Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1879-01-30
A BULGE IN WHEAT.


Chicago Times, Jan. o..
The spring wheat market has finally left the
| rut it has 60 long occupied. On Monday even
| ing the deal closed provokihgly dull, and at
| the opening ct yesterday there was no indica-
| tion 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 Gales we've made at only q small
| fraction over Mondays closing prices, and>for
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 a sudden
| seemed to have reached the conclusion that the
| time had arrived for wheat to divide
of late on mess pork, lard and meats
Without stepping to consider the large stocks
on hand and in sight, 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 ''tves" or ''tens'' 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 slang phrase, had fairly ''struck
ill., the movement was decidedly one-sided.
The shorts, well as the old chronic
bears, we're badly routed, and the bulls were
left complete masters Of the field. To sum up
the session. deal after the few transactions
made at the opening, it is simply sufficient to
state that activity, buoyancy and excitement
market by storm, and, as result of their
operations, prices closed 219c higher than the
opening figures of the day, and 2&c 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 a position
to turn it to good advantage. There
were doubtless come 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 was practi-
| 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 excite!. Provisions were
! booming, pork advancing Csc per barrel.
| Wheat also was unexpectedly buoyant, adj
vancing $50 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 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 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, tllough the
local longs were ACCUSED" of unloading very
| freely. The statement made recently that
! there will be comparatively light run of sum-
mer hogs has awakened up the slumbering
confidence in pork, and people are buying
without stopping to ask how much ground
| there 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
as proof that the short interest in that deal
was very much longer one than generally sup
| pOSeO. OtleIWlSe L0ere WOulu nOG nave Deen
such decided movement with scarcely any en-
enlargement from Liverpool and barely
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 1.-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
| it to the wave of returning confidence which
legitimately follows return to a specie foot
| ing, and the greater ease in the money marker,
which necessarily results from increasing our
circulating medium by vast volume of coin.
1t is not probable that this wave will carry
quotations higher than can be sustained, as one
extreme generally follows another, but there
was room for 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 prices
| carrying the markets out of the reach of most
of those who held orders to buy and ship.
Freight-room was not in such brisk demand in
consequence, though there was surplus of
cars offering.