Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-10-18
UP IN THE CLOUDS.


Rtse--Great Excitement on 'Chanqe--
Some Movenrent IN Corn.
FChioago Tribune, Oct. l6.l
There was another boom and big one,
too yesterday in produce circles, tho re-
markable feature of this particular boom
being that it spread out from wheat and ex-
tended into other departments. The surplus
energy surged out from tho wheat pit first,
precipitated boom in corn, and then made
itself felt in the pork and grease depart
ments.
The main interest, however, centered in
the wheat deal. The 'bears," who have been
trying to pull the market down, and wait
ing, something after the manner of Enoch
Arden, day after day for break, were again
doomed to disappointment. The market not
only did not break, but it insisted and persist
ed in taking the kiting course it has followed
ever since the deal began, the bulls" rubbing
their hands in glee, while the 'bears,' fgura-
lively speaking, would fain have called upon
the mountains to fall on them and cover them
up, and IN some cases were quietly threatening
to Kick themselves, in the hope that, by thus
applying the principle of counter-irritation,
they might soothe, if not forget, their wounds.
Wheat was again unexpectedly strong. Al
most m everybody had thought, nay prophesied,
that it would 60 down. Instead of tumbling,
however, itopened up high. and
MOUNTED HIGHER AND HIGHER,
until it almost touched $l.2O for November de-
hvery-the top notch which SO many of the
Longs" have set as the point at which they are
willing to sell out. Starting at S1.l7, it sold
at $l.16N, advanced with numerous fluctu-
atoms to $l.19I, went back to $l.16%, and
closed on Change at $1.1sk. In the Afternoon
it sold at 81. 10 to $1.1S1, and closed at ST.
~, which was an advance of 2% cents from
tho latest quotations of Tuesday. Very little
change was observable in the differences be-
selling at premium Of to z cents, and o.
tober. or ''spot," at discount of TX cents.
The winter wheat markets at the other in
terror points yesterday were reported equally
strong, and the first telegram from New York
quoted an advance of from ~ to cents,
while the later ones called that market from
to = cents higher than it was the previous dav.
All this, of course, encouraged buyers, and
the less numerous orders from tho country
could only be filled &c an advance which made
the local shorts wild, especially as many of them
were
PUT SEVERELY TO THEIR TRUMPs TO ANSWER CALLS
&c.,. FOB MARGINS,
which flew around thick and fast. Indeed, it
was estimated that over half million dollars
was called for in margins yesterday on wheat
lots, and in one case at least, which is referred
to at more length below, there was trouble. The
natural result of this heavy call for security
against future delivery was that great many
parties preferred to square up the deal, not
hndlng 1t convenient to turn up SO much
money. while great many of the innocent
''shorts" outside were frozen out, because their
margins had been exhausted, and the
commission men here did not care to run tie
risk of a further advance while waiting for
more money. There was, with all this, rather
active buying on the part of the brokers
supposed to represent New York houses,
New York capital was again buying, but less
sparingly than on the previous day. the pur-
chases not amounting to more than one half as
much Is they did Tuesday. OF course. this
statement of relative quantities is little more
than a mere guess, but it was a guess which
was given with good deal of confidence
the We, knowing tha..d fellow. xhS made it.
over, that some of the rather free
selling yesterday was also done on New York
account for other parties, between whom and
the principals on the ''lony'' side it is rumored
there has long existed feeling of intense, not
to say bitter, rivalry.
the wheat market was far from being the scene
of sole attraction yesterday.
CORN ASSERTED ITS CLAIM -,.... ID
to be king. Now corn, as most everybody knows,
has been very sluggish for three or four weeks
past, scarcely moving an eighth of
cent. amid all the adv ancement in wheat. until
Tuesday afternoon, when, all of a sudden, it
began to 60 up. great many people have ap-
parently gotten the idea that corn is as plenti-
full as dirt, and. therefore, that it ought to be-
- cheap. While contrasting that it was I'M.
usually low, as compared with wheat, they
secuted the idea that, with tho high freights
now ruling and expected to rule all through
the winter, it would be possible to put up prices
to above forty cents for the most preferred de-
livery. This feeling was so strong that up to
about the middle of last week it was impossi-
BILE to sell any large quantities Of May
corn. But just about that time largely
increased demand was observable, though in
very quiet way and with little competition
between buyers, SO that prices were not mate
rally affected. Yesterday morning, however,
some prominent operators were on the market.
buying freely, and shortly afterwards ad
vanced their bids on themselves in order to
secure the control of large quantities
of the stuff. This woke up the
congregation of dry bones who
usually control the corn quotations here, and
they ratified around wildly for awhile, making
q much noise over an advance of one cent a. a
cackling hen over new-laid egg.