The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-12-03

What will the holders do with December
wheat is q question that seems to puzzle
commission men who are known to have
been short. when they express their sor-
row for tho position Of the spencer-Mil-
liken-Alin. or bull interests, who hold all
the December wheat in sight.
let them save their sympathies." says
Thomas Akin. well clear at the rate of
100000 to the 100000 bushels. and get rid
OF the wheat in due time"
Thus do the participants predict success
and failure for one of the biggest St Louis
wheat deals Of recent years.
The shorts declare that there is abso-
lutely no demand. That failure will in all
probability result. Us the grain could not
be disposed Of in any market In the
United States. they claim, at the quoted
price Of 30 cents. and that the carrying
charges over the winter to the May sea-
son will be the straw that will break the
camers back.
"Can you beat buying grain cheap
asks Mr.. Akin in answer to this claim of
the shorts. I'VE have bought cheap and
have disposed of much already at an adj
vance Of 10 cents in other markets. Sure
ly we cannot accept the ,sympathies OF men
who failed to take advantage OF the soft
wheat scarcity. which was foreseen by
Mr.. Spencer and Mr.. Milliken. who began
to get all they could as far back as Sep
TENDER.
I'VE received about 100000 bushels yes
terday and were very glad to get it.
There Is still great deal more to be de-
livered by Decembr 81. which we will be
glad to receive
Just how the deal will work out is the
topic which is receiving the lions share
Of attention among spectators on change
at present. Shorts are squealing .'manipu-
lated MARKET" while the longs declare
lators out of the speculative business and
back into their primeval state Of lust
plain warehousemen."
CLEARINGHOUSE GAINS
The deals. however. are getting little
of the money. which is not always in cir
culation. back into the ordinary chan
nels Of trade. according to the clearing
house report for yesterday. The clearings
are given as sl2,s5l. 4S1. and are consider.
ably larger than the average month 3
business. showing that considerable money
changed hands with the supplying of
wheat to the bulls on Tuesday.
The prices paid for all the grain now In
Inc udHuS OF the SyHulCdte Is NdEIOuSly
estimated from 81 cents to 81 cents BUSH
el. An average price Of so cents a bushel
Is thought. by many spectators, to be q
fair figure to place the purchases Of the
syndicate as whole.
When 1t became known that several of
the largest buyers were interested in TAX
ing all the December wheat to be had, a
marginal price was fixed by directors at
the exchange. The figure was 81 cents n
btshel. plus 10 per cent.
The marginal price was fixed In order
that the bulls could not go into the mar
ket and boost the price so as to make
the delivery of their contracts hard
ship upon the shorts. who might not have
the article for delivery at the contract
Sellers who are determined to deliver
the wheat on their contracts are. when
short. obliged to buy in on the market
quotations Irrespective of marginal prices.
When settling however, they are only re-
quired to pay the difference between their
selling price and that fixed as a marginal
by the exchange. The Spencer-Akin- NIL
liken forces did not attempt to boost the
market. however, but, on the contrary.
gave to the shorts an opportunity to set
tie at SsA cents. On the first December
delivery day wheat was quoted at 90H
cents. Some. after the session, was taken
at 81. 1t Is said.
The longs have announced that they
wheat as basis Of all undelivered wheat.
and. 1t is believed. all outstanding deliv-
cries will be made on the Chicago May