St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-11
Operators Waiting to See What Action
congress Will Take in the Matter
Of Silver Suspension.
AessrS. Jewett and Garrett Suspected Of
Having Combined for Serious
Mischief.
conditions of Pooling Arrangements
and the rain Market Unfavor-
able TO n Rise.
The Minneapolis Millers Fighting In
dla, Russia, Austria and Other
Countries.
4 Steady Market.
Special TO the Globe.

SPecldl 10 the Globe.
NEW YORK, Jan. IO.-The Sun will saw
tomorrow: The stock market was remark
ably steady last week considering the nm
favorable Influences and rumors which have
been working upon it. The account of tba
daily transactions on the floor of the ex
change has dwindled down to an average OF
ABOUT 25O, 600 shares instead of the SOO. 600
ana 100000 shares dealt i'm rs heretofore.
Inc commission brokers, with "a
very few exceptions, are at their
Wis Wis emu how to make their
1ihce expenses. The small traders who
Iced them are cleaned out or scared away.
while the big operators do not seem dis
posed TO take hand on either side of the
marker until the silver question has shown
some progress one way or the other. and
untli the meeting of the east-bound pool
representatives have arrived at some tangi-
Die decision. The attitude of Mr.. Jewett
president of the Chicago Il Atlantic. IS
hlghly unpalatable to the representatives. of
the majority of the trunk lines, all of whom
suspect Mr.. Jewett and Mr.. Garrett
nave combined and mean serious mischief.
Nhether this be so or not the increase i'm
the running expenses on account of the
snow blockade and the decrease in the
grain receipts at the interior points. cOnse-
quent upon the condition of the snowed-up
country roads, are alone enough TO put
prices OF stocks down, but the fact that
there seems to be nobody willing to take
anything but hrSt-claSs bonds kills all deal
ings in stocks. Very bad..reports are i'm cir
euiation in regard to the future of Northern
Pacific, Union Pacific. Louisville IL Nash
Vile and Texas Pacific
MUCH LOWER PRICES
are predicted for the securities of these
companies. The Texas Pacific seems. az
course, TO be in the worst plight Jaw
GOuld got out of it after he saw that some
Philadelphia men were anxious TO get con-
troll OF the road. The Gulf, Colorado Ss
santa re Is building into what he considers
ms territory. and he intends, 1t seems, to
give them three miles for one, and foF
the purpose of doing so he has Ia
parallel considerable portion OF
the Texas Pacific. This will bs
an additional blow to this miserable con-
eern, already burdened by two receivers, a
firmly demonstrated inability of earning
anything above the running expenses, and
several projects of reorganization. The un-
favorable rumors in regard to pooling and
earning conditions of the most important
roads and the uncertainties of the silver
question are considerably aggravated by the
condition of the grain market. MIR. l.. G..
Qulnlan, the head of a well-known grain
and provision house, returned yesterday
morning from Chicago, and says that the
general feeling in that city is bearish on
wheat and bullish on corn. In the way of
Chicago gossip Mr.. Quinlan brings the
rumOr that Phil Armour has a big load of
cash wheat, against which he has not had
an opportunity of selling future options,
and that the millers of Minneapolis hold
between seven and eight millions of Chicago
wheat. These big loads have to come
SOONER OR LATER,
on the market, and it will probably be
sooner than later, for Phil Armour, rich as
he is, hates to see losses, even on paper:
while the Minneapolis millers will have to
give up the game as soon as they perceive
that they have made fools of themselves by
trying to fight India, Russia, Austria,
Egypt, the Danubian region, and Chill, all
OF which enjoy the privileges Of
cheap labor and splendid soil. The
Australian harvest Is over, and Mel
bourne cable puts the amount of wheat
ready for export at 90, 900 tons (say $500
600 bushels). A telegram from San Fran
cisco puts the amount of wheat ready for
export to Europe, after all local and other
deductions, at 800. 900 tons, The harvest
in India will begin in two or three weeks,
and before Easter comes around the
new wheat of India will be in transit
to European parts. In about five months
from now our own crop of winter wheat
will begin to come forward. Any person
of average intelligence who puts these facts
in juxtapOsition with the existing surplus
of between thirty and forty millions of
bushels in this country and the glutted con-
ditiOn of the European markets, will be-
come convinced there is not the faintest
hope for the prices of our cereals to ad
VancA