davidaulloa/AmericanStories huggingface dataset:
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29
PANIC IN THE PIT.
The Squealing of the Shorts Pleas
ant to the Ear of king
Hutch.

The Squea1ing of the Shorts Pleas
ant to the Ear of king
Hutch.
Special to the Globe
CHICAGO, ILL.,, Sept. 2S.-The excite
ment occasioned yesterday on the board
of trade, by the rush of the bulls upon
their PROSTATE antagonists, the bears,
continued this morning and was par
ticipated in by the general public to
such degree that it was with
difficulty the dOOrkeeperS kept
back the crowd from taking pos
session of the floor, Richard Eustace
the veteran dOorkeeper, declared he
would rather take the tickets at the ex-
position building, and facetious men,
Der suggested that the public be ad-
mitted on payment of an admission fee,
the money thus raised to be applied to
paying the losses of the shorts, The
public gallery was crowded this morn
ing to its utmost holding capac-
ity throughout the entire ses-
sion, a large portion of the
on-lOOkers being ladies, and they
watched the wild gesticulatiOns of the
crowd in the wheat pit with the closest
interest. All the attention of both Wis
itOrS and regular members was concen-
trated there throughout the entire day,
the pork and corn pits being COM
paratively deserted. "Old Hutch" the
alleged cause of all the present excite
ment, came in early and took a seat
against the big pillar at the side of the
IaalySnn Str.aaf o.
ALL EYES WERE FOCUSED ON HIM,
and men and ladies alike stopped over
the gallery rails and craned their necks
trying TO get good look at him. Even
old members, who have been accus-
toned to his presence among them since
they have frequented the floor, became
fascinated, and stood few feet off star
ring at him as if he was the inhabitant
of another world just arrived Oh a short
visit to this earth. The old man
sat uncOncerned, but occasionally
a sarcastic smile would sweep across
his face, as he witne ssed the action of
the starers, but he showed no other
symptoms of feeling the occasion to be
more than an everyday occurrence.
Occasionally one of the victims of his
raid would approach him as if to put in
A PLEA FOR MERCY,
and would hold few moments CONVEX
sation with him. On leaving ''the boss"
such an one would be surrounded by a
crowd eager to obtain some hint of the
thoughts that were formulating in the
old mans brain as to his actions for the
immediate future, but it was little salts
faction anybody could get as to his in
tentiOnS, except that the prospects were
that 81 would be the settling price
before the end of settling day.
1t being well known that the price of
September would be just what the old
man desired it, he was watched closely.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29
HOYT'S HOMILIES.

a PorkOpolitan Interested in the
Squeeze Gives His Views and
Compares 1t With the Harper
Episode.
Special to the Globe.
CINCINNATI, o., Sept. 2S.-J. w.
Hoyt, a member of the firm Of Irwin,
Green & Co., of Chicago, is probably
the only Cincinnati man directly inter
ested in the present great wheat deal
in Chicago. Hoyt will be remembered
because of his connection with the late
Cincinnati deal when, as agent for Har-
per, he covered himself with notoriety.
Mr.. Hoyt is quite talkative relative to
the present deal, and says: "This is
not a corner. 1t is panic in wheat
circles. At the start Hutchinson and
his associates (there are but five of
them) had no idea whichever of cor
nering September wheat. They were
bulls and purchased for cash all wheat
offered. The crop was not large, and
almost before they were aware of it,
they were the possessors of nearly the
entire product entering Chicago. Nat
urally. this increased the value of
their stock. Authoritatively can say
that Hutchinson has not bought one
bushel of wheat since it reached "a.
HE BOUGHT FOR CASH,
and is in position to hold on to what
he has until he gets his price," SIS the
panic likely to end soon?" "Well, to be
frank, think not. My opinion is that
before wheat gets lower it will touch
81, and it won't go far from that figure
all winter. This deal is not alone
responsible for this. Europe had bad
season-almost no crop. That is enough
to make our wheat go up, and am
surprised that dealers have not seen
this. You want to know how this deal
differs from the Harper deal? Just in
this way: Hutchinson and his associ-
ates paid cash for wheat, while Harper
speculated on money not his own"
''Is any one in Cincinnati short?" was
asked of Mr.. Hoyt.
mot to amount to anything. There
has been little trading here. but there
will be, now. lots of it, and some one
may get bitten before wheat finds its
level again."
Continuing, Mr.. Hoyt said: 1T is
well known that the foreign breadstuff
crop is very short. The English crop
is short many million centals. The
Russian crop is about the average In
quantity, but the quality is poor. The
Indian crop is both short and poor, and
in Germany rye, which is used almost
as much as wheat, is practically fail
ure. AS result England and Germany
MUST BUY BREADSTUFFS
of Russia or America. Not bushel of
wheat was reported from New York
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29

