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 I

New YORK, March 2.-In the Wall stree
column the Sun will say tomorrow: ''Wall
street had another sensation in Saturday!
Delaware & Lackawanna corner which was
the fourth within a few months. The
result this time will probably no
be any better than it was in the
! case Of the jersey Central, the Michigan Cen
| trail and the Northern Pacific corner. No
body has lost much but everybody has 90
disguised 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 a long time to come. The
only popularity about the new
squeeze is that it did not originate with pro-
fessional manipulators Of stocks but with q
pool composed mostly of outsiders, among
whom are mentioned the names of several
leading dry goods merchants. II
going into the Lackawanna pool these
gentleme 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 a little quick gambling against the
bank, but want ID become scientific dealer.
themselves.
A great element in the future value O
stocks will probably be the issue of the silyel
question. There are many people who over
rate its dangers, as there
are others who under-rate them
According to the opinion of Assistan
Cashier Acton there is no emminent danger
in the situation. Conversing the other day
on this subject he said: eff they are COINS
to continue coming two millions of silver
dollars month we shall some day have sc
much silver coin that i
will drive gold out of the vault:
and make of it a common article of mer
chandise subject to all the fluctuations of thu
market. We have now to take all the silver
that is brought to us by the custom house o.
anybody else, while we cannot
make anybody take it unless he
is willing to do so. We have disbursed barely
| $50, 900, 900 of silver certificates in the las
eleven months, and those went mostly ives
and will soon return again. In the same pc
Rod of time We paid out to the
clearing house over $175, 900, 900 il
gold. 1t is not true that W,
have had, as has been reported, any discus
sion with the clearing house in regard to thu
proportion of gold and silver in our pay.
ments. We pay them always in gold unless
they ask for silver, but how long W,
shall be able to do so depends upo1
the coinage and the balance of trade. If gu
grain and other products are exported, gol(
will remain at home. If not, it will have t.
go abroad and ultimately we shall remair
with a much more than comfortable proper
ton of silver on hand.
The Chicago market is down again ant
there seems to be no prospect that the Graz.
spectators will be able to put up the price
of breadstuffs. The visible supply of whea
is decreasing, but very slowly while thu
visible supply of corn is increasing
| Chicago alone has in store a
present 100000 bushels of corn and -,
j. r. Keene's famous corner there was no
half that amount of wheat in Chicago. TIL,
price was put up to S1.36 bushel and ;
week or two later it wa
down to so cents. AS the sprin!
advances grain will be forced out of the ele
vators and must be exported and yet tina
can only be done at the pric,
at which Europe is willing to pay TO
it, which is vastly different from the prize
demanded by Chicago spectators. Their onl,
hope now is that the bears will oversell tht
market, and thus give them a chance for an
other corner.
Oats are in a more critical condition thar
either wheat or corn. The crop was immense
but Europe does not demand any, while at hom
everybody is anxious to feed out the unsal
able soft corn as fast as possible. Rejected
corn sells now only two or three cents highe
than oats, and, naturally, nobody wants t
use oats for feeding purposes when corn cal
be got at nearly the same price.