St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-01-05
ON WALL STREET.
The Manner in Which the Wheat Boom
was Worked. and the Prob
able Result.
The Pork Packers Take Advantage of the
Boom in Wheat and Try to
Advance Pork,
Especial Telegram to the Globe.

NEW YORK, Jan. 4.-The Sun, in its Wall
street column, will say tomorrow: 1.-THE great
excitement of New York was in grain and in the
hog produce. Wheat has been advancing in
price for some time past, and closed on Saturday
IN Chicago with gain of some ten cents
a bushel from the lowest prices. In the
English market alone there is u shortage of
some 12,00O,0 900 bushels as compared with last
year. The danger Of speculative purchasers just
now is some that is inherent in all booms of this
kind. Every petty clerk and hotel chamber
maid Is now uying 1000 or 1900 bushels, and
the long headed and long pursed men who began
their purchases at ten cents below the present
prices, will unload on the crowd, and down prices
will rush again. upsetting all calculations of both
farmers and legitimate grin merchants. The
market, already loaded, was strained at the
close Of Saturdays business, yet there is
no telling where the advance will stop. A pri
vate telegram from Chicago said yesterday that
Saturdays bulge started mainly by large
purchases of the firm of Ellis, supposed to be
doing the business for Woerishoffer.''
If this be so IL would indicate that New York
is getting heavily interested in the deal, and that
makes another dangerous element in the situa-
tioi., for the big sharps of the Chicago board Of
trade are glad TO squeeze few dol
lars out OF the chambermads aud boot
blacks, ani they are still more glad to
squeeze few hundred thousand ont Of New York
speculative celebrities. The wheat situation is
quite clear. The visible supply all over the
world is not as large as it was expected. The
stock on hand is almost everywhere lower than
It was at this time last year, and prices were up
TO a few days ago almost unprecedentedly low.
Higher prices for this leading staple there
fore quite in order. and can be disturbed only by
over speculation on the part Of ignorant outsid-
ers, but the situation in corn is somewhat less
clear. The crop was very large, but there
no old corn left from last year and the manu-
featuring consumption for glucose, starch and
similar purpose is steadily increasing every
where, while the United States remains the only
country supplying this staple.
As a matter Of course the pork packers took
advantage of the boom In wheat and corn to ad-
vance pork and lard. but in view Of the cheap
ness OF feeding material and the mild weather in
most Of the states, except the extreme northwest,
there is no chance Of the SO
called pork butchers making the people
pay for either pork, lard or short ribs
more than they are actually worth. Their recent
proceedings have been such that all speculation
in hog products is dead, and they are being left
10 De preserved In their own grease.
At recentdnner OF farmers club in Eng
land, some speeches were made which are of
interest to the American cattle men. Mr.. Mar
ston Fremen, of Wyoming, said that there were
immense herds Of cattle in that territory
perfectly healthy and free from cpl
iemic, and that pleuro pneumonia was
absolutely unknown there. The far west could
supply England with dairy cows at $50 II head,
and grazing beasts at low prices, with which it
would be profitable to stock their present unoc-
cupied lands. That the present low prices were
ue to low freight charges. and the English
farmers would be very foolish 10 neglect the
present opportunity TO repienish their declining
agriculture. II the farmers OF Great Britain
adopt this advice II will open another market for
ranchmen OF this continent.
o OF the stock market there Is nothing 10 say.
The new year opened with BOOM bat it did not
.ast, and on Saturday all the gain OF Friday was
!ost The coal question must be settled before
any decided movement In the general list can be
undertaken. Investors are not there; they have
been too badly hurt 10 come In again and a great
many men who were investors OF surplus income
Two or three years ago, have seen such shrink
age Of values on hand that they have nothing
eft to invest