Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-09-27
HAUL OFF FOB REPAIRS,


the conflict may be looked for.
In many respects yesterdays deal was q;
very peculiar one. The Liverpool and Lon.
dou markets we're reported stronger, with an
increased demand. The wrecks of the re-
cent failures in New York, Philadelphia, and
St. Louis were cleared away, and the private
kilograms indicated better feeling in the
three cities. And yet in spite of all these
values. the bears succeeded in metaphorically
''knocking the stufing'' out of the situation,
and converting the fond hopes of the "bulls"
all over the country into thin air.
For three weeks up to yesterday, there had
been daily steady appreciation of values. The
market advanced with almost arithmetioal
progression from s5I cents. Up to SO
cents the "bear'' CLIQUE, which is called the
Saratoga combination, and composed of
some four or five of the strongest operators,
financially considered, on the board, re-
garded the advance as perfectly legitimate
one, the natural result of the situation in
Europe. At this point occurred two or
three failures in New York. The parties
had been bucking against the natural course
of events, and, through commission men
here, had largely oversold themselves. These
brokers to fill, and, in their anxiety
to do SO, created an uulooked-for de-
mand, which resulted in an advance
to BIOL. The Saratoga combination saw in
this movement what they considered an OPP
portunity to obtain revenge. Thew had
been caught in the closing act of the Keene-
Hoyt drama, and had ever: since had an
itching desire to get even. To determine
with them was to do, and through their
brokers they sold right and left. Many of
the smaller bears whose margins had been
gradually wasting away after the price had
gone beyond IS cents, Joined the bulls, and
in this way an exceedingly large short line
was put out. The full grown s.bears'' per
sisted in pounding, however, and their ef-
forts were rewarded with faint show of
SUCCESS. They succeeded in driving the mar
ket back to 1914 cents. Then came the news
of the Philadelphia failures. One house
had put out through agents here line of
about 800, 900 bushels. As the agents here
carried the trade and did not reveal the
names of their principals, they were COM
PEELED to go intos:the market and fill the
trades on their own responsibility. This
created an unlooked-for demand, of which
the bulls took advantage and ran the price
up to $l.03. At this figure few Of them
Topped; the profit in sight was too tempt
ing and they sold out. Next came the re-
ports Of failures in st. Louis and
Liverpool, but these were as ineffec-
tual as the others to create
any disturbance, except for q rise. Additional
news from Europe indicated that the wants
of that continent had been rather under
than over estimated, and the bulls persisted
in working up the price. The more sanguine
saw nothing in the near future but an ad-
vance to at least $1.25, and this figure some
of the more venturesome were willing to bet
that the market would touch before the close
of the year. Each advance in the cereal
barometer was met by the bears, who con-
oluded that q 5.
DAY OF RECKONING MUST CONE
sooner or later. There was no chance for q
corner. The exports, except of No. 8, were
comparatively trifing, and oil the No. 2 that
was coming in was simply adding to the pile
already in store. 1. s,.s
Tuesdays market closed at about $1.O7A
for November delivery, on which about nine
tenths, if not 50 per cent, of the trading has
been carried on for the past week or ten
days. Yesterday morning on the call the
market opened at BLOT, and gradually work
cd up to $1.07A, the aggregate transactions
appro1imating 100000 bushels. On the
regular board the opening figure was $1.0711k<,
and prices rallied to $1.OS3a, the highest
figure vet realized. At this point the brokers'
of the "Saratoga" combination entered the
ring with pocketful Of sstrading cards.
and began the work of slaughter. They
were very systematic about it. Point by
point the market gave way. The
news was flashed to the bucket
shops and the curbstone. Tempo
rary lulls in the falling barometer
we're caused by the filing Of sales made on
the comb Of the ascending wave, but these
had no effect in stopping the rapid march to
the trough of the cereal sea. Down, down,
with almost the regularity Of the pendulum,
went the market to $1.031 k6, at which q halt
was called. During the decline there was
succession Of PUSHES to the telegraph offices
in the main hall Of the board, and kilograms
ordering the deposit Of additional margins
BY means of lightning went out by the
bushel all over the country. Where no re-
Bponse was had within 8 few minutes, and in