Daily globe., 1879-05-15
THE BULGE IN WHEAT.
MOndaU's Markets i1t Chicago and III
sy.oo

MONDAYS MN1hctS 3H Chicago and Nil
aCauEee.
Chicago Times.
in board of trade circles wheat was the
center of interest ON yesterday. Notwith-
standing the FREQ delivery of Keene's grain
on May contracts on last Saturday, the
market was unusually buoyant. Continued
dry weather, unfavorable reports from certain
sections of the West about the growing crops,
and rather improved market reports from
the East and Europe, all combined to assist
the clique manipulating the trade to shape
the course of affairs. Being favored in al
most every direction by just the influences
they desired the managers had no trouble in
working up and continuing throughout the
day strong bullish deal. The feeling, in a
word, was one sided, and the advance estab
lished over last Saturdays prices amounted
to 3 Ac. On last evening No. spring closed
at $3.50 for the option seller May; $3.50 for
seller June, and 9958c for seller July. The
clique is still in full control of the market,
and able under ordinary circumstances to
swing the trade to suit the interest of its
members. The Keene wheat delivered on
last Saturday generally found its way back
| into the hands of the clique.
Milwaukee Special.
Despite heavy showers in the northwest,
followed by warm, favorable weather, the
wheat market bounded upward again to-day
Jnne opening at 97l1 cents and selling as
high as 98]4 cents at the noon board. There
was little doing in May, but there were heavy
orders from Chicago TO buyiJune and July.
The principal feature of interest is the
change in July; that option being at dis
count all last week but is to-day at pre-
MUM. That result may be partially &C
counted for by the fact that William Young
has suddenly turned his attention to July
and is known to have bought very largely o
July last Friday and Saturday in Chicago
The market was active and was somewha
excited over reports from Chicago that {
genuine corner seemed to be developing. I
las also been discovered here that there i
just now line Of shorts out of over one mil
lion bushels. Some believe that they al
merely in the nature of straddles between
the Chicago and Milwaukee markets., for tn
best founded belief is that this marlse
has at least a million of shorts out tha
the dealers now find it difficult to take in
In addition to tho May wheat held b
Smith and the Youngs, it is believed, upo1
|
will now show over million bushels g
June and at least half million of July; ant
they are undoubtedly actively buying bot
these months, although Mr.. Smith tried
weaken the market a little to day by sellin
about 100000 June and July. The reporte
fails to discover any firms here who al
+ short to any extent, although there mu:
be some,-and so it is reasonable to suppos
, that the line now out is mainly held b
Chicago parties for it is certain that th
/, country is buying and not selling bushe
l Men of the best judgment, on the basis
former experiences, believe that every mont
until August is cornercd, and that tho rim
has money enough back of it to carry tt
). deal to successful close. The marke
has attracted more attention to-day, frol
business men generally, than any time SIM
Smith and the Youngs took the May whe
on tho 1st inst. Inspector Holland il
formed the reporter to-day that Il
quality of receipts was beginning to lowe
: again, and that the inspection to-morro
d would show that. The inspection tods
was: Six cars of No. 1; thirty three cars
. No. 2; sixty-six cars of No. 3; forty two ca
q of No. 4; eleven cars rejected, and eight ca
: condemned. The lower grades continue
. . be in demand on shipping orders. Cars a
rived to-day, 141, against 121 last Saturda
, Receipts, 1920 bushels, against 1850 u
:. same day last year. Shipments were lare
:, . aggregating 164,91O bushels. Stock in stol
y 2,25s, 600 bushels, against 49G,3G3 tho san
- day in 1878.
!, At the forenoon board the market W
! very excited, juno changing hands lively
u 79c and closed with sellers at 991ac. Ju
4 sold at 9914c. The amot.lt of wheat cha
tered for shipment to-day aggregates 184, o
!. bushels. VIM. Young predicts that the bu
Ia of wheat in store will be moved out befc
.Tuno IL