Me shaps of grain, The ylelt of this yenr was nome — 10,000,000 bit less than that of 1880, lenving not a bushel to spire, ay whent, {f the mills work upto anythiiue like their full capacity. . They did thls on the early part of the crop, paying prices for the whent which made it worth mnorg thera than in thts market. ‘Iwo months ngo they were discouraged by tha slackening of demand, and dropped thelr prices to bélow $1.20 for No.2, when tho rica here was about $1.25 for our stralght 0, 2, We lind received considerable quan- tilies In summer, the attraction being tho high prices Involved by our August den. This wheat mostly went back to interior inillers, Who wanted sound wheat of the old crop when it was found thet the new wheat from that State could upon to make — saund flour, ‘That discovery also helped to slacken the demand by Minnesota inillers, ‘This fuct, with the recent destruction of Min- neapolis mills by fire, may be the nreans of ding some of the wheat hore this winter next springs but its quality will provent it from commanding the premium of former yeors, Rather Jarge quantities have been Blupped direct to the seaboard by rath within the past two months, Except at times of Brent speculative excitement in regular No.2 spring, tho No.2 Minnesota has generally brought a premium of 8@se ver bu ta this inarket, ‘The difference was ay high ns @te for a short tine enrly in the year, and roso to be ut fortnight azo, Our RECEWTS FNOM OTHER STATES are decreasing algo, Our figures show o marked failing off during the past twelve months, and necompunylng facets indleate thata further decrease may bo looke though the production of the Northwestern States may be grenter than at the last harvest, The inerease In tho milling eapaelty of the Western States may not boso rapid I the future as in the past few years, but it wil at least keep pace with tho produetion, and probably approach more nearly to equality with It than now, becnuse brend ean be trans. poriat eastward more cheaply as flour than Inthe shape of wheat. It docs nob seem probable thut what is left to be moved In the berry will go around us wore freely than tt does now, On the contrary, tho tendency of speculation belng to pit up prices, it seems likely that as the quantity decreases a greater percentage of It will come here for a market, and stay hera for sone, time toe be specuinted with, ‘he trade in whent Is now concentrated in: this city, so far as futures are concerned, almost to the exclusion of other poluts; and the people who formerly traded In Milwaukee, St. Louls, ete, are now sending thelr orders to Chicago or mov- ing hither in person to take an active part in the movement. THE cror, ‘Tho Agricultural Bureau at Washington has had todo n litle overhauling to mako the annual estimates agree with the census returns, ‘Tho Intest estimate for the crop of 1881 {3 nbout 390,000,000 bu, agalnst 493,550,000 bu for 1880. ‘The following ore the (offelal) estimates of the wheat acrenge of the United States, in millions and tenths; and the crop yield of wheat in several past years; with the annual exports, Including ttour, for the year ending the following June %0, and the lone eon- sumption, seed, and waste, in millions of bushels: ‘Con= Acres. stamps th i Year. age, Crop. Ex * pores. 2 diss ‘rhe consumption ts the crop, minus the exports, and this, of course, includes .tho varying quantity hold over at the close of ench crop year, minus that of twolve months Bregoding. ‘Tho quantity hold over at tho esliniug of Jast September has been estl mated ut. 47,000,000 bu, from which it is ar- ued that wo had an oxport surplus of over 150,000,000 bu. But it should not be forgot- ten that, itis practically impossible to clean out stocks In a big country like this, and any such quantity held over may almost bo re- gurdail as unavallable, except under condi- ions of actunt -faming, Gommercialy, it Js Nko the change in. the til of the grocery, which has to be re- tained In order to transact business, It Js tho consideration ofthis * surplus” which overy year ennbles the bears to cry out that wo have more wheat in hand than we know what to do with, and therefore must bo con- tent to necupt ruinously low prices or not sall Itatall, Somehow or other’ the predic- tion always fails, but tis nono tho less cer- tain to be repeated on the next opportunity, if wo have n crop of 800,000,000 bu, whieh Is by no means cortain, authority to the con. trary notwithstanding, then a home require. ment ot300,000,000 bu fur brend and seed would Jeave an oxors Burplus of Jess than 2,000,000 bu per week in wheatand flour. ‘The move ment of the past three months from Atlantic ports has averaged barbly two-thirds of that quantity, but that Is because supplies have been rushed In upon Western Europe at lower prices than tho holders here were will- ing to accept, And the movement from the Paelfiu Slope is not included above, though the yloldand surplus of that section are token Into the account by tho statisticians, ‘Phat section has nearly 40,000,000 bu yet to go forward, It dovs not appear that there is any reason for alarm at the prospect, though our aurplia inay have to be parted with con. siderably bolow tho inflated prices of three monthsago. ‘The WANTS OF IMPORTING COUNTHIVS for the current crop year are extlinnated ap- proxhnately as follows, In anillion bus nited Kingdom, 123; France, 63; Belgium, Holand, and Germany, 20; Switzerland, Italy, Spain, and Portugal, wy West Indies, Conttal and. South Amerlea, Africa, and China, 90, ‘Total, 250 millian buy ‘The corresponding surplus quantities are estimated ns follows; United States, At- Inntie ports, 60; do Pacific Caast, 40; Canada, 4; Russia and the Danube, 70: Austro-Huns gay. and EERPS 9} Australasia, 10; Britlsh adia, 16; Chill, 4; other countrios, 4, ‘Total, Shanillion bu, beers £89,000, ‘ving an-apparont defloloncy o: - 000 bu, fie surplus of the Paclile Const hay has been estimated at as niuch as 50,000,000 bu, aud thatoft Rusgia at 0,000,000, while Indlwimay bo ablo to spare a very great deal mora tran allowed as above, if Jackson's