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

: / 1.5jyy HAUL OFF FOR REPAIRS,
or rather to make up their books, and when
business begins this morning renewal of
the conflict may be looked for.
In many respects yesterdays deal was a
very peculiar One.J The Liverpool and Lon.
dou markets were 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
favorable indications for a higher range of
values. the bears succeeded in metaphorically
t'knocking the stufing'' out of the situation,
and converting the fond hopes of the s'bulls''
al 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 arithmetical
progression from 85I 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
failures compelled the commission men and
brokers to fill, and, in their anxiety
to do So, created an unlocked for de-
imand, which resulted in an advance
to $1.O1. The Saratoga combination saw in
this movement what they considered an op-
portunity to obtain revenge. They 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 50 cents, joined the bulls, and
in this way an exceedingly large short line
was put out. The full grown clears" 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 994 cents. Then came the news
of the Philadelphia failures. One house
had put out through agents here line of
about ! ,50O, 900 bushels. AS the agents here
carried tho trade and did not reveal the
names of their principals, they were COM
PEELED to 60 into the market and fill the
trades on their own responsibility. This
created an unlooked-fo demand, Of which
the bulls took advantage and ran the price
up to $1.03. 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 inefec-
tual as the others to create
any disturbance, except for 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 adj
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-
cluded that
DAY OF RECKONING MUST COME
sooner or later. There was no chance for a
corner. The exports, except of No. 8, were
comparatively trifling, and all the No. that
was coming in was simply adding to the pile
already in store.
Tuesdays market closed at about $1.O724
AVA 4N0v0AAAOOA uOAASCAyS VI WAAOA 0OVuV AAA0-
tenths, if not IS per cent, of the trading has
been carried for the past week or ten
days. Yesterday morning on the call the
market opened at $1.07, and gradually work.
ed up to $1.O7A, the aggregate transactions
appro1imating 1000, 900 bushels. On the
regular board the opening figure was $1.O71155,
and prices rallied to $1.O83a, the highest
figure yet realized. At this point the brokers
of the Saratoga" combination entered the
ring with pocketfnl of Grading 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
were caused by the filling 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 $l.OS155, at which halt
was called. During the decline there was q
succession Of rushes 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-
spouse was had within few minutes, and in