Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-10-17
STILL CLIMBING.
The Price Of Whent at Chicago Still I,acreus-
tsaa. With a Prospect of a stu Greater


tna. Wtt1, a Prospect of Sttll Greater
Rise.
lOhicago Tribune, Oct. II.
Another day passed in the history of the
present wheat deal without the Inauguration
of "the break The market watbled and
lowered between $1.14 and $1.16,-the lat
Ter being the sidewalk figure at one time,-
but the day glided by without the 'stumble''
which the "shorts'' have been predicting
ever since the boom commenced and the
"bulls" again retired from the pit victo-
rlous.
The market was irregular, as has been in
timated, and sold higher than the previous
day, though it was generally quoted weak.
Indeed, it may be described as vaciliating,
as If it had grown tired of climbing upward
and had come to pause. Whether it was
to take a rest before further upward move
ment, is of course, for the future to decide.
The great mass of operators seemed to be
very uncertain in regard to the out turn, and
most OF them would have prophesied heavy
tumble but for the fact that they have
been looking for that every day for two or
three weeks past, and the more persistently
they have played the thing the worse has the
market gone against them. ~
THE CHIEF POINT ADVANCED YESTERDAY
by those who canvassed the situation was the
fact that the British markets have not gone
up In common with those in this country
The quotations on wheat in Liverpool were
lOs "a, just pence per 100 pounds higher
than the week previous, while the American
| market has advanced four to six cents per
| bushel, or four pence to five pence per 100
pounds, with an advance of nearly as much
| more In freight rates. English buyers do
not appear to be particularly active in order
! ing, even at their own quotations., and some
of the private cable messages yesterday cor
| roborated the views expressed by letters
written several days ago-that operators on
| the other side were strongly of the opinion
that they had probably touched top figures
for the present. According to the prohesies
from the other side, purchases will not be
made freely for several days, or perhaps
some weeks, to come-at least not until at
ter most of the wheat has been delivered to
them that was bought at very much lower
prices than now, Immediately after the har-
vest.
ON THE OTHER HAND,
it was argued by the "bulls'' that Europe
will want more of our wheat than we can
spare, and all of the corn that we can export,
and that it is simply matter of backbone
now, as regards the keeping up of prices,
America being able to dictate to the fellows
on the other side, provided, of course, the
"bears'' here don't obtain the upper hand
! and send the prices down where they we're
| several weeks ago. The "bull' interest ad-
vanced the further argument that, even if
the British and French buyers are unwilling
now to take hold, they will do SO all the more
vigorously week or two hence when they
| lind their current supplies nearly exhausted
! and prices frmer than ever here. Soothed
and encouraged by these arguments, the
"bulls' were as bullish as ever yesterday, if
not more 80, and, as q result, they we're not
lacking buyers who showed by their deeds
that they have confidence in the future.
Some OF the purchasers were made by
WELLKNOWN CAPITALISTS,
and several blocks of $4,000, $4,000, and
$4,000 bushels changed hands during the
course of the day. It was very noticeable,
however, that these large blocks were not
wanted at much above the bottom figures of
the day, the trading above $1.1412 being
chiefly in single 5000 bushel lots.
The sidewalk and the alley were alive
With excitement. as usual, previous to the
opening of the 1board yesterday morning.
The "bulr' element confidently predicted
that wheat wonld open upstairs at about
| $l.2O, and the confidence was contagious.
SEVERAL SIDEWALK SALES
were made at $1.16, while that figure was
bid for considerably more than was sold,
the number of the sellers not being large
enough, in fact, TO satisfy the demand. When
the board opened, however, and the eleva-
tor discharged it's successive loads of both
"bulls'' and "bears" into the common arena,
1t was found that Beerbohm
wasn't quite as strong as ex-
pected, as the trading opened irregularly at
$l.15B to $1.15I for November delivery,
both figures being bid at the same moment
as nearly as ona could make out. Then the
market advanced to $1.152a, fell back to
| $l.l4I, and Immediately advanced to
! $l.l54, when the blackboard showed Sec
ond cable, purporting to note brisker de-
| mand for cargoes of wheat on passage. The
| ''bulls'' had, however, scarcely ceased to re-
peat their congratulations when it was dis
covered that an important mistake had been
| made. Somebody had Numbered. It was
| corn cargoes that were brisker instead of
wheat, and the market started down on a
sharp run, never stopping until it touched
$l.14, which was the lowest notch for the
day. After that it went up to $1.14%, and
closed on Change at $1.1415. On the after
noon call it sold as low as $1.14L,
advanced afterwards to $1.15A, and closed
on the curbstone at $115M, which was
seven-eighths of a cent higher than the mar
ket for the preceding twenty-four hours.
''sPoT'' WHEAT
was very active, the sales of No. being
probably larger than on any previous day
since the excitement began. Most of it was
taken, as usual, to carry against sales made
for November, the difference in price being
generally ~ cents. No. was in active de-
mand by shippers, most of the sales being
made at $1O7, at which price the market
closed firm. Winter wheat was steadier,
closing at $1.19 to $1.2O for No. 2 red, the
outside figure for receipts in South Side
houses. December was steady at ~ cents
to cents above November all day.
The DAILY GLOBE aoaW be sent POSTPAID
from 7aoao. until the election en- November
for taoentv:f0e cents. Send IN the names.
NEW YORK HARBOR OFFENCES.