estimate of the India crop be correct. ‘The deticiency would inthis case disapgear; but the world would still be left with depleted stocks, so that another year of equally poor yleld would bring tha world to tho verge of & wheat famine, H, K. Jackson estluates nt following as the wheat production of United King Dated Staten Mr, Jackson shows that during tho Inst five years the United Kingdom )as Imported from the United States wheat and flour roy Tesonthip 36,500,000 gts; from Russia, 5,500, 000; rest of Kurope,: 10, 000; Chill, 1,000,000; ‘and India and other countries rativer ubove 18,000,000, of rive iy shown to hove reached this scuson 200,000,000 ara in Jndln, 1 000 In China, and 34,750,000 In Porsiy and Japan, Maize 200,000,000 In the United States, and 45,000,000 Inother countries, Production of potatos os follows: United Kiigdom, 6,000,000 tons > United States, 5,000,000 Tons: © MN, 24° 600,000 tons; France, 10,000,000 tons; Busstal, 110,000 tons; Austria-Hungary, 8,000,000 tous; other countries, 12,1 1B. CORN. THE MARKED DECIEASH In the volume of corn moving through this city 1s one of tho most sullent pulnts In the history of our produce trade, ‘Ihe recelpts aguregnted 78,242,000 bit, against 07,272,844 bi {n 1880, and the allpments were 74,254,400 but, against 19,572,0+ bu tho previous year. A decrease of somo 2 per cent In the move- ment could seareely be wondered at, seclng that the recefpts of 1880 showed an Increase ofn little more than 60 per cent over those of the previous yenr, whilo the record of 1810 was much the largest in our history upto thattime. Tho plentifulness of corn during 1880 was simply phenomenal, and one could senrcely expect to see Itrepented from tha condition of an ordinary crop year. Still less could it belooked for when 1 moderate yleld was drawn upon to an extraordinary extent on the farm, to mitigate the hardships of an unusunlly hard and prolonged winter, Tho market ins been much more active, and much less regular, Wo nover hind any- thing Ike so much trading in corn; and the violent fluctuations In prices were especially sharp in contrast with tho steady course of quotations in 1880, when the extrume range was only Ie, belng from B1}ge In April to 4434c in November. Tho range of Inst year wos 403{c; or nearly 14 per cent on which was the lowest paint of the year, ‘Tho average quotation has been mueh higher, 13 will seen by reference to a subsequent table, The constinptlye demand and the consequent. movement of the grain has alse shown wide contrasts, ranging from avery active phase carly Ju the year to. complete stagnation in the autumn; though at one tlme the grain could be moved out for much less than noth- ing, as carrlors were willing to take it to Buf fate for ge per bu, and the warelousemen rebated about 14¢ of thelr charges to parties who-would take it out of store. ‘The conditions militated against large re- ceipts during a considerable part of the year, The winter of 1880-'31 began very eayly, and erent deal of corn was left In tho flelds that would otherwise have been gathered In, No Binal part of this was spolled inn commer. cial senso by the somzy character of the spring, It was dificult to handle the corn during the cold months, and, ns it grew warn, the snows that lind beaten eoplously into the cribs sonked Into the cobs and spoiled many, while they retarded the curing of tho rest. “The little oll corn that was lett over kent up recelpts for a while, but it was soon found in the spring that the new corn would not grade. It was xo damp that most of it passed as rejected, and this fact luld the foundation for the ble speculative move- mont that was subsequently developed, 1t also paved the way for another. transparent falluro of the *Mississipp! route,” ns the corn sent to St. Louis, for fear it would not puss imiuster here, was mero mush when tt arrived in, Liverpool. Parties who had eribbed corn in the country durlug the winter, and sold it here for May. delivery, found It 4 losing game. Nearly two-thirds of what they sent in would not pass ag No. 2, and they were obliged to il In on the open inarket. “Then they dectded to hold back, buying for May, and selling for June. ‘The condition was still poor, and the process of turning over wasrepented, month after month, all through the summer. Sep- tember arrived before the corn was du dry enough to grade; and then there was 0 pressure to send it in, Senreely one-tenth ns many curs were furnished as wanted, and itt konie sections the pressure to dellver front first hunda was go great as to absorb all the transportation facilities of the rallrouds leaving the cribs untouched, with the full jon of the previous winter, Durlng this time theypecuiative fever fiad tnken hold of corn In this murket, and rushed it ubove the point ont which shippers could ope rate without loss. Soon the clevators were 80 full that some of them slut down on the recelvors, ant this gave another setback to the infiux of corn here. Senreely had this Pllssoot the difficulty been smoothed down han another wet spell set in, making the country ronds_ miry, and the Inspection poor on what did arrive. During all thls tine ather points were bidding up for the corn, and taking it around us by vittue of cutrates, In view of all these {nets the won- der Js that we got so much, rither than that We got so Jittle, and even with all these frets the falling off was more apparent than rent. Very: much of thecorn that went fround us was owned by Chiengo parties. They had paid for it in thecountry, in wholo or in part, the previous winter; some firms doing this to a really greatur extent than ever before, and the forward movement of corn by_ other routes than those leading through Chicago clevators was done in obedisnce to orders emanating froin this elty. Lhechange was little ereator than would bg tha passage down Wabash instead of Michigan avenue, because the latter thoroughfare Is closed to heavy teams. THE CONSUMPTIVE DEMAND was very good during about the first two- thirds of the year. Hurope took freely up to the polnt of Siu here, bought nore spurinuly up