The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1879-10-22

VI VIC Odys
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 it. A great deal of the wheat pur-
chased yesterday seemed to be on New York
account, but there was also great number
of orders 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 ct 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 one, 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 60 down four OF five cents
bushel, they say it would then be safe
investment; and it is understood that "a
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 81, have had to be
sold by some one As matter of course, q
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 Ii, OOO, 900. and perhaps as much
as %, OOO, 900 bushels outstanding for No
vember and December delivery. While it
would not be possible to ccount for all of
it, 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 acoep-
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 insur-
ance against rapid decline while the prop
erty is in transit. The shipper of cargo
of wheat to the other side, who pays. say,
$1.1O per bushel for the cereal, may insure it
against fire and shipwreck. But no scheme
of insurance has as yet been invented
by the insurance companies that will guar
rantee that the wheat can be sold, when it
arrives on the other side, for enough to pay
first cost and subsequent expenses If, how
ever, he can sell 10000 to $4,000 bushels
short in this market, he has his insurance,
provided, of course, the transaction be con-
Quoted with responsible party. Because, if
the market goes down, he is able to buy in at
reduced price and make 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 $4,000 and ST 900 profit yester-
| day by his continued clever manipulations
of the product. In the expressive but tech
meal language of the board, he has sold on
the buIges and bought on the breaks, and
rumor credits him with having covered
something like $4,000 since the deal began.
He 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 he
did ct to talking, however, his story ran
| something like this: 'i }. T'".'
cts my turn of luck now said he. 'Fact
| 10 VVrnv- h41rH J.
| fore this. When got here, three or four
weeks ago, wheat was going down. set to
| work to fight it, and they wiped me out. If
I'd got here week later than 1 did, I'd have
| had pretty soft thing. As it was, lost
1870 week before the deal started. came
back the day the break came, with a good
deal less than 800 in my pocket. 'sWell, I
put her in, doubled my deals, sold on the
| bulges, and bought on the breaks, and
well, I've made good deal of meney, If I
do say it5myself. The boys have got up
rumor that I've taken 10000, but You
mustn't believe all you hear, you know. But
wouldn't sell out to-day for $25,OOO You
see, it's the big moneyed men who've 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, I
don't pretend to have any particular
sharpness, but I've been such a
consistent bull that think fortune ought to
have favored me, as she has done. It has
been a surprise to most of the boys that the
market don't break. It has toppled little.
but altogether it has advanced steadily. To-
day it's $1.15, and I'm waiting to see it go
to $1.2O and $1.25. It is so apparent that
| all this wheat is wanted that there can be
but one result-she must 60 up. 1t isn't a
speculation. It's legitimate demand. In
this deal I've never stopped to turn around
and sell short because I thought there was
gong to be break. I don't think yet
there's going to be one. Lots of, fellows
here, when wheat got up to 81, sold out,
| and sold short, and when it got up. to Sl.OS
and $1.10 they had lost all they had made.
They concluded that there 81
''@ - MUST BE BIG BREAK
! after such sudden rise. Well, I haven
thought so yet, and don't think so now
I've been constant bull all the way through
and now all the boys say deserve it,
aH LOCOMOTIVE ENGINEERS.
itt4-lF srr.r -F1-------t .-.a=ng-H