The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-01-30
an oUTBURsT OF SPECULATION.

- over the United States last week, Wall street
- being the center Of disturbance. 1t one OF
the periodical outbreaks OF speculation which occur
from time to time when the public rush in and buy
everything in sight for no other reason than that
they think It is good time for financial pyrotechnics
The fever to buy began with stocks and merged into
4 rampant demand for wheat which sent up the price
of this cereal at rapid The noteworthy feature
OF this movement was the avidity with which Wall
street bought wheat, for this feverish mart does not
generally run to speculation in grain. Crop cond1-
tons played part in this rush to buy wheat, and
news from the different centers of trade throughout
the world was ignored by the eager purchasers. The
pools and elevators were quick to take advantage Of
the boom. and when the price had got high enough
commenced to sell, which had the effect OF checking
the advance The same condition prevailed in stocks
The public rushed in and the professionals gave them
what they wanted Conservative concerns advised
their customers to go slowly, but their advice had
little effect London, too, its chance to turn an
honest penny and sold Americans freely but the rise
went on just the
Another curious feature of the situation that
in the midst OF all this wild buying the money market
was remarkably easy and Americans were actually
Ioaning funds to Europe meanwhile In former years
this condition was unheard OF. Whenever there was
a burst OF speculation the New Workers went to
Europe tor money WnereWUn 10 operate, ana the
money market hardened at once Herein possibly
lies the explanation OF the vast speculation OF last
week The financial centers OF the United States are
known to be gorged with money, and interest rates
arl being lowered all along the line, hence the public
seeing in current conditions chance to make fine
profit invested their funds in anything in sight that
promised an advance. AS far as the moment was
concerned their judgment certainly correct, for
wheat and stocks went up with buoyancy to suit the
most sangune Spectator. The bank clearings re-
spoLded to the boom and showed gain of 600 per
cent over the same week last year, while OF the
S2L4476S,ooo clearngs throughout the country
$I486 100000 was credited to the city OF New Yorl.
The cearngs of Chicago, which usually leads in grain
speculation, $I39272 900, and her gain was 567
per cent, while that OF New York ran up to 8S8 per
cent. No important failures resulted from the boom.
and in fact those of the whole country were only 246
against 288 for the corresponding week in 1888 The
export movements in wheat kept up with the specua-
tors and were heavy, being $4,000 bushels from
Atlantic ports against 2o7I,3oo during the same week
last year
While this enormous speculation has been going
the leading commercial staples have shown little
change. The iron trade still booms and the heavy
business is accompanied by an advance in almost all
descriptions, with desire for combinations which,
We told, amounts to a virtual craze Lumber
maintains the firm tone already noted the dry-goods
trade reports an Improvement in several Eastern
cities, railroad receipts are making surprising gains,
and the treasury receipts steadily increasing.
Wool alone IS weak, and the Western bankers are ad-
vising speculative holders to SELL as quotations are
considered too high for the immense stocks on hand
Conditions here at home show no particular change
beyond the rise in wheat The interior valleys have
been visited by hot north wind, which is doing no
good to the crops and the abnormaly hot weather is
causing some anxiety among fruit growers, who fear
that the trees may blossom too early and get caught
by frost later 1t certainly is strange weather for
January Otherwise there is little remark in the
local situation.