St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-03-15
GOTHAM IN CONTROL
New York Instead of Chicago the Gen.
trail Market of thsd World for II
Wheat and Corn, 90 yi7eoo1
The Garden City Brings This Fate Upon
Itself by It's Extreme Views
on Grain,
And the Tendency OF It's Operators
20 systematically Cheat Their
Customers.
Foreign Traders Becoming Suspicious
OF Chicago and Placing Their
Trades in New York.
New York I'm the saddle.
Special to the Globe.

Special to the Globe.
NEW YORK, March 14.-The Sun says:
Recent events have turned the tide in wheat
speculation IN favor of New York. Chicago
now grasps the second bow, while New
York twangs merrily away on the best
fiddle to the tune Of big commissions for its
grain brokers and prosperity for the pro-
duce exchange. Mr.. Armour became in.
terested In the Chicago, Milwaukee 81 st.
Paul Railroad company. He has neglected
wheat speculations to talk about his rail-
road company, and Peter McGeOch's I'M
fortunate speculation a year or so ago,
practically left Chicago without a boss
manipulation. Baron Charles +. WOeris-
heller, Deacon s. V. White and other Wall
street operators have controlled the wheat
market for long time. An authority in
commenting on the change remarked:
Chicago dies hard, but she has got TO play
second hddle to New York on this wheat crop
and the sooner she stops bearing wheat and
gets aboard the less she will get left New
York now controls the market for wheat and
corn, and 1t is no use for Chicago to
KICK AGAINST THE PRICKs,
unless she wants to kick herself instead of
New York The grain trade is coming here,
and coming TO stay. The control of the mar
ket Is here now. The foreign houses which
used 10 hedge in Chicago are all doing it here
now, while half the Wall street trade that
used to go to Chicago exclusively, is now
done on the produce exchange.
Henry Clews believes that the produce
exchange may yet find itself enjoying all
the commission trade in American pro-
ducts. He AYERS that the fate of Chicago
Is due TO its extreme views on the grain
market. The brokers are either very pro-
nounced bulls or very pronounced bears.
There is no middle course for them.
AT present., added Mr.. Clews, they are
bears, bent upon hammering away all their
commission business from that city, and
driving the dealings to New York where there
Is better opportunity 10 live and let Iive."
ANOTHER VIEW.
But one of the Observation-Disclosures man.
ayers of the exchange attributes the change
IN the tide of speculation to something be-
You'd the mere temper of the speculative
tone OF the two cities He said:
The reason why New York now controls the
grain trade is because the operators who for
merly gave their business to Chicago brokers
have lost confidence in them. All sorts OF
juggling tricks have been practiced by the
Chicago brokers. For instance, a speculator
here telegraphs an order TO buy 100, 900 bush
els or wheat. His Chicago brokers report
back that they have made the purchase-that
Is, II the limit given by the New York op-
10 20 warrant the execution
OF the order. Many New York spectators
have discovered that the purchases were
never made except on paper. AS a rule the
Chicago firms are composed of
TWO OR MORE MEMBERS;
one works the bull and the other the bear side
OF the market. The order from their New
York customer shows them his hand. The
next step taken by his Chicago broker ia for
one of them TO enter the wheat pit on the
Chicago board of trade and bear wheat like
good fellow. he is in with the ring against
the New York bull and the efforts of the ring
lead 10 decline; the New York operator Is
driven out and settles his loss on a tranSac-
ton that was never effected. They pursue
these tactics when the New York operator
acts on the bear side of the market, and alto
gether he hasn't living show. There have
been many complaints against the Chicago
brokers, and the suspicion of unfair dealing
on their part has done more than anything to
take away its big Wall street trade. Foreign
agents, also, in view of this suspicion, prefer
TO do their business here. They. too, are
withdrawing their trade from Chicago"