Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-02-04
MANIPULATION.
"RIGOLO's" WEEKLY REVIEW OF THE
COURSE OF SPECULATION.
The Recent Rise IN Stocks Caused by Man
ipuEatton-The Public Holding AgooI
from WNL Street.-The Same Cause Potent
in Grains and Provisions n. Chicago.
Especial Telegram to the Globe. |

Especial Telegram to the Globe.
New YORK, Feb. 3.-The Sun in its Wall
street column will say tomorrow: The
advance in the market Is entirely the out
come of manipulation, for it is not pre-
tended by any truthful and impartial brok-
er that the public are buying stocks. The
only alleged reason for the advance is that
men who, like Jay Gould ere loaded up
With stooks, have formed pools in which
they risk a small amount of cash in the
hope that room traders and the public
may help them oet later on. As far as the
public are concered this expectation; is
absolutely groundless, for the public is
composed of some men who got
bitten in Denver, Northern Pacific, We
bash, Ontario q Western, North River Con
struotion ard al the other wildcat
schemes Of the last few years.
As for tha room traders, they are merely
the parasitieal growth in the stock ex-
change. L, the public were really in the
market these brokers would have enough
to 90 in a legitimate commission business
without riskiog their own money at the
Wall street faro banks. The stock ex-
cha ge in lis present condition
is the very image of a
gambling house, destitute of customers,
and with the dealers playing among them
selves.
Chicago wss no less desperate in her
speculation than Nsw York. Grain and
provisions, especially the latter, we're
pushed up without any regard to facts or
values. Pork sold quite recently at $11 a
barrel; it is selling now at SIT for May. 1t
must be said, however, that a considerable
shortage has been recently discovered in
the visible supply of hogs. Sometime
ago the country was reported to be all
black with hogs. It was said that you
could not take drive out of any western
town without running over any number
of big fat black hogs. Now 1t appears
that the country is short of 100000 hogs as
compared with last yeal, which was itself
a poor one. The quality of the hogs is
also reported as being lover, consequent
upon the poor quality of corn fed out to
| bIOll SAAAo OoA' HS Pe~ShiiS5 SSooOA WhiSh
begins in November and ends in March,
will be over in month, and packers
are talking $50 barrel between now and
then.
The upward movement in the price of
grain is if possible still more perplexing
The visible supply of wheat is some 49,
100000 bushels larger than this time last
year; of corn about 100000, and of oats
about 100000. Of foreign demand
there is none. Most of the shipments
made are purely speculative, there being
always some demand for American wheat
for the purpose of mixing it with Russian
Indian and Australian, the flavor of all of
which it is said improve in milling. 1t
seems American wheat plays the same
part to other kinds of wheat as American
cotton plays to the short staple cotton of
India. They rarely use Indian cotton by
itself in England. But for these mixing
purposes ample supplies have already
been forwarded, not to speak of the steady
export of flour.
It has now been fully established that ali
European markets are gluttsd with wheat
and with the opening of the Baltic and
Black seas in a few weeks, an additional
quantity of breadstuffs will be brought in
to the markets. No wonder that grain
merchants are busting" all over England,
and that the price of wheat there is steadily
going down. 1t is known that Liverpool
banks alone hold some 100000 bushels as
ccllatual security for bad debts, and are
only waiting for an opportunity to get out
even if they can.
1t has been established be-
yond any possible doubt that
the world is at present producing
nearly 10O,O0O,0OO bushels of wheat year
more than it can consume. There was
probably always a surplus OF production,
but in the absence of railroads grain grown
in the interior has no market, AID was
often used for fuel, while to-day every
bushel of it is brought to the ssaboard and
shipped to that port OF the world which
telegraphs good demand and offers the
best price. Yet our speculators insist on
keeping from six to eight cents above the
prices of the European market.
How they can expect shipments
under such circumstances is more than any
man of ordinary intelligence can.conseive.