to about de, and then fell back while corn was In the 70's. ‘The European de- mand revived sono after the brenk, but was not so coud as previously, ‘The great trouble with the West was in getting corn that could be depended upon to bear the ocean voyage, ‘The inspection here was atringent enough to make our No, 3 trustworthy for export, and pnat experience made British buyers chary of takingcorn that would not pass Chieago inspection untess the shipper would guar anted good condition on arrival. Some of tho heavier firms iu the trade were able to do this, and the corn wont through all right. The targe quantitics of rejectedand nograde -corn were tiken yery freely In the first halt of the year by distillers and glucose manu- fucturers, as well as for brewlng and Keodhie: ‘The | consequence was an extraordinarily large quantity of whisky on band in the summer, which enabled distillers to fall back on about GO per cunt of thelr capacity when speculation rushed corn up in the autumn, ‘hoe glucose works shut down more or lesy under tha preasure, and altogether the home consump tion of corn was much restricted during the era of very high prlees, After the hot weather was over Europo took large quan ties of our rejected corn, the inspection then rather depending upon the vresence of blighted kernels than upon dampness, Our rojected corn was rated ag belng within about 1c of the value of No, 2 for purposes of EoushinptlOn, and it aold readily here much of the time at only about Ic di count, though the No. 2: was widely sup posed to be fur above its true value, Con- stuners of comm were really willing to pay about 0c In thig market while frelght rates were kept down to ut very low point, partly by the high prices puld for the grain, but most- ly as 4 result of the raflroad war which raged during the ‘greater part of tho year, ‘Tho market has been CONTHOLLED LY SPECULATION in aspeculative way, more largely than over before, We might say “controlied by capl- tal,” but this would be true only in an wn usual sense, Vast anounts of money wero Masked on the deal, bus there was much less of concentration than most opto supposud, While the great bulk of the trading was done by n, fow firms, thoy wore acting on orders récelved from 4 great many people, and there ds good reeson to belluve that even the * Tlobbs deal”? was mostlyablg lotof trading for several mon who were not acting in con oor except as cach was in turn influenced by thouctions of thoothers, Tho speculu- tivo excitement was really set In motion, though unwittingly, by the rerun trade, ‘There was notmuch confidence in tho artiele during the first three months of the year, though it vas Dalleved that sonsumaption on the farm was largely increased by tho bitter weather, ‘There was some buylng from oute side, but the local trade was disposed to be bearish, In view of the rather Jarge quantile thes of corn of the crop of 187) au posed to bo. still in farmers’ hands, Along In pril It .was found that the snows ot winter had «dgifted Into the cribs tn such profusion and was drying out ao slowly that there was great danger the corn would not HL May eules. Sumereceivers took the alarm und changed over Into future months. ‘Thelr olteringa for Juno were puiiciently volumine oud to uttract buyers, who belleved that a Krent deal of the corn had been spoiled past. redemption, nnd thesy took hold at about 136 for June, following the market upto the top in aucceciiug months, ‘The first extensive buylng js believed to have been dono by parties in thu Southwest, In the nelghbor- hood of Bt Louls. May came, the corn did not grade, those who-sent it in lost heavily, belng obliged to Hl nt least hulf thelr sales by purchases on the Chicayo market, thecorn was held beck, and some recelyers turned ovor two or threo months ahead. Specuta- on iu wheat was rather brisk, and the fever SATURDAY, DECEMBER 31, 1881I—Trwr furged over Into corn. Many belloved that the corn would not grade atall, however long {tmight be kupt back. Others thought that the sinallness of recelpts ved senrelty, the corn having been consumed during the hard whiter, and) others went Jn oon Ure general prlnulple that whatever ts rh fn vind dntiat be good property to buy, OF this tntter class were parties in Wall street, New York, who sent in orders to buy by the million, ‘The selling was partly dono by those who. stilt hald crib corn in the country, and part- ly by local operators who went short tn full confidence that the market would bo beared by {argo recelpts ay goon as the weather per- niltted the grain to dry out. ‘The latter would probably have carried the day but that they soon “had too much dry weather, The cor cured rapidly enough, but tha cry of *drouth’? was ralsed, followed by mie other buying furor, which carrled the mar- ket tp on Aug. 12 to 6230 for spot and Uc for October, About this tine THE HONHS DEAT. began to loon up Into grand Proportions it belng found that n great part of the corn for October centred In that houre, ‘Che princi pal parties represented by J. 1, Hobbs & Co, tied to sell, being satisfied with the protit already made, whieh was already some 6@0e 5 nboye what they jiad expected would ba the top of the market. But the trade — found out that sttch a movement was on foot, antl 1b soon becanie Impossible to sell. ‘The offers were withdrawn, and then tha market reacted strongly upward, under fresh buying orders from outside, = ‘The principal dana again tried to wntoad, and again found the trade on the alort fora break, ‘They then resolved to carry it through, and bought about 4,000,- 000 uu more al G5@65\¢e for October, which was their Inst purchase, The trade now took care of itself, so faras they were con- cerned. ‘The drouth continued; but still the corn did not grade go well as ‘had been expected, ‘Then the reeelvera began to fill on the speculative qwarket, and the moves ment was responded to by another buying Tush from Wall street and St. Louls that, fairly (or unfalrly) carried the market off its feet, tnking it from 6Ol¢ upto 74 In the last half of September, he selling during this period was