St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-11-23
LUCK IN SPECULATION.
Figures and Common Sense Not Need.
ed in Wall Street Deals.
What Has Been Done the Past Week
in Grain and Stocks.
Special to the Globe.

Special to the Globe
New YORK, Nov. 22.-The Suns ell
and Out of Wall Street" article tomorrow
will say: The stock market reached last
week a state in which all generalization be-
comes impossible. except by way of saying
that prices are well sustained and that in
veStors or spectators or both seem
to still to be willing to purchase
stocks at slightest reductions. The issue
of the trunk-line agreement, upon which SO
many castles in the air have been built dur
ing the last five months, and a stupendous
advance in prices has been effected, does
not seem, after all. to be very brilliant.
At all events all Mr.. Depew could affirm
on Saturday was that there will not be
railroad war for at least year from jan
uary AS Mr.. Garrett has signed the trunk
line contract, which is binding for year.
and cannot be departed from until
three months notice has been
given at the years end, that
is certainly not much of a step toward
the promised iron-clad agreement upon
which so much work and talk have been
expended. Still, as it requires year to
break the agreement, and as it will prob
ably require about as much time to bridge
over Kill Won Hull and to build the
eighteen miles Of railroad which the Balti-
more q Ohio requires to reach 10 Elizabeth
port, ample time is secured for Mr.. Van
derbilt and his party to sell out stocks they
| BOUGHT AT THE Low PRICES
OF last summer. The news in regard to the
position taken by the Baltimore & Ohio and
the conditional way in which the trunk line
agreement was signed by Mr. Garrett, would
nave been sufficient, at any other time, to
demoralize the market utterly But trunk
line stocks are so firmly held by the cliques,
ana the speculative portion of the general
public has of late so much interested itself
In different minor railroad cOrpO-
rations that the market barely felt
the effect of the unfayorabe news.
| In fact if the trunk line of stocks were
weaker, great many of the so-called Wild
cat showed great deal of strength and re-
corded handsome adVices in prices. 1t would
take more space than the Sun can dispose of
to give the names and describe the move
ments OF many securities which have of late
become favOrites in Wall street. Almost
everybody who has any connection at
all with stock speculation has a pet to
nurse and to recommend to his friends. and
it would be useless to advise people to eX-
anime carefully the paps they are paying
their money for. A multitude of men have
made up their minds to gamble and they
will gamble, and it is, after all, cheaper
and safer for them to do so in stocks that
cost $40 or $50 share than to
GAMBLE IN A HIGH-PRICED TRUNK
line security. OF all the light fances
Kansas and Texas was one that suffered the
most last week, dropping as it did about 3
per cent in one day, but this decline was
natural, for the stock has doubled in price,
advancing from IS to 26 in less than three
months and is held in a very pc
culiar manner. A great deal of ii
is in Amsterdam and big blocks have
recently been bought by Chicago people.
The Dutchmen stick to their holdings,
because in most cases they still negotiate at
cost price, while Chicago people are evil
IDENTITY encouraged by the recommendations
of Gen. Sherman in regard to the opening
of Indian territory. If his suggestions
to the government in this respect are
followed out, Kansas & Texas will. of
course, gain great deal in speculative, but
men Immediately connected with its man.
| agement seem greatly to prefer the bonds OF
the concern, being Of the opinion that a
considerable time will be required for the
stock to earn something in the way of divi-
| dends, whether congress opens the Indian
territory or not. The grain market con-
tinues irregular and most of the time bear
| sh in tone. Notwithstanding talk about
WAR COMPLICATIONS IN EUROPE.
| Stupid reports predicting a continuance
| of the present troubles and indicating that
England would be compelled to take hand
has had the effect of stimulating prices,
but the advances were not maintained.
The bulls attempted to make capital out
of the falling off in interior wheat receipts,
but the decline in prices on Saturday
| tends to confirm the bearSh view
| of the situation taken by that
class of traders who study the question Sc
riously and do not operate upon what is
called sentiment. Wheat speculation in this
| country is a mere matter of gambling, and
some of the dealers in the game still MAIN
tain wheat will sell at Chicago at S125
bushel before a new crop begins
to come around. Of course, it is
very difficult to conceive how
they can possibly expect to see such figures,
but discrimination should be made between
their talk and their actions. Those who
talk up such figures must either be idiots or
common sharps, who want to saddle on the
public the loads which, foOlishly enough,
they accumulated before exact condition Of
THE WORLDS SUPPLY
was established. It must also be kept in
view that there is now great deal of in
tricate relation between the grain market
and the stock market. There was not
much of it in former years, but since the
West has grown so rich and entered into
Wall street speculation, the condition Of af-
fairs has considerably changed. Western
grain gamblers can, by shipping or storing
wheat affect considerably the receipts of
some of the grain-carrying railroads and
thus make only on stocks what they lose on
wheat or make on wheat what they
lose on stocks. Common sense how
ever, has nothing to do with specu-
lation in this country. If big
manufacturers in New York and Chicago
happen to be long Of both stocks and grain
they will put them both up. If they hap
pen to be short they will run them both
down, and the outsider who tries to specu-
late on the basis of common sense and sta