wheat was general and on large scale.
The market rallied to 81 for October,
99% for December, and S1.0114 for May,
but toward the end
THE MARKET WEAKENED
under free selling by Hutchinson and
others and last prices were within a
fraction of the lowest point of the day.
The break at the last was more than 1c,
December declining to 9S1lc and May to
S1.OO1s. Last prices were 9S3lc for Oc-
tober, 9S1lc for December and s1.OO$5
for May. The range of prices for the day
on futures, was 25s@3l4c. Sentiment
seems to favor the theory that there
will be break in prices after the Sep
tember deal is off the hooks, and that
accounted In Il high measure for the
generous unloading of long property.
Should that anticipation not be realized
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29

wheat, believing that the bubble, as
they termed it, at Chicago would soon
burst. The action of Hutchinson at the
present time has given rise to consider
able feeling on the floor. A member
who is not given to idle words said this
morning: Il think Hutchinson has
BROKEN FAITH WITH THE CROWD.
SHE has always given the trade to un-
derstand that he never had and never
would run corner. He says this is not
corner, but everybody knows that is
untrue. l think he has made a mistake.
He could have made quite as much by
continuing on the bull side and adj
vanced the futures uniformly, and no
one would have been injured" On the
other hand there are many who take no
stock in such talk. They say that
the local crowd had no warning
and that circumstances justify the
present prices. w. L. Baker states
openly that he believes every future in
the present crop will sell at S1.50, and
that that will be a fair price for con-
sumption regardless of the foreign de-
mand. A private letter from Chicago
man who had just interviewed Pillsbury
at Minneapolis, says that that distin
guished miller said the
CYCLONE HAS YET TO COME;
that the people of this country have yet
to wake up to the fact that they have
no more wheat than they need at home.
''It will keep US millers busy" he said,
"to get enough good wheat to keep our
mills running" When the noon hour
arrived it was stated that Hutchinson
had told his brokers to settle at $3.50.
This was as expected earlier in the
day, but if he ever issued
such an order the respite was
short one, and if he keeps on keeping
his word the remaining shorts may ex-
pect to pay 81 for September wheat to-
morrow, which will be their last chance.
At 1880 the price of every future had
weakened considerably, and the market
was easy up to the close. Mr.. Hutch
insOn is said to have remarked before
leaving the floor that those who bought
of him Saturday will have to pay S2 for
it. 1t is not generally thought, how
ever, that such price will be paid.
DuAliS IllC udJ OAO lAutSh NlOW
clearing house check of S675.000 as his
profits on sales made Thursday. Not
only was the amount of this check
made known, but the names of ten
firms were freely talked about. each of
which had deposited in the clearing
house check for $4,000.
Shortly after the board closed to-day
rumor gained currency on the streets
that one of the employees of the Ameri
can National bank, of this city, had
left the city suddenly with a large
amount of funds. The fugitive was
alleged to have been using money
freely on 'change in making good his
shortages of cash September wheat.
The sudden rise in the market, it was
asserted, had cost him not only
EVERY CENT OF HIS OWN.
but also considerable amount belong
ing to the bank. The officers of the
bank declined at first to either affirm or
deny the reports. The troubles of the
bank in connection with the wheat cor
ner last year attempted by Harper, the
wrecker of the Fidelity, were recalled
and formed the subject of much talk.
Late tonight the president of the bank
authorized the statement that there had
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29

