The Wheat Market.

Feilding Star, Volume XVI, Issue 281, 1 June 1895, Page 2

The Wheat Market.

The Chicago wheat pit on April 27th looked hko old times. The dealers were ia a soit of freDzy, and when wheat went to about 64 cents the enthusiastic bears began to predict Idol for it before the Ist of July. For some time there has been more or less talk of a corner in wheat in Chicago. It was known to everyone that most of the 25,000,000 bushels in that market was owned by a few men who are rich enough to carry the stock as long as they wish without feeling financially uncomfortable under the load. It was on the board, on April 27th, that these Chicago men had controlled not only the wheat there, but nearly all the contract grade of grain at the important receiving points of the country. These men have been buying right along through the long era of low prices and depression. Not only have they bought cash grain, but they are said to hold contracts from the Shorts for many millions of bushels. It is estimated that the Shorts interest in Chicago amounts to 125,000,000 or 150,000,000 bushels, with other vast quantities sold a head in New York, St. Louis and other centres of speculation in breadstuffs. Humour puts Phillip D. Armour at the head of this coterie of wheat holders. It is estimated that liis firm holds 12,000,---000 bushels of actual grain in store, and a proportionate amount in short contracts, which have b«en margined all the way up from 55 cents. The theory of many brokers is that prices will be steadily advanced by bull syndicates till the price they wish to realise has been reached, and it is believed that the figure on wbich their ambition is set is Idol. There will of course be reactions, after each sharp advance, for the purpose of driving small and weak traders out, and the finish will be a battle royal between the giants of the speculative arena. About 40 vessels are on the way to San Francisco, and charters are awaiting them.