St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-02-25
GOULD AND GOLD.
"Rigolo's" Review of the Operations Among
the Operators--The Wheat
Deal.
Especial Telegram to the Globe

New YORK, Feb. 24.-In its Wall street
and gold are now the watch-words of Wall
street. The bulls want to know what Gould
is doing; the bears want to know how much
gold is going to be shipped to Europe. AS a
matter Of course neither get at the facts in
time to make money. Gould was unques-
tionably buying stocks four or five weeks ago
but it is quite as certain that he is selling
them now as fast as he can do so without
breaking the market. His able lieutenant,
Mr.. Sam Mills, does a tremendous
amount of'Fwashing," taking one stock after
another and putting prices up upon the few
bears who are still left in existence. Under
the protection of one stock handled by him
the rest of the market is steadily sold by other
houses without causing break. Union Pa
cifc, st. Paul and Delaware & Lackawanna
were taken in turn, one after the other, and
since Thursday the played out Reading has
been made the trump card. How long this
kind of game will last depends entirely upon
the amount Of money which
Mr.. Gould and Mr.. Vanderbilt
useless for anybody to attempt to fight
against this combined strength, and the big
gest bears, like Cammack, Traverse, Carver,
French and the whole of the so-called
Twenty-third street party have retired from
the contest. Some Of them are even suspect
ed of having joined the bull ranks. Mr.. w.
R. Traverse, at all events, is said to have
bought some dividend paying stocks, but he
pleads as an extenuating circumstance that
he did so ''only for little turn.' Be it as
it may, it is certain that Yhen the
selling begins it will be the big
gest sale ever seen. The export
of gold so far did not amount to anything,
but that great deal of gold must go is be-
yond doubt. Not only the balance Of trade
and the rate of exchange commands expor-
tation of coin, but the fact that money rules
4 per cent in London, against ~ per cent.
here, causes big blocks of American secu-
rites to come back to be carried at lower
rate of interest here than they can be carried
abroad.
Mr.. Dwight, the ex-president of the Chi
cago board of trade, was in this city on
Washington's birthday, and says that
outside of mere score he
did not see any power strong
enough to keep the price of wheat upon its
present level. He did not anticipate any
foreign demand before another drop of 8 or
10c per bushel.
Mr.. E. H. Livermore, formerly president
of the New York produce exchange, ex-
pressed similar views recently. The open
ing of the Black sea and Baltic navigation
in few weeks will probably glut the already
overstocked European markets. AS matter
of course the drop in wheat dragged down
the price of all the other cereals and of pro-
visions too. But the smartest Chicago
dealers predict higher prices for corn pork and
lard. They say that hogs are scarce and thin.
and that there is but very little ''grading''
corn in sight. The shortness of the crop
was not sufficient in itself to put prices
much above the present figures, but the quail
ity of most of the corn is so low this year
that it has to be fed out right away, because
the advent of warm weather will make it en-
tirely unfit for any use. Arguing from these
premises they predict 20 cents for corn be-
fore midsummer