, 1881-07-22
TIE "BQ0ad" IN PRODUCE.

After rcad1ng yesterdays record Of tho
proceedings Oh tho hoard OF Tra@io the ll,l-
parttnl md dislnterestc,l observer will prObn-
bly, conclude THAT tte "bnlls" arc rn,ltIlng
pretty fast. Wheat was pushed np to over
si.ls for the short futures, which, less tllan
week ago, ranged between Sill and Sl.la
per bushel. Tho principal part Of this MI
vance las been brought nhout Within the
last two days. There Is n suspicious s,ldtlell-
ness about It. Wheat may still atlvuuec In
price. There arc many conditions favorable
to MI upxArd movement, aiNl tho other feat
,,Fes of the prtuluce market may follow It.
Int Legitimate aaynnccs ut this tttlt would
not bc so largo n0r so sudden, bccattso the
circumstances which would warrant mark
Ing tip the prices for future delivery have not
been fully demonstrated. i
!, IL ls pretty certain tiat there will be n coli.
siderable Shortage In the yfcItt OF winter
wheat, some shortnEd iii that OF spring
wheat, atd even n deficiency III the corn-sWp-
ply, rs compared with wl,at was anticipated.
TME TRIBUNE WINS the very first newspaper in
tho country to present trustworthy inf0rnia.
tfpn on The subject AS far back rs May 81,
TifE TRIBUNE esttntHtcd from data which 1t
haAl collected t!lnt, rs compared with last
years crop, the Yield Of winter wheat would
be onctllIrd less, the acrett,e Of spring wheat
0ne-fiftl less, unl the total deficiency fro,il
the supply Of tho preceding year not fur from
lbo, OK, 900 bushels. Subsequent inycstiga-
tIon by the agents OF TIE Tribune
throughout tho grain-prodncing dis
trlcts confirmed these estimates, md
more recently THE TnInuS,: has stated
tho total shortage Of whoat and corn ns prob
ably not less than zoo. 100000 bushels. The
assurance Of this condition Of things Is cor-
taInIy one reason for Increased prices. But
another condition Is equally essentlal-viz.: !:
the foreign demand. Nobody doubts that
thore will be n great abundance of graln for
domestic conau1nptfon. Il tllar0 were t0 bo
no foreign demand, the shortage from last
year would not Of itself be sufficient warrant
for NIL Increase III prices. Tho foreign de-
maIld Inst year was large; II 1t Is to be ninill-
talneti this. year it will furnish. along with
the American deficiency, solid foundation
for MI nlyatlce lit prices. 1t tho foreign de-
mantl shall ba reduced, by reason Of II better
supply from the Ernfn districts of
Europe, then such reduction will nut
check upon the rlse. This foreign de,n and
2llIi IcIihI!fo Au uHhAVNH NHAlItltts WIN
ynryt1lg reports from, tlay tn dny ~ to what 1t
Is likely to be. Md that is the reason why the
men who are running Up prices for tho future
so rapidly aro proceeding upon uncertain
ground. i 49,
The Board OF Tra,le operators, though
classified MS "bul1s" and "bears," arc more
llkB sheep in the common tendency to run In
the salne direction. There Is always strong
disposition to follow a loader. This Is true
to even greater extent Of tha outside
"lambs," who aro SO frequently ilceccd. 1t
will be bettor for all concerned 1t the leatlers
OH the Board slow up Il little, and discount
the future n little more cautiously, and after
they sl,nll liavo moro information thall they
/ NOW npsscas. ~ -.