Stevens County tribune. (Morris, Minn.) 1877-1880, 1879-10-23
BULLY WEATHER.

as to the Future.
Chicago Tribune, Oct. IA.
The bulls and bears returned to their horn
to- paw contest yesterday, having ayailed
themselves of Sundays breathing spell to
look round and see just where they stood
and prepare for the next round in the tussle
Although the market was active and excited,
and even feyerishly 80 at times, yet the linn
it's were not so wide as they were during sew
eral days of last week. 1t opened one-quar-
ter to one half a cent lower than the latest
price of Saturday, advanced about two cents,
and closed at an improvement of three-
four;hs of cent. The Liverpool kilograms
quoted stronger market all around, with
an improvement in France. It was under
stood, however, that the receipts at this point
would be unusually heavy, aud it was prob
ably owing to this that the feeling was some
what easier at the opening But the boom
was worked for all it was worth, and the
bovines who were looking after it counted
on $l.20, when dispatch was received from
New York, which conveyed the rather
depressing information that the market
at that point was cent lower, operators be-
ing disappointed in the tone of the Liver
lowest point for the day was touched, in con-
sequence of this intelligence from the East,
the inspection list was posted and showed
total of 906 car loads of all grades of wheat
inspected into store. Then were there
| ominous shakings of heads, and wise givings-
out-from the bear side, of course-that
''she was going to break two or three cents
sure" But the market reacted almost inn
| mediately, railing generally firm for the rest
of the day.
The market yesterday seemed to be dis
appointment to many. The great majority
of the operators on the floor evidently ex-
pected decline, the wish being in most
cases father to the thought. Some of the
leading ones worked hard to pull it down,
and particularly so during the first hour Of
the day. They began by offering the prop
erty rather freely, evidently with the design
to depress prices, and hauled off later
when they found that the demand was fully
equal to the supply, if, indeed, it did not
exceed it. A great deal of the wheat pur-
chased yesterday seemed to be on New York
account, but there was also great number
of orders for smaller lots, which were filed
on behalf of buyers in Chicago and in the
interior. Very few short sales seemed to be
made on country account. The granger evil
IDENTIFY relieves in wheat at present prices,
the bearish feeling being chiefly local. Two
classes of people would like to see a decline,
or, as it is more usually termed, break.
The first class comprises the fellows who are
on the short side of the deal, most of them
being heavy losers, unless the market goes
in their favor. The second, which is q rather
numerous one, is made up of men-and
women-who believe wheat will go much
higher, but who are "scary" about investing
at present prices, having absorbed the idea
that break is only the natural sequence to
the almost steady up-turn of last week. If
the market should go down four or five cents
bushel, they say it would then be a safe
investment; and it is understood that a
GREAT MANY ORDERS
are held by the commission men with in
structioLs to buy when the market touches
at $1.10 for November. The quantity thus
limited probably aggregates several million
bushels.
The greatest conundrum attending the
situation is: 'Who are the shorts?'' The
first quantities purchased IN this market all
the way up from So cents, and especially
since the market touched 81, have had to be
sold by some ore. As matter of course, q
great deal of this has been settled at inter
walls all the way up from the bottom point
to the present. But there are probably not
less than $4,000, 900. and perhaps as much
as %, 900, 900 bushels outstanding for No
vember and December delivery. While it
would not be possible to account for all of
it, liberal pr. portion is undoubtedly what
may be called country shortage. That is
the property has been sold by dealers in the
country to be delivered when they could OBJ
tain transportation facilities. Consequently
this is not short selling in the usually accep
ted sense of the word. Some of the remain
der may be accounted for by the fact that
the exporters have sold short very freely
against their shipments as kind of insur-
ance against rapid decline while the prop
erty Is in transit, The shipper of a cargo
of wheat to the other side who paws. saw,
81. 10 per bushel for the cereal, may insure it
against fire and shipwreck. But no scheme
or insurance has as yet been invented
by the insurance companies that will guar
rantee that the wheat can be sold, when II
arrives on the other side, for enough to pay
first cost and subsequent expenses. If, how
ever, he can sell $4,000 to $4,000 bushels
short in this market, he has his insurance,
provided, of course, the transaction be con-
Quoted with responsible party. Because, if
the market goes down, he is able to buy in at
reduced price and make profit on the
transaction here which will partially, if not
entirely, cover the loss experienced by the
process of shipment.
| THE BOSS BULL
OF the present deal, or, as the allev has
dubbed him, the sSedentary Taurus pulled
in between Sc, 900 and 81 900 profit yester-
day by his continued clever manipulations
of the product. In the expressive but tech
nical language of the board, he has sold ON
the bulges and bought on the breaks, and
rumor credits him with having covered
something like SAC, 900 since the deal began.
He is very modest, withal, and it took some
urging yesterday to get him to tell how he
had worked the thing and come out on the
top crest of the wave every time. When he
did get to talking, however, his story ran
something like this:
Its my turn of luck now," said he. "Fact
is, I've always been on the wrong side be-
fore this. When I got here, three or four
weeks ago, wheat was going down. 1 set to
work to night it, and they wiped me out. II
Ia got here week later than did, I'd have
bad pretty soft thing. AS it was, lost
1870 week before the deal started. came
back the day the break came, with a good
zeal less than 800 in my pocket. "Weu, I
put her in, doubled my deals, sold on the
bulges, and bought on the breaks. and
well, Pve made good deal OF meney. If T
do say 1t myself. The boys have GOT mn
rumor that I've taken $4,000. but yon
mustn't believe all you hear, You know. Rnt
wouldn't sell out to-day for $4,000 Yon
see, it's the big moneyed men who,ve lost ~,
GhlH nAQI--fhn lrxx,e wx,k,z