Stevens County tribune. (Morris, Minn.) 1877-1880, 1879-01-30
A BULGE IN WHEAT.
Chicago Times, Jan. 20. |

The spring wheat market has finally left the
rut it has SO long occupied. On Monday even
ing the deal closed provokingly dull and at
the opening Of 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 sales we've made at only small
fraction over Mondays closing prices, and for
a time the outlook rather promised a depressed
feeling. Before business however, had fairly
commenced the tone and appearance of affairs
underwent 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 so steadily bestowed
of late on mess pork, lard and meats.
Without stopping 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 ''fves' or items" to hold;
| outside orders, as if by magic, increased ten
| fold over their usual number, and for the bal
i ance of the session buyers competed with each
| other in the most lively manner. After the
1 n
| in" the movement was decidedly one-sided.
| The shorts, as we'll 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, a result of their
operations, prices closed 215c higher than the
opening figures of the day, and 2$lc 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 suspensions to speak of,
operators, as rule, seemed to be in position
to turn it to good advantage. There
were doubtless rome 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
waukee, the character of the deal was 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
| at better prices than was generally anticipated
The produce markets were all stronger yes
terday, except perhaps barley; and some of
them were very much excited. Provisions were
| booming, pork advancing Csc per barrel
Wheat also was Unexpectedly buoyant ad-
vancing 315c 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 was a genuine sur
prise TO many operators; it seemed like clap
| of tkunder out of clear sky.
| Provisions had been on the advance for sew
eral days previously, and not a few looked for
cessation yesterday to the upward movement
if not for a 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 yery
, freely. The statement made recently that
there will be a comparatively light run of sum-
mer hogs has awakened up the slumberiug
| 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 SYM
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
as proof that the short interest in that deal
was very much longer one than generally sup
} posed. Otherwise there would not have been
3 such decided movement with scarcely anv en-.
q
shade of improvement in New York The same
, remark applies to corn: and in a minor degree
to other cereals.
Some people described the change in the
condition of the markets as ''the usual Janu-
!, airy bulge" 1t was, however, very unusual
? one, and can scarcely be explained in that way.
/ Ore might perhaps be nearer right in ascribing
I 1t to the wave of returning confidence which
. legltlmately follows return to specie foot
ing ana the greater ease in the money market
which necessarily results from increasing our
circulating medium by a vast volume of coin
1t is not probable that this wave will carry
t quotations higher than can be sustained. as one
/ extreme generally follows another, but there
r was room for q little reaction from the extreme
, prostration which marked the course of the
! produce markets for long time past.
The trading yesterday was largely of the
speculative character, the advance in price:
{ | carrying the markets out of the reach of mos,
g of those who held orders to buy and ship
s Frelght-room was not in such brisk demand il
consequences, though there was no surplus Of
a cars offering.
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