The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1879-01-29
A BULGE IN WHEAT.
Chicago Times. Jan. 90 /


The spring wheat market has finally left the
ru5 1t has SO long occupied. On Monday even
ing the deal closed proVokingly dull, and at
the opening ST yesterday there was no indica-
5iop apparent that the speculative fever that
has prevailed during the past ten days in pro-
visions was about to prevade the wheat move
rnent. Early sales were made at only a small
fraction over Mondays closing prices, and for
time the outlook rather promised a depressed
feeling. Before business, however, had fairly
commenced the tone and appearance of affairs
underwent d complete change. The provision
deal failing to show any abatement in excite
nnent Or interest, operators all of a sudden
seemed to have reached the conclusion that the
time had arrived for wheat to divide
The attention steadily bestowed
Of late on mess pork, lard and meats
Without stepping TO consider the large stocks
Do hand and in sight or the apparent deter
znination of foreign buyers to refuse to buy TO
airy extent ahead OF current wants, or. in faet
10 ascertain if the situation at the present time
warranted an advance, the entire trade took
hold to purchase. Shorts, under the stimulus
Of urgent and liberal calls for margins on their
outstanding contracts, bought on every hand
local capitalists, many Of whom have been
waiting and watching for the turn to come for
weeks, took III their 'shves" or items to hold .
outside orders, as if by magic, increased ten
fold over their usual number, and for the bal
&nce of the session buyers competed with each
oSher in the most lively manner. After the
f>ver. to use a slang phrase, had fairly s'strucl
in,'' the movement was decidedly one-sided.
The shorts, az we'll as the old chronic
bears, we're badly routed, and the bulls were
left complete masters Of the field. To sum M
the session deal after the few transactions
made at the opening, it is simply sufficient to
state that activity, buoyancy and excitement
we're IT'S main features. The bulls carried the
market by storm, and, a result of their
operations, prices closed 21ac higher than the
opening figures Of the day, and 23Ic better
han the last quotations of Monday evening.
Trading was unusually liberal, and the BUSH
ness transacted in speculative circles was larger
chan on any day for months past. The deal
was evidently ripe for change and as there
we're no failures or suspenslona to speak Of
operators, as a rule, seemed to be in /. position
TO turn it to good advantage. There
Tere doubtless come sufferers, but the
major portion of those interested had
heir sails trimmed, and were prepared *, tnla
part in the advance, the permanency of which
However is still doubted by many. liverpool
snd New York adyices reported little or no
change Of any consequence in the condition of
,either market, and outside Of Chicago and Mil
WBukeo, the character of the deal Was lpracti-
&aly unchanged. The West, however, holds
+ he balance OF power IN the wheat Market and
aough perhaps, the coming of the present bulf
arm may be considered too early in the present
GEAR TO prove lasting, the large stocks held in
EiIis section are likely to pass into consumption
1T better prices than was generally anticipated.
The produce markets were all stronger yes
;srday, except perhaps barley; and some Of
Bhem were very much excited. Provisions were
booming, pork advancing CSC per barrel.
Wheat also was unexpectedly buoyant, adj
yancing 3115c per bushel, und even corn sold 1c
higher. ALI advanced still further in the after
NOON. Other grain followed upward in SYM
pathy. The excitement all round was very
pnusnal in it's extent, and was genuine sur
nrise to many operators; it seemed like a clap
IT thunder ont of n clear sky. y
Provisions had been on the advance for sew
ecal days previously, and not q few looked for
q cessatiou yesterday TO the upward movement
e not for marked reaction. But outsider
had evidently not got through buying, and