Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-12-24
PAST AND FUTURE.
"RIGOLo'so REYIEW OF THE MAR
KETS FOX The PAST WEEK,
Combined With Forecast Ss to the Flu
ture-Mauy stocks a Good furchase-The
Course of Cereals at chicago.
Especial Telegram to the Globe. |

New YORK, Dec. 23.-In it's Wall street
column the Sun will say tomorrow. sit is
believed all over the world that stock
market is safe to deal on, only when it is
in the hands of strong men. But the be-
lief is evidently erreneous, at least as far
as this country is concerned. There can
be no question that the market is at
present in strong hands, bnt it is also be-
yond all doubt that it is not safe.
All the small holders of stock
as we'll as all the small spectators
were shaken out long ago. They have dis
appeared from Well street. and the stocks
they used to hold have been accamulating
in the banks and ia 5ne hands of big cap
italists and monopoIists. Yet all the
efforts of these men and institutions seem
to be unable to sustain prices, and as there
is q limit to everything there will be
limit to these efforts. Already several
very rich men have been so badly hurt that
they seem to be giving uo the struggle.
The immense sales OF securities
like the West Shore bonds, and
Pullman Palace, Ontario & Western and
North River Construction stocks, clearly
demonstrated Last week that number of
wealthy man, having suffered by the
tumble in the Willard stocks, have had to
threw overload big lots of other securities.
The ron populi of Wall street is not al
ways vor del, but taking it for what it is
worth it would appear that all the stocks
sacrificed lsst week came out of the
bexes of very strong men. Mr..
G.. M. Pullman, Gen. Winslow and Gen.
Palmer were prominent among those
mentioned as having given up the strug-
gle. The Mills party has sacrificed large
amount OF Erie stock and bonds. All
these gentlemen were heavily interested in
the Willard properties. Tho ravages of
the last two years in the ranks of the
humble outsiders could not be stopped
there. These had to spread further and
further, and there would be nothing sur
prising in il if they should
be found to reach not only
strong men but strong institutions
too. Nothing will stop the fatal career OF
this liquidation except thorough reform
of corporation law and q thorough puri-
fcation OF the management of corporate
institutions.
The retirement of Mr.. Willard was &C
cepted with general satisfaction, but spec
ulative circles have grown to be so skept-
ical that they don't expect much good from
the change of administration. 1t is said
that the two new presidents are intimate
friends of Mr.. Willard. If, however, the
rzmor be correct that Mr.. Endicott and
Mr.. Coolidge are going to work
the Oregon Transcontinental company in
the interest of the Burlington & Quincy
company, some substantial advantage
might be secured, for the Burlington &
Quincy was always admirably using the
Northern Pacific line after it had obtained
the controlling interest in it by means of a
purchase Of Q sufdc ent amount of Oregon
Transcontinental stock.
The grain and provision speculation in
| Chicago continues as lively as ever. The
price Of wheat is sustained solely by man
ipuletion, and cannot keep its present level
much longer, for there is an ample supply
of wheat everywhere. Bet the builing in
corn, oats and rye is quite jastidable. The
scarcity and bad quality of this years corn
crop must pat this csresl to 70 or 75e q
bashel by nextspring. Oats will naturally
follow the advance in corn, as being a sub
stitute for corn, while tho crop of rye has
been short every where. and Germany and
Russia live almost exclusively on
rye bread. AS far back as
two months ago member of the
yell known shipping frm Of Seager Bros,
said that rye WAS the only American grain
for which there was genuine demand in
Europe, and which could be exported with
profit. The speculation in that staple has
not begun yet, but when it does begin We
shall see prices jump very lively. As a
rule it sells from 15 to zoe bushei higher
than corn. To-day they are selling at
about the sans price, SO that there is
plenty of corn for the legitimate ad-
vance.