done by the smaller longs, and by those who were already largely short, the latter hoving that the scare would, soon be over, The rapid rlse took the breath aut. of shippers, and freights declined for lack of business. "Sept, 28, corn was taken to Buttato at le per bu, with a storage rebate at that. ‘The 1 day J¢c was accepted for the sery- fee, and Oct. fn cargo was taken through to Glnsgow at 120 per bu. ‘The apathy on the part of shippers, to whieh the above’ figures are a key, comblned with Inereasing receipts, augmented our stocks at the rate of about a infliion tind a quarter bu per week, Some of our storehouses were nearly full, one road Announced that“ for the present” its azents would receive no more cern consigned to Chivago, and then: tho ery was roised that the New York clique intended to corner the market for October on the fact of full glevators; grain not being regular unless placed in store, Meanwhile the market was very fovorish, and was scarcely relieved when tt became pretty well known, late fn the month, that Hobbs & Co, had made are Tangements to take In, on the Ist, all their corn. ‘The firm had arranged for the use of $1,500,000 of New York funds, but almost at tho hist moment the New York tnanctal Kings uinds money searea on tho seaboard, and it was deemed best to borrow the cash here. It’ was easily done, to the extent of $0,500,000, ‘They received and paid for 5,500,000 bu on the first delivery day, and the next two days rulsed the total reeelved to over 9,000,000 bu. It had been decided to ship sume 4,000,000 bu enst, but the prospect ofso much to do induced vessel rgents to advance thelr asking rate tode, antit was then decided to sell the corn out here. It was sold all the way down from 7c to Ge, and the whole den) was closed out and wound up carly in November. It is reported on good authority that the one firin above refer- red to handled contracts for nbout 60,000,000 ‘bu of corn for October alone, to say nothing: of other months, making It by far the binge Rest operation ever conducted fn grain athe West. 1t Is understood that about one-third of the quantity was on account of parties In ‘Wall street, ‘The heavy decline while realizing was chielly due to pressure from without. On Monday, Oct. 3, the leading short firm (Lyon & Co.) suspended, but the fact wns nob gen erally known that afternoon, ag he had sluply declined to post additional margins, though without authorizing any one to close out their deals with hhn. ‘Tho same even- ing the Directors of the § Board of ‘Trade decided on 626 28 & basis for valiing margins on “Novembor : contracts, ‘This fact was not known outside, either, but Hobby & Co. suspected some such result, and begin to unload on ‘Tuesday morning, solling about 1,250,000 bu from 7%e down to O05Ze, ninid a confusion such as fg not often withessed, and duting which the action of the Directors was ofiicially reported on *Change, Gf course o great deal of other corn was sold during thls downrush, several lots belng sold under the inpression that the shorts need not pay more than (2c In settle ment. ‘This view prevailed widely outside the city and brovglit in, selling orders on sueceudling days, under Which the markot for spot declined to 6c on the Oth, with a. great deal of corn untonded on nccount of the New York longs. It dectined to We on the sth, and touched bottom at 508fe on the 1th, having declined 103¢c, or 2137 per cont, inten days, During the remainder of the month the price’ of cash No, 2 corn averaged not far from (2c, the figure fixed by the Directors, Menuwitte the receipts fail off, partly because of the dis- inclination of some rounds to take corn cons signed to store hore, and there was u better demand for slilpment, while the fear of stor- nga pressure way partly removed by, % vote of tha Board on the 19th, giving tho Directors the power to recoguize ‘as regular grain stored In vessels or elsewhere outside the elevators should clreumstances require it, ‘Tho back of the New York combinatlon (as ib was called) was supposed to be broken, and the something lke 0,000,000 bu of spot corn held on their account was sold for No- vembor, and sorted out Into 5,000 bu lots ready for delivery on the lst of that month, ‘Tho order to deliver {t was, however, re- called at tho Jast moment, which again-non- plused the erowdof operators. Thevorn wag afterwards doled out du lots of half mill- jon or so, on soparate days, indicating that Jt was delivered on order from several per- sons acting Independently though through the ono commission firm, ‘The market ruled Jyenkduring the first week in November, and then turned upward, wider a rather sharp pressure to fill shorts for Inst month, as res celpts had fallon off to a low point, and the low grades again comprised nearly two- thirds of the whole for several weeks in suc cession, ‘This, with the prospect of higher frelght rates, also sthnulated a butter de- mand for ahlpments, ‘Tho bulk of the corn moved out was, however, sent by rail, on freight contracts mado previous to the Sc nud- yaneo announced by the rallrond companies, Lake freights remained down to a point whero only steamers could afford to carry; ani it pald even them so poorly that several wero lald up) for the winter before the middlo_ of November, ‘Choe mar. ket .fell off slowly til the id of that onanth, and then again started up under tha consumptlye sunsation of the year, St Louls was sending corn through io LAverpool nt ite per bu via New Orleans, tnd the same rates wera offered to her ship- pers via Boston. ‘This enabled thom to pay Batic ver bu more than the price In thls market, and to draw on Peoria, us wellas pointy nearer the big bridge, for corn to send Io Etrope. ‘That stimulated speentation hore, and our Jow grades were takun go frou ly by Aliipers. that rojectod sold within Ugo of the price of No, 2 while tho shorts bought fearing a small supply, a8 our recelyts re- mained very low under the vigorous Southern competition for spot corn, “There was little doing In December for future de- Hyery, but the market was sustained by the fact of ndiminishtiuge visible supply, shippers wanting the corn faster than It came fron first hunds, New corn arrived more frecly, and mnostly Inspeetud inte the lower grades, which eausod a widenlug of the discount on rojecter ; PRICES, ‘Tho following table shows tho monthly range and the average price on No, 3 cori throughout the eRrr i aigheal’ “Apert eat, igheat, an ons tng Ao i Ee a 4405 bot 47.00 Se. ALT 1% 05.40 TOK UE a a ry 0.80 i Wy 40 Bods a ray Do 187... 