Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-10-16
BULLY WEATHER

1aHes An0ther Up,UGrd B0Nnd-ODisst0ns
as to the Future.
lChicago Tribune, Oct. II.
The bulls and bears returned to their horn
topaz contest yesterday, having availed
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 feverishly so at times, yet the lin
Its were not SO wide as they were during sew
eral days OF last week. It opened one-ouar-
ter to one-half cent lower than the latest
price of Saturday, advanced about two cents.
and closed at an improvement of three
fourths of cent. The Liverpool teleerams
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, and 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
bovlnes who were looking after it counted
on $l.2O, 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
pool advices. At the moment when the
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 9O6 car loads of all grades of wheat
inspected into store. Then were there
omlnous 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 i'm
medlately, ruling 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 1t. A great deal of the wheat pur-
chased yesterday seemed to be on New York
account, but there was also great number
OF orcers 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
IDENTITY believes in wheat at present prices,
the bearish feeling being chiefly local. Two
classes of people would like to see 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 rather
! numerous oHe, IS made up of men-and
Women-who believe wheat will 90 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 safe
investment; and it is understood that
GREAT MANY ORDERS
| are held by the commission men with in
structions to buy when the market touches
at $1.1O 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 IS cents, and especially
since the market touched ST., have had to be
sold by some one. AS matter OF course,
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 100000. and perhaps as much
as 25,OOO,OOO bushels outstanding for No.
vember and December delivery. While it
would not be possible to account for all of
1t, liberal proportion 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 i:lsur-
ance against rapid decline while the prop
erty IS IN transit. The shipper OF :. cargo
| of wheat to tho other side, who paws. say,
vi. 10 per bushel for the cereal, may Insure il
against fire and shipwreck. But no scheme
OF insurance has as yet been live rlted
! BY the Insurance companies that viii guar
| rantee that the wheat can be sold, when it
arrives on the ether side, for enough TO pay
nrst cost and subsequent expenses. If, how
ever, he can sell $4,000 to $4,000 bushels
short IN this markef, he has his insurance,
provided, Of course, the transaction be con-
Quoted with responsible party. Because. if
the market goes down, ne is able to tuv in at
reduced price and make a 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 alley has
dubbed him, the "Sedentary Taurus" pulled
in between SIS 900 and S. 900 profit yester-
day by his continued clever manipulations
| of the product. In the expressive but tech
nlcai language Of the board, he has sold on
the bulges and bought on the breaks. and
rumor credits him with having covered
something like $40, 900 since the deal began.
de 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 ne
did get to talking, however, his story ran
something like this:
cts my turn of luck now" said he. "Fact
IS, I've always been on the wrong side be-
fore this. When got here, three or four
weeks ago, wheat YVES going down. set to
work to fight it, and they wiped me out. If
I'd got here week later than did. I'd have
bad e pretty soft thing. AS it was, lost
1870 week before the deal started. cam
back the day the break came, with a good
zeal less than 500 in my pocket. "Well, I
put her IN, doubled my deals, cold on the
bulges, and bought on the breaks. aud
we'll, I've made good deal of money, If
do say 1t myself. The boys have got ut.
rumor that I've taken $4,000, bnt 20
mustn't believe all you hear, you know. Bu
| wouldn't sell out to-day for $25,OOO You
see, it's the big moneyed men who'ye lost on
this deal-the fellows who sold out early and
have been trying to buy back ever since
while the small dealers who believe in wheat
have made the pile. Now, /.
don't nretand - hauo an- .,a....-,-