After settling himself in the chair near
the entrance, he coolly informed some
of the anxious ones that he was mot
selling wheat this morning." Brokers
supposed to be in his interests were in
the pit getting the price up five points
at time, and at IL o'clock s1.4O was
freely bid, but there were no offerings.
About this time
THE DICTATOR OF PRICES
told one of the shorts who wished to
settle to come and see him at IL o'clock
and cash wheat would be on tap. He
could not tell what the price would be,
but at that hour it was thought that
s1.50 would be the price for September
settlements before the close. Thirty
minutes later, and before the hands of
the clock pointed to IL, $3.50 was
actually bid in the pit for September
wheat without meeting response in
the shape of sale.
The feeling at New York was an ex-
tremely cautious one. Some foreigners
who were short covered; some, accord
ing to dispatches, were even bold
enough to put our fresh lines of short
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29

to-day. Thus two things outside OF the
deal contribute to advance the price.
A third reason, unintentional for the
time being, is that, knowing the two
causes for higher wheat named above,
the firm interested bought cash wheat
whenever it could be found, intending
to hold it for speculation. The firm to-
day owns wheat in Tennessee-in
Nashville and Chattanooga-ready for
shipment. The same conditions exist
at Toledo, Duluth, Bismarck, Dak., and
Vancouver, B. c."
Another broker said he had reason to
believe there was a large quantity of
the wheat here. There are those who
intimate that Harper is interested in the
deal, but this is generally discredited.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29

called on Donnelly and asked him what
the effect of his nomination by both
parties for the legislature would be. The
sage, in his bland way, replied that it
would at once make 1t impossible for him
to stump the county as candidate for
governor, and that his efforts in that
direction would have to be confined to
other portions of the state. He also
signified that he would be very pleased
to receive the two nominations. In
consequence of his reply steps were
at once taken to secure majority for
him insboth conventions and insure his
nomination by the two parties. There
are good many Democrats who don't
like the idea, but whether their oppo.
sition will amount to much cannot be
told vet.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29
RECKLESS FINANCIERS.
A Further Exposure of Republi-
can Extraya0ance.

The following keen analysis of Au-
ditor Braden's stereotyped statement of
the states finances made to the GLOBE
this week, should command the atten-
ton of every voter in the state:
To the Editor Of the Globe
Ever since Treasurer Bobleter broke out In
that first terrible interview, and made such
showing of the rotten condition of the states
finances-indorsed so fully the Democratic
plank denouncing this condition-I have
been watching for the means that were GER
tain to be taken to break the force Of that
truthful but atrociously indiscreet officer.
After waiting week the Pioneer Press tried
its hand, but it bungled in getting Bobleter
to say that it was all lie and then getting
Braden and McGill to show that it wasn't
/ have always admired Auditor Braden's
frankness, but fear that the dire distress in
which Bobleter has plunged the party has
swerved him from his usual ingenuousness
The opening sentence of his letter &C.
companying his "statement" shows
that the confusion into which Bobleter
threw the party has extended to the auditor,
else he would not have said that an article
showing reckless mismanagement of the
states finances was "sensational' ''except
during a political canvass" While sensa-
tioual at any time, such articles are doublS
so "during q political canvass" But the
confusion does not limit itself to the COM
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29
Special to the Globe.