49. 25 Do 1874, 4a OTH Do 1877, [com Ed aah te a Do 1814 65 Do 187U, eo) Big UT ‘The following tablo shows the averazo specie price of No. Scorn iu this market for Hants -tre years past, ‘The averaxes of the Jast ning years are very boar the truth, The earlier ones are near enough for purposes of comparison; Avorage prico of 23 neatly 14 per cent ubove the average price of the preceding years In the series. TILE BIORTAGE. It was estimated by good. authority that the unusual severity of Inst winter caused (he consumption onthe farm of nearly 300,- rs, 4c, which ts 000,000 bu of corn more than would” have beun required In an ordinary winter, Tha ngures Woy seem large, buta little consid. eration will show that they are not iniposs!- Vie, Ifthe figures of yleld given by the oilicial statisticians are npproximately cor- rect, we have about 1,200,000,000 bu to be con- stuned on the farm in cach of two past years. That is at the rate of about 60,000,000 fu for eavh of the six sutnmer months, and 150, 000,- 000 for ench ot the six cold months, Last winter began much carlier than nsunl, in addition to being more severe, ‘There was nearly n month of extra consumption, in polntof time, and not far from one-sixth more corn required during tho ordinary duration of winter, Add to this the fact that a widespread scarcity of ‘coal made It 1 onary to use untold quantities of corn for fuel, not only on the farm, but even In the seountry towns, where raliroad communteation was cut off for weeks together by the storm. But there was a great deal of ofd corn held over from the previous year, and subsequent events have proven that the crop of 1830 was underesti- mated. ‘Then the stocks were kept back so mitch during the first half of 1831, owing to poor cundition, a8 aboye noticed, that stocks ofold corn inthe country are not yet exhaust- ed. It wasestimatedsix Werks ago, that nearly: two-thirds of the corn eribbed last: winter was yet untouched over vast t of coun- try. “The crop ot 1 was belleved to be poor, much bet- ter than expected, andthe hgh price lias made farmers more anxious te gather it in. Tlundreds of fields in whieh the stalks wera so thin as to endanger the bending over of the cars Into the mud have been invaded by the corn gatherers, and the zraln taken cara of, where ordinarily itwauld have been lett to take of itself through the miserable weath- or of Inst October and November, ‘There 1s therefure plenty of corn, and will be all the nore next spring, If, as claimed, hogs are 25 percent short of the count ofa year ago. Lhut would incan a difference of something Jike 100,000,000 bu less required In fattening, while the mild weather of the Inst few Months may be estimated to have added an- other 100,000,000 bu to the supply, in. the. shupe of lite grass feed to lessen by su inuch the farm consumption of corn by hogs and cattle. For the rest we should not. forget that the farmer is more careful of Ms corn When prices ara high than when they are Jow, Corn ut 20cin the country inenus corn feed to ull kinds of stock, small as well a3 erent. Corn atd0e means a wonderftl re- striction, which nay be estimated at not far from 80 per cent on the maximum of con- sumption, Stil further, our exports of corn the past your were only bout two-thirds as large 13 188d, ‘Nhis little dlterence of somethtug Hike 40,000,000 bu js litte in itself, but it helps toswell the grand total of saving, ag does the othor fact ‘that the consumption of corn by home manufacturers has been materially lessened as a consequence of high prices. In October the dlstillers of Chicaxo were run- ning only @ per cent, nnd those of Peoria only 76 per cent of thelr capacity; and an Agreement was made Nov. 20 by which tha procuction of the West is to be kopt down to about one-half until greater netivity is warranted by more natura! conditions, With the advent of hich prives the glucose works closed up Ike an oyster in the pres- enee of an ene One cnse was reported of a glucose nantifacturer who had. 2,000,000 bitof corn in eribs bought for use, THesotd out the whole at a profit of $350,000 on cust and expenses to date; and closed up his te- tory, The yianufacture of glucose In the ‘United States fs estimated at 200,000 tous per year, which at 30 lbs tu the bushel of corn, Would consume nearly 18,600,000 bu, YIELD OF PAST YEARS, ‘The following table gives the estimated corn acreages and yleld of the United States in several years past. The returns for, 1603 to 1864, Inclusive, embrace only ute loyal States,’ Also the fotal exports of carn from all United States ports, ‘The figures repre- sent milllous aud dechinal parts of iuilllions, Crop, © Exports, iy. 08 5 ues BOS.0 iia he corn crop of this year is siven as 1,234,- 23,000 bu, with an average yleld of 20,35 bu. per aero, ‘The estimates of the corn yield made by the Agricuitnral Bureau afew weeks ago, wero as follows, for the more important States. ‘They have since been slightly changed, giving a slightly greater nzgre- gate, a8 above, “The totals inciute thosu of the omitted States and Territories: —r—1851—_—— 1880, Aoaregate States. Acres. Acre. vield. Kentueky , 2,057,000 17,1 UHO,070 + 0,108,000 28,0 110,140,000 3 GA,818,001 BK T0792 Minnesota, 000 41,2 I 400 15,478,000 Jowu. + 6,847,000 25.7 175,007,000 Red, 12 BaD Missouri... 6,000,000 18,0 101,700,0 160,105,408 Kunsus,,.. 9,025,000 18.2 05,075,000 i) Nebragka., 1,970,000 27.5 62,800,000 69,507,000 ‘Total (12,414,000 20.44 1,275,702,000 1,717,401,518 1831. O, Bushels, Bushela, BU UTED WAST OM — 103,400,420 y 853, © Pacltio Sintes ‘add ae toe Territories. 