St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-06-02
An Interview With Peter McGeogh on
Prospects of Prices of
Grain.
No Chance, He Believes, for an Advance
in Wheat Before Next
Fall.
Wheat Gets a Black Eye and Corn u
Blow Under the Ear--Provi-
sfOus Dead.
The Bulls Feel Blue and Look Bilious
--Record of the Day in Wall
Street.
Chicago.
sneoial to the Globe.


Special to the Globe.
CHICAGO, June Peter McGeoch, hale
looking and good natured, makes the run
between Chicago ana Milwaukee very often
now. He has become a leader again at Nil
waukee. and if the luck of the last ninety
days will only stand by another ninety 1t Is
possible that he may become leader at
Chicago. Il don't believe that there will
be any hope for the bulls" he said to the
GLOBE reporter, until the present accu-
mutations of wheat are out OF the way.
About next October will be the time to be-
gin to play the 'bulF side OF wheat with
proft.'' The Scotchman nodded his head
decisively and looked quite as confident and
self-Satished as he ever did in his hey-day
The truth is McGeoch has been winner OF
late, ON a large scale, too-so large that
his friends are confidently predicting that
the old man will Twin OUT before he leaves
off. 1.-The trouble all comes" said Nc
Geoch in this same conversation, that this
country raised in the years 1898 two crops
of wheat in one season. There was never
anything like it before. There may be
nothing like it again. think that this
year there will be such
CROP FAILURE
as was never suffered before, but it won't adj
vance figures until the enormous accumula-
tons are out of the way" 1t is remarka-
BILE that McGeoch's recent successes should
be so welcomed by the crowd which he first
lorded over, and which he finally caused to
suffer so much. 1t is the tribute
of the mob to the ScOtchman's
courage. Traders who used to curse Nc
GeOch when he ran corners, and who
cursed him when his lard deal collapsed
and there was loss of So, 600, 900 to be dis
tributed, are now anXiOusly watching the
old fellows progress, predicting that with
money in his Golfers again there will be
some hope for the market and some chance
for the broker. The venerable and irascible
David Wells, Jr., and the sturdy Peter are
now playing high-low-j ack-and-th e-game
once more at the elegant residence of diplO-
matte Alexander Mitchell. The suits begun
by David, whenever he pretended Ito want
to know, YOU know" and the cross suits
by Peter, whenever he pretended to lay
claim to what was left of his venerable
PARTNERS MILLIONS,
have not been dismissed. The two old fell
lows are keeping them standing to deceive
outsiders. They are half ashamed to let
the world know that after quarreling they
have again become like cooling doves.
The live cattle men are ON the dead run
from the dressed beef shippers, They've
found that to any longer fight to save their
stock yards and their shipping trade is use
less, SO they've gone down to ST. Louis
AlleYton and the rest of thenl-and are
there Strengthening and shipping and slash.
iAg away at the rates, They've found
much 10 their dismay, that when Armour
and Swift and Hammond We're compelled
to fight the railroads and the live cattle
shippers they found it necessary to make
a pool, SO that the dressed beef
pool is one of most exclusive
and offensive things of the kind in exist
eaee. But Allerton, and his friends, Tim
Eastman and butcher, have dollars to
spend, and they're spending them to get on
the inside. This is 10 be great year for
butcher the country over. If he finds Mr..
Armour pretty stiff he can call on Mr. AL
lerton, and if Mr.. Allerton
is UNREASONABLE
will march right over to Armour, all of
which goes to prove that good thing re-
mains good thing only so long as it takes
outsiders to find it out. Swift and Armour
and Hammond have made some millions
out of dressed beef, and now Sam Allerton,
and Tim Eastman and George Fowler
and John butcher want to
go in and run the business.
But there is the poultry business, which has
always been neglected, and the dairy bust
ness 1t needs no stretch of Imagination
to believe that within the next five years
the manufacture of artificial milk, cream
and eggs, on scale to supply the world,
will be in full blast at the stock yards
1.-The speculative market continues feat
10 i,
GLOBE man to-day. lit is quite certain
that the visible supply has not yet stopped
increasing, and pretty certain that the price
of wheat has not yet stopped declining.
The people who usually gobble the pork
and about this season advance the price,
are in panic lest cholera should appear.
Pork is likely to get under $40, and wheat
under S0c."
MONDAYS MARKETS.
The grain market was again weak and
lower to-day. The present down turn
started at about CSC for July, and to-day it
struck 8614c for the same option. At the
opening the situation looked little threat
ening, and one failure was reported on the
open board before the other one began its
belated session. July wheat closed last
Friday at S71Sc, and opened this morning
at S64c. This was the put price" and a
reaction set in from the beginning which
carried the market up to S6Xc, where it
hung during the greater part of the session.
The feeling, at the outlook, was un-
deniably weak. and the early buy
ing this morning was mostly by the
shorts, who had good profit and wished to
secure it. Those parties, also, who bought
''puts" at $500 or better, would naturally
buy against them after such decline, as
chances were better of getting their money
back in the upward direction rather than
the other.
FOREIGN ADvICES
were weak and depressed and there is little
to hope for at present from that source As
the weather improves the crop reports grow
more favorable and the prospects for spring
wheat are now decidedly good, especially il
the great Northwest region. On the
other hand Mr.. Talmadge, the Mil
waukee statistician, has put forth hi.
estimate of the entire crop this year at $40,
600, 900 bushels, while Mr.. Walker of New
York only goes him little better, puttins
the figures at $50, 900, 600 bushels But
say the bears, if these estimates are correc
or nearly so, the surplus of over 100, 600, 0Ol
bushels of old wheat, which will be lief
over, added to the lowest figures given
makes out full average crop after all; ant
this fact leads many to look for still lowe
prices, unless the foreign demand show
some signs of reyiving.
THE RECEIPTS
porsed, being practically for the three DAYS
were much smaller than was expected. St
Louis was much firmer, in proportion. TO
winter wheat than we were, while New
York opened 5000 lower and rallied sub
sequently. 1t is possible that May will
now step in and steady the market for
time, fearing the consequences of a frlrthe
decline. The close was heavy and lower
Mt SAGE June, S5Mc July. S72lc August