trading floor
and made sarcastic remarks at it, but
the grim old man told them that his
price was $3.50 and they had to pay it.
at will be - tomorrow" he gently in
sinuated. Tomorrow is the last trad
ing Iday in September, and the deals
have got to be closed. Some of the
squeezed parties say they will not settle
at 81, or even at Sl.50, as that is corner
price and within the statute governing
such contracts. With Minneapolis
wheat at S1.15, they claim that S1.25 is
the outside legitimate price. Mr.. Hutch
insOn thinks the boys ought not to get
mad. He says he has not called on
them for margins, bnt the big houses go
on making good their contracts all the
same. Mr.. Hutchinson was in no hurry
this morning to settle with the people
he had down. They offered Sl.30, Sl.35,
and then sprung the price 2 cents more.
The old man said he would give S1.40
for good, clean wheat himself. Offers
climbed a cent or two until they got so
high
THE "SHORTs" WERE DIZZY.
A number of them got tired of dicker-
ing with the old man, and closed their
deals at his price. His brokers took
car load lots at S1.49, and the market
closed with King clutch" the owner of
all the cash wheat in Chicago. Late in
the afternoon twenty-five car loads
came in from Detroit and a small
quantity from Joliet, while several lots
In private warehouses were transferred
to the elevators for the purpose of in
spectiOn and securing regular ware
house receipts. The st. Louis roads
ran grain trains on passenger
time. and brought in $50 car loads,
but whether the wheat can be
inspected and the certificates delivered
before 1:15 o'clock, when the board
closes, isawhat troubles the "shorts."
If the inspection is not made in time,
Mr.. Hutchinson will get his 81. If the
St. Louis wheat is thrown on the mar
ket, the old man will shove that figure
% cents, it is thought, perhaps more.
Nobody pretends to know how much
"OId Hutch'' has made out of his deal,
but some brokers put it as high as
$S,OOOOO0. Some of the wheat he is
selling at $3.50 he got for 75 cents. All
sorts of rumOrS are afiOat
CONCERNING THE PERSONS PINCHED.
who and how much. One of these is
"Jack" Cudahy, the packer, who is re-
ported to be short 100000 bushels, but
no credit is given the rumOr. Pool g.
Sherman are also said to be large shorts,
though they may be holding for old
clutch" The speculative market was
nervous all day. but the volume of trad
ing was not abnormally large. The
market around the opening was strong,
l cent higher for December. May and
October. December was in active re-
quest at 99% cents, and May at S1.01%.
There was food of scattering outside
orders for general account. When the
demand from that quarter was salts
fed, December worked down from
slO21I to 99A cents; May, from sl.O21S
t. S1.0l1S, and October from s1.O2 to
9l9[ cents. The selling out of long
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29
Down With Taxes.
Special to the Globe.

DptCIdI 10 IIIt UIOUb.
OLIVIA, Sept. 2S.-Hon A. j. Smith,
of Minneapolis. and Hon. D. NJ. Wood
bury, of Taylor Falls, addressed a large
and enthusiastic Democratic meeting at
the school house last evening. Their
arguments on the tariff issue were we'll
received and created good impression
among the farmers, a large number
being present. Olivia will give a good
majority for Wilson and for Cleveland
and Thurman in the coming election.
The growth of tariff reform sentiment
in this section has been surprising.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29

| L. 4
Balance railroad adj. bond interest will bt
| paid from internal improvement land funG
| interest.
With it may be given Treasurer Bob
letters statement:
! "THE FINANCES OF THE STATE ARE
IN BAD SHAPE. THE REVENUE Re
| CEIPTs ARE NOT ENOUGH TO MEET EX-
PENSES. IT KEEPS INCREASING EVERY
YEAR."
Why the state finances should be in
bad shape, and why it keeps increasing
every year may be directly traced to
the Republican legislatures and Repub-
lican governors of Minnesota. The
official records of the state, accessible
to every citizen and taxpayer, reveal
sufficient reasons for this constant pro-
gression backwards of the finances of
the state. The Republican legisla-
ture of 1885 and 1887 increased
the state taxes 7-10 mills.
The state officials (Republican)
say wide Col. BObleter in an interview
in the GLOBE) that another mill of tax
must be added in 1889, making total
increase of state taxation of 7-10 mills
in four years. But with this constant
increase in the rate of taxation, the Re-
publican legislature of 1887 gave away
to railroad company and the holders
of its lands nearly $1,000,000 of back
taxes. This sum, if it had been col
lected by the state, would have removed
the necessity of State Treasurer Bob
letter saying:
1.-THE STATE HAS ALREADY COMMENCED
TO BORROW MONEY"
House File 157, passed by a Republi-
can legislature remitted back taxes due
the state to the amount of nearly 81 ,OOO,-
600.
Looking over the journal of the house
for 1887, page 7S0, it will be seen that
House File 157 passed by vote of Sc to
81 and that of the Sc ayes 43 were Re
publicanS, and that among these Repub-
licans who voted away 81 100000 worth
of taxes due the state were ID. j. Knox,
ID. II. Freeman, George F. Potter, now
a member of the Republican state CEN
tral committee, and Capt. Snider, Re-
publican candidate for congress in the
Fourth district.
Referring to the journal of the senate
for 1887. page 663, it is aScertained that
House File 157 passed that body by a
vote of Sc to 3, and that of the thirty
six voting for its passage twenty-five
were Republicans. OF these twenty-five
who voted for the remitting of S1,O00,OO0
of taxes due the state, Senator Clough,
a member of the Republican state CEN
trail committee, was one; Senator
Day, another member, another, and
ID. S. Hall, Republican candidate
for congress in the Third district an
other. At the same time OH the word
of Lieut.. Gov. A. E. Rice, himself, 300
odd acres of land, on which these taxes
were remitted, were owned by him
before the bill Q57) was passed; and
McGill signed the bill.
There is then this cumulative evil
dence that-while the finances of the
state were in bad condition, and the
legislature voting large sums of money
to make up deficiencies and authorizing
the state treasurer to borrow 100000
or more, that majority of the Repub-
licans of the house and senate, of 1887,
voted away to railroad company and
to persons owning the lands concerned
as in the case of Lieut.. Gov. A. f. Rice,
81 100000 of back taxes. The state
ment of the account would be:
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29
STRAY POLITICAL.
Swift County News-Maj. Str
Talks-Potter to DOran.