8,197,000 TB 75 Total. sonseee LTT 451,018 ‘Tho crop of tho New England States shows Qslicht increase, and the same fs true of the Pacilic Staces and the. ‘Territories, But everywhere else there is a bix falling otf, and It is most marked In the sections whieh, usually ratgo the Jargest crop. ‘Iho ylold of Allinols ts widely belleved to be very much Jess than that given oficially, the southurit part of the State deluge lnmentubly short, jonie observers think that Unis has ratsed only about hall as much corn as In 1880; that, the sume Js true of lowa nud Indian; while Missourl and Kansas have not grown more than one-third as much corn this year rs Inst. Nebraska and Minnesota have raised n good crop of corn, and so have Wisconsin and Michigan, but these statements are only comparative, All tour of them have only raised about 140,000,000 bu, which is only about OU por cent’of the Ilinols erop of 1880, cRInING CouN Was actively prosecuted in tha autumn of 1880 by Chicago men, though thelrexperlence had not been \ particularly: profttable the pro- vious year. One fir alone (connected with ® Now York house) erlbbed com at nearly elahty different points, and they ant othors sent their grain directly East from the coun- try, dotting scarcely any of it come into Chi cago warehouses, ‘This fact partiully ac. counts for the fulllug off In tho votmne of our receipts. They had a still moro trying te this year thun in 1880, A great deal of corn lad to be bought in at 0 loss on account of fallure tu pass Kratte, og above noted, Hud tho risa in prices while they were holding back for it to cure made heivy drafts upon capital ag well us patience, faving been sold urlug tho winter ut relatively low fig- “ured phe corn had to be margined upin some ensey to a polnt twice us much ns the first cost, and gome firma wore really hard pushed to turnish the cash required usseoure ty for the delivery of property which they hid already bought and paid fox, It was only natural that sone of them shoul look very shy at tho pra jasition to ontor the same fleld at the beginning of this winter, especlally us the chances favor reqitl sitions for heavy margins in the other dirce- tion next sprit and summer, ‘hen, too, the wet weather of the fall was very discour- aging, Tho damage by sprouting In the flelds Was overstuted, but there wasn good «teal (rather a great deal) of St, nevertheless, and much of thy corn was so thoroughly sodden with moisture as to promiso poorly for cou- INTY-FOUR PAGIN. dition In the spring. think {t probable that the corn of last year will grade even worse than did the proced- Ing crop, In which case it will be tard to handle, and will be caneelally risky ag & mna- terfal for sliipment to the Old World. THI EUROPEAN DEMAND for corn was very good during the first halt of the yenr, and high prices checked it Inter. Our exports have been mitch Jess, but moder= ate prices this winter would invite an nctive movement across the ocean, as holders of Danubian carn were not anxious to market {t previous to the closing of Black Sea ports by the tee, ‘The corn crop of the Danublan region is, however, reported to be better than the average and, If this bo true, we may look for active competition next spring in tho pipoly of Westarn Europe with corn. But there ts some reason to look for n Jarge increase in foreign consumption of the artl cle. An Increase in the number of live-stock will nugment the demand for feeding pure poses; and the people of the Old World are now well cnough nequatnted with [ts value for human food to fall back upon it to a con- siderable extent shoutd wheat command a high price, though it would probably require soine such stiinulug as that to Induce them to eat much corn, = ‘There ave many who OATS, THE MOVEMENT OF OATS has been a very large one, exhibiting an In- crease over that of 1880, The receipts of the past year were 25,007,000, agalnst 23,400,015 bu In 1880; and the shipments were 23,228,000 bu, against 20,619,427 bu. tha previous year. itis worthy of notice that the recelpts of 1680 oxceeded those of 1879 by 41 per cent; and exceeded by nearly 25 per cent those of 1878, whieh had previously been the banner year, ‘Tho market has averaged higher than ever before, on a specie basis, except in 1874 and 1875, when the averages were about 41}4c and die respectively; while they averaged only about 153¥¢ in 1861. ‘The range of the mirket has been a ilttte greater than {1 1840, being nearly one-half of tho ‘lowest, or one- third of the highest price, There was conpuratively Httle doing In a speculative way during the first two months, and the market ruled very steady, In Marchi two or three local capitalists ‘surveyed the situation and concluded there was money in it. The crop of 1850 had been calletl a stiort one, ‘There had been n very large movement. of oats from first hants In the fall, and a fair movement latter, with unusually bi of oatineal to Europe, from which it was In- ferred thut few oats remained behind on the farm. So the parties above referred to in- yested heavily for May, expecting to by ablo to sell out ata gvod profit when that month came round, But receipts were larger than expected, und this encouraged the crowd to “jump on” the deal till there was a loss in- stead of a profit in it ‘Then the May contracts were transferred inte June,, only to meets; with a similar fate, though corn and wheat were looking up. Sul another transfer was made Into July, and ag a mensttre of self-protection, possibly spiced with a ilttle revenge, the hold way deepencd—nil the more easily as Ue bears took cournge from the experlence of the bia preceding months, The result,was ut- ler DISCOMFITURE TO THE SORTS; but It was probubly n dearly-bought victory for the songs. Tho high prices siinply brought out. all the onts there were In the i exports |. rr Higher than In 1880, In sympathy with other corenls. It has, however, scarcely nyoraged much moro than the price of rejected whent, Whera a few years ago It commanded nearly } the same pricens No, 2 spring, The glory of rye bas departed since It was discovered that corn can bo used in the manufacture of whisky, und those eltizens of