Daily globe., 1879-01-24
A BULGE IN WHEAT.
Large Speculative Demand for the Cereal
IN the Chicago Market.
%

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-
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 sales weIe made at only 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 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
the attention 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 II 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 ''tyes'' OF ''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
| 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, as a result of their
n co1oc Il, r. IL
opening figures of the day, and 2slc better
than the last quotations of Monday evening.
Trading was unusually liberal, and the busi-
ness transacted in speculative circles was larger
than on any day for months past. The deal
was evidently ripe for a change, and as there
were no failures or suspensions to speak Of
operators, as rule seemed to be in q position
to turn 1t to good advantage. There
were doubtless some 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-
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.
Chicago Tribune, Jan. %.
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, ad-
vanclng 31sc 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 a clap
of thunder out of clear sky.
Provisions had been on the advance for sew.
eral days previously, and not few looked for
acessatiou yesterday to the upward movement
if not for marked reaction. But outsiders
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 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 was for the assertion. 1t seems rather
singular that the bulge should be almost syn
chronous 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
such decided movement with scarcely any en-
couragement from Liverpool. and barely a
shade OF improvement in New York The same
remark applies to corn; and in a minor derres
to other cereals.
Some people described the change in the
condlt!7n ot the markets as 1.-The usual Janu-
ary bulge" 1t was, however, very unusual
one' and can scarcely be explained in that way
Ore might perhaps be nearer right in ascribing
IL TO the wave OF returning confidence which
!egltlmately follows q return to specie foot
ing, and the greater ease in the money market.
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 a 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.
frelght-room was not in such brisk demand in
consequence though there was no surplus OF
cars offering.
) ". ". 4rmstroag for Governor.
Milwaukee News.
W. ". Armstrong, of the Cleveland Plain
Dedte'', has been mentioned as the next Demo-
catic candidate for Governor of Ohio. Ha "a