St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-03
CONDITION OF TRADE.
Rigolo's Caustic Remarks on the
LackaWanna Corner.
Detrimental Effects of the Extensive
Coinage and Accumulation
of Silver.
Nothing Particularly Attractive in the Out
look for Improvement in the
Grain Market.
Especial Telegram to the Globe.

NEW YORK, March 2.-In the Wall stree
column the S@a will say tomorrow: "Wall
street had another sensation in Saturday
Delaware 81 Lackawanna corner which wa.
the fourth within a few months. Th,
result this time will probably no
be any better than it was in the
case Of the Jersey Central, the Michigan Cen
tral and the Northern Pacific corner. No
body has lost much but everybody has go
disgusted once more, while those who engi
neered the corner could not move anything fol
the stock tumbled down again at the close
of the day and all trade in it will probably be
killed. The corner makers will thus have tc
carry their holdings without the slightest
chance to dispose of any part of them
for long time to come. The
only peculiarly about the new
squeeze is that it did not originate with pro.
fessional manipulators of stocks but with a
pool composed mostly of outsiders, among
whom are mentioned the names of several
leading dry goods merchants. In
going into the Lackawanna pool these
gentleme n were probably actuated
By the dull and improbable condition Of
their legitimate business, but they will soon
be made to feel that Wall street is no place
for them, especially if they are not satisfied
with little quick gambling against the
bank, but want to become scientific dealers
themselves.
A great element in the future value o1
stocks will probably be the issue of the silver
Ia -b/
rate its dangers, as there
are others who under-rate them
According to the opinion of Assistant
Cashier Acton there is no emminent danger
in the situation. Conversng the other day
on this subject he said: ''If they are going
to continue coming two millions of silver
dollars month we shall some day have SC
much silver coin that il
will drive gold out of the vaults
and make of it common article of mer
chandise subject to all the fluctuations of the
market. We have now to take all the silver
that is brought to us by the custom house Oh
anybody else, while we cannot
make anybody take it unless he
| is willing to do so. We have disbursed barely
S2O, ,OOO, 900 of silver certificates in the las
eleven months, and those went mostly wes
and will soon return again. In the same pc
riod of time we paid out to the
clearing house over S175,000, 900 il
gold. 1t is not true that we
have had, as has been reported, any discus
sion with the clearing house in regard to the
proportion of gold and silver in our pay
ments. We pay them always in gold unless
they ask for silver, but how long We
shall be able to do so depends upor
the coinage and the balance of trade. If ou1
grain and other products are exported, golt
will remain at home. If not it will have tt
go abroad, and ultimately we shall remain
with much more than comfortable proper
ton of silver on hand.
| The Chicago market is down again anG
there seems to be no prospect that the crazy
spectators will be able to put up the prices
of breadstuffs. The visible supply of whea
is decreasing, but very slowly while the
visible supply of corn is increasing
Chicago alone has in store a
present 100000 bushels of corn and 13,
100000 bushels of wheat. At the time o.
j. r. Keene's famous corner there was no
half that amount of wheat in Chicago. The
price was put up to S1.36 a bushel and {
week or two later it was
down to so cents. As the spring
advances grain will be forced out of the ele
vators and must be exported and yet tha
can only be done at the price
at which Europe is willing to pay fol
it, which is vastly different from the price
demanded by Chicago spectators. Their only
hope now is that the bears will oversell the
market, and thus give them chance for an.
other corner.
Oats are in more critical condition thar
either wheat or corn. The crop was immense
but Europe does notdemand any, while athomt
everybody is anxious to feed out the unsal
able soft corn as fast as possible. Rejected
corn sells now only two or three cents higher
than oats, and, naturally, nobody wants tC
use oats for feeding purposes when corn car
be got at nearly the same price.