the United States who used to cat-ryo bread in. their firopean homes have learned to like wheat bread as well or bettef. ‘There has been nv ginalle tiuvement cf 2°, a year, tia in ce 1875, The recelpts wore 1,403,000 bu, againat 1,869,218 bum 380; fal {he shipments wero 1,179,000 bu, against 165,165 bu tha provious year, re was a fair atock of ryo on hant twelva months ago—about was mostly held for shipment to Olio, Ken- tucky, and Tennessee, and the parties’ own- Ing It controlled about oll the,stock west of the Alleghenteg. It was moved out In tho early months of the year, oud the market bounded upward in April, owing to a preas- ure to fil] May shorts, ‘This eutininated In the May deal, which enrried the price for that month to $1.22, and there was one sale of choice white at 81.25, the highest igure of the year. About 20,000 bu was left out- standing, which was settled at $1.18, ‘Tho rye left over froin thnt deal was tuken to go. to Pittsburg, leaving. the: market free for trading on the new crop. In June No, 3 opened at 0c for sulter jAtmust or Septem- ber, and sold off to %5e, which was the luwest ont ‘Then trading.in futures became act- ive, and the market gradually worked up in synipatiy with wheat and corn til Oct. 3, when SL.173¢ was paid for December deilv- ery and $1.10 for November. Then the fixing “of G2c as a margin prico for corn sent rye down. to $1.12, and it gradually shrunk to Sie for December, It then reacted to $1.01 for that month, and set- led brek to a little below $1.00, where It has been quiet for two or three weeks past on very amall receipts, which were taken by the focal distillers, About nine-tenths of our present stock is held chiefly by parties In the country who regard rye ns rejatively low, Prices, The following table shows the monthly Tange and the avernga prices of No. 3 rye throughout the year: : Lowest, Highest. Averaye. Ki 8 $8.08 For tho year.,.., a Du 188). sees 6914, 0, 43 1 als, WL Do 1875, i“ a sl sree it isu noteworthy fact that not a single cargo of rye has been shipped from this efty alnce Sept. 15, 1880, Allour shipments dur- Sng the past year were made by ral. The rye mostly went to Ohlo and Kentucky, Where they had rolled up uw stock of over 6,000,000 ‘gallons of, srhlsky about. three inonths ago, largely the product of Chichwo country, sweeping the farmers’ bins bare. How closely the scavenging worked may be inferred from the fact that for two or three weeks after tho close of July these oats were being shipped back into the cogutry nearly ns fast us they hud previously come in. Large quantities were sent to leading potnts in this State, and even to St. Louis, while Milwaukeo took a liberal quantity. Several hundred thousand bushels.were thus dis- tributed ‘back where they came from to fill the yold til tha new oats were ready for consumption. Alded by the risdin wheat and corn, the price ‘adVuneed to 4ic by the end of duly, With about 5,000,000 bu that had to be elther bought from the longs or defaulted on, Nearly 1,100,000 bu was left unfilled, t atterwaords settled for on tho basis of which price was oficinily declared Aug. U1. It is understood that, of ‘the seven to eight iniifion bu ensh oats on hand, the fongs sold nbout flve to be shipped Eust, and sold the rest In this clty or for resilpment to the country, ns above noted, Some of the onts Were sold ata considerable discount from the nominal market price, in order to close up te xccount before new oats were press- Ing on buyers In competition with the old, Since then there kas not been nu “deal” of any uingnitude In oats, though prlees kept up, pretty well during the autumn in” sympathy with cotn, There was Q strong pressure in December onts during the past month, and they wore run up to nbout May prices, ‘The cause was An -unustal demand to fill shorts for the year, which hid been put out to the extent of several million ba, at 80c and under, early tu the season, ‘he higher prices brought In onts so freely thatthe dally re- ceipts have recently been nearly equal to those of corn, and exceeded them two or three days, giving the trade about all they wanted to handle, PRICES, The following tablo shows' the monthly rangeand the average pricéon No. 3 outs throughout the year: Month, Lowest. Highest, Average. Januury.. E ag 8) nag i October... November; Docember,... 6.0 THE cror oy 18St Js widely supposed to have been ghter in yield por ere than that of the previous year, ‘Tho Washington returns jnake it early Off percent iurger, Our receipts, so far, Indiente aimuch bigger crop; but there are two reasons for un increased invvemont. ‘Tho recent pressure to till shorts has made holders anxious to market ull that they thought good enough to pass mpster fn fillnz contracts (and thoy sent in large rye, ‘The result was o relatively low price for spirits, which was only met (and con- quered) by a concerted action minong distill- cre, or rather concerted sem!-inaction duringe the pnst six weeks. The foreign exports of rye were yery sinall during the past year, and the little that went nbroad way mostly drawn froin the Middlo States. THE CKor, Tho following are estifiates of the rye aereage, aid yield in millions of bushels, in the United Stutes fer several yours: Year, 4 > 4 ae Tk 18%: Isr Is. TB0. }+ 1381 aay h fie . ‘The yield of last year is stated tobe 18,7.- 27h bu. ‘These figures show a reduced ylold {n 1881 on asilghtly reduced acrenge. The yleld in Kansas, Nebraska, and the Territories was considerably above an average; but the crop Was relatively light in the States east of Ure Mississippi, though there were many locull- ties In which 6 good crop was hurvested. ‘The quatity Is, however, muck better; the measured bushel averaging. nearly two pounds more in weight on the Inst crop than for that of 1880, and the proportion of re- ected is not more than 4 or 6 percent, ‘The Janadian crop of 1881 is even better in qual- ity, showing an Iinprovement of 3@4 pounds to the bushel, and the quantity is a full aver= age. Very Nttle of 1t hns come to this mur- ket yet; but there is reason to think it will be offered hero rather freely next spring. BARLEY. TNE MANKET FO! BARLEY Inns been unsteadily steady during the past year, Prices have jumped up and ‘down often, but the rango was not a wide: one, ‘The greatest variation on the leading grade was only Bic, or a little less than 3t per cent of the highest price of the year, The moye- ment has been tho largest of any year since 1874, the receipts of which were the largest in our history thus far, ‘The recelpts were 6,882,000 bu against 6,911,650 bu in 1830; and, the shipments were 3,031,000 bu, uguinst 3,- |. 