G. W. Stanton, of Appleton, Swife
county, was in the city yesterday and
reported to the effect that in his village,
which is strongly Republican, s.Dem-
ocratic Tariff Reform club'' was organ
lied Thursday evening with member.
ship of seventy-fve, which, he affirmed,
would be raised to 225 before another
week.
Hon. c. H. Fling, of Portland, Me-,
addressed large audience last night al
Arlington, Minn., on the tariff ques.
tion. He is an able, fluent talker, and
made many converts to the cause OF De-
mocracy.
Mai. Strait-Dunnell is an able man,
but Judge Wilson is young, active and
cunning. His ridlcule will annihilate
any argument. His debate with Dun.
nell will be red hot one.
Mr.. Doran to George f. Potter-What
are the prospects in your country?
POtter-Going to give you Democrats
hell.
The Democratic executive campaign
committee was in session all OF yester.
day.
DonnelIy speaks at Farmington to-
day, as does also Eugene Wilson.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29
Wilson Stock Is Booming.

Special to the Globe.
WINoNA, Minn:, Sept. 2S.-Congress-
man Wilson arrived home this morning
from Washington in tiptop health, and
prepared to enter at once actively into
the First district campaign. Democrats
are jubilant at his return, and will give
the judge royal reception at PhiIhar-
monic hall tomorrow evening. Ar.
rangements are being made on a big
scale for the demonstration, which will
include torchlight procession,
speeches at the hall, etc. Wilson stock
may be said to be booming in Winona
county,
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29
Hon. Percy Smith at LIE sueur.
Special 10 the Globe

Special TO the Globe.
LIE SUEUR. Sept. 2S.-Hon. Percy B.
Smith addressed one of the largest audi.
ences here last evening that ever as.
sembled in Shows hall. He was escort.
ed to the hall by the the LIE Sueur band,
and talked about one and quarter
hours. The audience was very intelli.
gent one, and Mr.. Smith received their
close attention throughout, which was
marked compliment to the speaker. He
exposed Republican legislation in con.
gress in favor of monopolies, and ex.
planned the relative position of tho
Democratic and Republican parties on
the tariff.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29
Clev Glands Name Cheered.

Sp eclal 10 the GLOBE.
EAU CLAIRE, Wis, Sept. 2S.- The
Democratic county convention nomin-
ated V. w. James for district attorney;
George Olson for Sheriff; Jacob Stumm
for register; Peter Mcdonald for clerk;
Clinton Bradford for treasurer; Alex
ander Lowry for clerk of court; Mrs.
Lucy Pregent for school superintend-
ent and William Weissenfels for sur
veyOr. The convention closed with
three tremendous cheers for Cleveland
and Thurman.
St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-29
Looks Democratic.

Special 70 the GIobe.
LAKE CITY, Sept. 2s.--There was a
large and enthusiastic meeting at the
Academy of Music last night, Homo. M.
Hall and G. H. Benedict being the
speakers. Their addresses were full of
telling points for tariff reform, as both
their speeches were wholly devoted to
showing that the protective tariff was
detrimentive to the agricultural and
business interests of the country. The
enthusiasm and large attendance indi-
Gates that Lake City will be found in the
Democratic column.