OCR Text |
Show Filling a Largo Wheat Contract, Mr. S. W. Sears of this city completed, on Wednesday, his freight contract with the Cen-tral Cen-tral Pacific railroad company t ship 1,000 tons ot Utah wheat, or 100 carloads, to San Francisco Fran-cisco in forty days, having two days jtoBpare on the contract. This contract con-tract give him a considerable freight rebate on the entire shipments, a portion por-tion of which will comprise his profit. In order to control the local market, Mr. Soars hud, of coune, to offer the highest rates to the farmers, his average aver-age purchases having boeu at the rain of 84 cents a bushel. There wero speculators in the field offoriug 65 and 70 cents when Mr. Sears made his contract, but his prices soon shut tem out. The San Francisco wheat market is governed strictly by Liverpool, Liver-pool, and as the fluctuations have bee.j almost steadily downward down-ward for a few weeks past it has required nerve as-well as judgment judg-ment to buy largely under these cir-cumitanoes. cir-cumitanoes. Mr. Sears has been a beat io wheat all fall, foreseeing that then was nothing to keep tbe market up In this view he has made it a practice in filling his contract to sell it Bhort, or rather, in advance of shipments, and thus realize the highest price on a falling market. 8hould wheat fall during a specified time he would, of course have to fill his contracts at higher prices and a loss would ensue to him and a corresponding Rain to the buyer. Hud he ailed to fill his freight contract'h nis i would have lost his rebate and ben out of pocket in the transaction. Hia success, however, how-ever, will make the speculation a fairly profitable One, though it was not generally believed when be undertook it that it could be accomplished in the epecihe time, as many of the farmeri have been loth to sell wheat, under tho iru prestion that higher rates would prevail pre-vail in the winter. Iu securing this 1,000 toud of wueat Mr. Sears says be hai confined bia operations to the Hue of railroad between be-tween Ogden aod Paysou. He has not touched the b Lores in the Sanpete and Oache counties, nor has he drained the entire Burpius in the territory ter-ritory where bis purchases have been made. His operations have been beneficial in adding to the circulation of cash in the territory aud in giving tbe farmers the highest market value for their grain Tbe total amount of-money of-money covered by this contract will reach some $30,000. |