110,935 bu the previuns year. ‘These figures show that a Inrge proportion of our receipts gocs into constimption in this elty. “Very much of it is used up: by the brewers; but considerable quantities are also malted here for shipment to othoy pinces. ‘This fact helps to explain the relative standi- ness of the market, Local consumers have “run” it to a lnrgor extent than ever before, and have encouraged the trade tn samples 80 inuch that the | regular nurket has ‘beon at thues inactive for several weeks In succession, As nh con- sequence, tho scalping part of the trade, which was formerly a lucrative one, hus now dwindled ton mere shadow of its former glory, though the badgering process js still Kept up from the mere force of habit, while it decelyes no onerand seems to profit No- ” 1,709,819 1, a z, quantities of onts that ‘were rot) good enough). Secondly, the crop hus turned out best fn that section of the country which is naturally tributary to Chicago, Northorn Winols produced’ a good avernge yield While the southern part of the State turned outitie more than 50 per cont, ‘The same was, truo of the State of Lowa; while Minnesota and Wisconsin had a satistactory yleld, and a slight Increase in acreage helped to nnke up for the deticluncy further South. ‘lhe crop was generally poor in Missouri and Kansuy, following the rile of Southorn Wiinoly. + Our receipts of white oats have recently execaded those of No. 3 nixed; the propor- tion of whity belng considerably larger than the previous year. ‘The experience of 1880, when they were readily taken by consumers at 1@4e “premium, encouraged ‘growers to Increase the acreage sown to white, ‘They havo avernged 2auio above the price of No, 3 nixed during the past year, except nboat the Hn of tha greatest speculative pressure, when they were taken to fill shorts, Othor- wise while oats huye generally been sold on the sample market, ‘The Inat crop has also given Ux & great many more rejected onts than Its immedintey predecessor did, This was chieily owing to the miserable weather which prevallod Hurl tha ripening season, Many of the oats wero badly scorched by thu rotracted drouth, and when harvested wero baaiy drenched by heavy reli, ‘his was yory widely the caso in Southern Alinoly and Jowa. Tue onar, ‘The acreage of the United * States, and the catinated yleld of onts for several past yeni, i wuillions of bushels, was reported ug fol- ows: Year, Acreage, Yield. 1B. a) ea 0 240 rir iu 40845 1880 {ee1G 187077418 aa ; sea oo ‘The yleld of the past yenr is glyen as 4433,~ or7st bu, oran avers of % Je bu per aere, ‘She ylold ot 1880 Is given us 417,885,850 bu, or 25 110 bu per are, RYE. THE UYR MARKET has ruled moderately active und relatively steady, except {n the spring, It then took 4 high range; and has since averaged much + . body ‘There has been very tittle spouittation tn barley the past year es compared with that in other cereals.” Porhapa that is pariy tracenble to the fact that our Inspectors have tound very little No, 3 in eltherthe old or the new erop, which has auch promoted the trade In sample lots, ‘The speculation of former days was all in No.3.and In tts ab- sence the trade does not take kindly tu No. 3, people outside distrusting its keoplug quall- tles for a long Investment. ‘The deumnd tor barley by other than Chicago consumers chiotly canine from the South und Southwest, Louisville tools a great deal, Southeastern, Missouri considerable quantities, and there ‘was n fair demand by Southern Lows. Clie elnnatl was also a good customer, but too! it chicdly Ju the slinpe of inalt ° THY YEAI OPEN: on modernte stocks—abvout 200,000 bu of all wrades here—but imaltsters were generally Well supplied, nnd there was nob much de- mand, ‘thie markot gradually stitfened tit April, and thon fell back, touching the low= est polut of the year In August, and reacted alugelshly in syinpathy with the general ud~ yatice ht the leading cereals, Speenlation in the now crop epened about two months be~ fore the tle of harvest, ‘There was sume heavy buylng for October delivery, becniie of widespread finpression that’ the yluid would be mich less tian that of 1880, ‘The highest urives ald for October ware $1.17 on No, Sand for No.3, Tho prospect had imaterinily changed betoro these contracts matured, nnd the fact of an average crop was generally admitted; but heavy rains prevented the recelpt of as much grain as Wns expected, and tere was a iittls squeeze, All the contrncts were, however, auicably settled up, ‘There was unother tlyht tine 1 Novomlicr, No, 3 udvanvlng to Be, with most of tho shorts filled or settled at U2G@0ee, Again in December the market stitfened, ind touched the highest priew of the year at the close under a pressure to fill shgrts for the month, whieh was all the greater, a8 the adjournment over today prevented the de- livery of a good deal that was coming ln from the cauntry, aud forced the shorts. fo fll onthe market, No, 3 hus re cently nh let alone, and has ruled relntively low through neglect. ‘Che price differance. be tw on und No, 8 was about 15@1vc tillu few days ago, when lt was narrowed by the greater demand for the lower grade; and at the close the difference Is only le, ‘Our best sources of supply have been Min~ nesoty and Wisconsin, An ducrensed area wys sown to barley in those Btates, and It matured well, with a good yleld, in spite of unfavornble weather near harvest thie, “The yluld in Nebraska was diunished by the drouth, and St. Louls took imost of whut that State hud to spare, Oue notable feature 000 bu—bnt it -