Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-01-28
product had been lifted out Of a rut which for
months had distroc ead holders Rv q hettpr

product had been lifted out Of rut which for
months had distressed holders. By better
nndertone corn displayed sympathy with the
movement, but while provisions were advanc-
ing 70 per cent. with excitement, corn toned
up only about 1c per bushel, and wheat seemed
hopeless, judging from surface appearances.
The local crowd generally had begun to prepare
for heavy deliveries on February LIST and many
OF the Longs" had sold, while the shorts
were exceedingly confident of their position.
With languor, almost stagnation, wheat was
pronounced dead by one of our ''short''
irlenas, tuesday morning. Within hour
eha1 1r oend found it to be lively corpse At
about o4Mc for March, sellers appeared scarce,
and suddenly buyers at 65c, and after passing
854 the long suffering holders taking courage
joined the shorts in bidding up values, and
they crowded it vigorously. Our previous pre-
dlctlon, that holders would be more disposed
to increase their lines than to realize at 1n2c
advance, fully verified. We closed Tues
day evening at $3.50 for March despite dull
cables, the posting of stocks that morning ex-
hibiting the enormous total of 6.658, $50 bush
els in store here, and with unusual receipts for
the day. Wednesday morning sold up to
$3.50 and back to $500. and Thursday down
to 49, &c with the current opinion that the week
would close with reaction carrying us even
lower than the point from which the rise be-
gan. Friday found us at SIC and back to &c.,
closing at 8G1sc, and to-day we open at Se4c.
We have thus narrated the fluctuations to which
we have been subjected, for they have been the
marvel of the trade. and without apparent rea-
son, but to our minds there was abundant rea-
son. The market was in such position that
heavy lines were in the hands Of plucky hold
e,s, and when attempt made to protect
short sales the furry was inevitable. In our
opinion the chief help to the shorts even, so
late as $50 was from Milwaukee and other mar
kets, who, regarding the advance wild, sent
large selling orders and thus satisfied the local
shorts. From 8ac down to 854c the local
crowd sold heavily again. and after an intimate
association with the market all of the week,
we fail to discover that it has been released
from the clutch of few tremendous holders,
but, to the contrary their grasp appears to us
tighter than before, and while at times we may
be overborne by heavy selling orders from that
numerous class who have for months through
their minds eye' been seeing 70175c, it ap-
pears to us that we are now out of the rut and
Tor the present, at least, it is not so much
question how the cables read, or what is the
tone of New York, Or the stock in store here.
We are approaching the season of uncertainty
and we grow feverish under the impulse of
speculation. engendered largely by restored
confidence in finance, and a tendency to re-
action in all branches of trade. The chapter of
accidents are to the favor of the long side. The
California crop yet in doubt. The English and
French crops being .jeopardized by rain and
NoA>N' AAAS
our winter wheat. with the snow disappearing.
Knotty problems to be solved in European
politics this spring. Against the possibility of
any Or all of these accidents rests the fact that
even with a stock SO great it is carried in large
part by two parties who are additionally buy
ing future options, and for the reader of this
1T is not necessary to deduce a conclusion re-
garding wheat at S5c in Chicago $1.OO in New
York, and 39s in England. True. 20G00000 in
sight appears threatening avalanche to Euro
pean buyers, but it is being SO concentrated IN
strong hands, that, with the least encourage
ment BY adverse crop prospects. or war fears,
the foreign buyers will find stubborn holders
where now he fancies that by waiting Europe
and not America will dictate spring values
Receipts at the primary markets for the week.
l.47S,OOO. as compared with last week. Since
writing the foregoing, we have seen telegram
from reliable source, and fully confirmed by
others, that in the elevators of the Milwaukee
st. Paul railway, west Of the Mississippi, there
are about 500: 0o0 bushels of wheat, where ordi-
nariIy there are 100000 Or 100000 at this
season Of the year.