River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1879-01-30
A BULGE IN WHEAT.
IChicago Times, Jan. %. !

The spring wheat market has finally left the
rut it has so long occupied. On Monday even
ing the deal closed proyokingly dull, and at
the opening IF yesterday there was no indica-
ton apparent that the speculative fever that
has prevailed during the past ten days in pro-
visions was about to prevade the wheat move
ment. Early 3ales we've made at only 4 small
fraction over Mondays closing prices, and for
q time the outlook rather promised depressed
feeling. Before business, however, had fairly
commenced the tone and appearance of affairs
underwent a complete change. The provision
deal failing to show any abatement in excite
ment or interest operators all of 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
on hand and in sight, or the apparent deter
mination of foreign buyers to refuse to buy to
any extent ahead of current wants, or, in fact,
to 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 in their tives" or items" to hold :;
outside orders, as if by magic, increased ten
fold over their usual number, and for the bal
ance of the session buyers competed with each
other in the most lively manner. After the
fever. to use a slang phrase, DaU faifiy struck
i'm the movement was decidedly one-sided.
The shorts as well as the old chronic
bears, were badly routed, and the bulls were
left complete masters Of the field. To sum up
the sessions deal after the few transactions
made at the opening, it is simply sufficient TO
state that activity, buoyancy and excitement
were its main features. The bulls carried the
market by storm, and, result of their
operations, prices closed 212c higher than the
opening figures of the day, and 22Ic better
than the last quotations of Monday evening.
Trading was unusually liberal, and the bust
ness transacted in speculative circles was larger
than on any day for months past. The deal
was evidently ripe for change, and as there
were no failures or suspensions to speak of,
operators, as rule, seemed to be in position
to turn it to good advantage. There
were doubtless sufferers, but the
major portion of those interested had
their sails trimmed, and were prepared to take
part in the advance, the permanency of which,
however, is still doubted by many. Liverpool
and New York advices reported little or no
change of any consequence in the condition of
either market, and outside of Chicago and Mil
waukec the character of the deal practi-
cally unchanged. The West however, holds
the balance of power in the wheat market and
though, perhaps, the coming of the present bull
turn may be considered too early in the present
year to prove lasting. the large stocks held in
this section are likely to pass into consumption
The produce markets were all stronger yes
terday, except perhaps barley; and some of
them were very much excitet. Provisions were
booming pork. advancing Csc per barrel.
Wheat also was unexpectedly buOyant, adj
vancing 316c per bushel, und even corn sold 1c
higher. All advanced still further in the after
noon. Other grain followed upward in SYM
pathy. The excitement all round was very
unusual in its extent, and genuine sur
prise to many operators; it seemed like clap
of thunder out of clear sky.
Provisions had been on the advance for sew
eral days previously, and not few looked for
a cessation yesterday to the upward movement
if not for marked reaction. But outsider
had evidently not got through buying, and
prices went up at an alarming rate, though the
local longs were accused" of unloading very
freely. The statement made recently that
there will be a comparatively light run of sum-
mer hogs has awakened mp the slumbering
confidence in pork, and people are buying
without stopping to ask how much ground
there was for the assertion. 1t seems rather
singular that the bulge should be almost syn
erroneous with the announcement that our
stocks are extraordinarily large, and probably
much exceed the figures given by the parties |
holding them.
The sharp advance in wheat may be accepted |
IS a proof that the short interest in that deal |
was very much longer one than generally sup |
posed. Otherwise there would not have been |
such decided movement with scarcely any en- |
from Liverpool. and barely a
shade of improvement in New York. The same |
remark applies to corn; and in minor degree
TO other cereals.
Some people described the change in the |
condition of the markets as THE usual Ianu- |
lry bulge.n 1t was, however, e very unusual /
sne, and can scarcely be explained in that way. /
Ore might perhaps be nearer right in ascribing |
I 10 the wave of returning confidence which /
follows return to specie foot /
ng. and the greater ease in the money market, /
which necessarily results from increasing our
medium by vast volume of coin. /
L is not probable that this wave viii carry
quotations higher than can be sustained, as one
extreme generally follows another, but there
vas room for little reaction from the extreme
lrostratiou which marked the course of the
produce markets for long time past
The trading yesterday was largely of the
peculative character, the advance in prices
arriving the markets out-of the reach of most
f those who held orders to buy and ship,
7reight-room was not in UGH brisk demand in
though there was no surplus of
airs offering.