St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-17
THE WHEAT Squirt.
Gossip About the Panic Among
the Chicago Bears.


CHICAGO, Aug. TO- There was more
talk about Keene yesterday than any
one else, and most of the crowd pro-
fessed to believe that he was running
this market. Quite a crop of specula-
tors who ''knew all the time" this was
coming and had received private tips
from New York to get on board around
sc cents sprang up, and the apparent
freedom with which Keene had given
out pointers was astonishing. The fact
that the markets at the trade
centers of the world were as
much excited as ours did not
lessen their faith in the theory
that Keene was at the bottom of it.
There were times when 1t certainly
looked as if there was manipulation,
and whether it be Keene, Hutchinson
or Armour who is interested in play
ing with the cereal, he is doing pretty
well. 1t is suggested that the plan of
the manipulatOr is to get in. get bulge
and get out before the heavy shipment
of spring wheat begins. This plan.
would be favored by the baekwardness
of the spring wheat crop. "These
fellows are dandies," said an OBJ
server of the market, land |
think they are responsible for much
of the foreign advance as we'll as that in
the American markets. Europe sends
us bull news about the suffering from
poor crops, our markets go up, and be-
cause we advance they get scare on
over there and bulge higher. That
scares US. and we go higher, and there
you area sort of reciprocity that seems
to work most beautifully"
The following is a sample of the sort
of information being sent out to custom
ers by grain houses here, and gives
fair idea of the commission mans view
of the situation:
"This has been a terrific day in wheat
and the market closes 61406$4 cents
higher than Yesterday. The feature of
the day has been the lightneSs of offer
ings, and the conclusion forced itself
upon the trade that there has been an
immense line of wheat bought which
has not vet come upon the market. the
play evidently being to force prices still
higher. The news from the old world
served to fan the excitement into
frenzy and the bears and bulls alike are
wild.
1.-The Russian government has shown
that the prohibition ukase was not
bluff, having forbidden the railroads to
carry the grain TO the German IrOntler.
The animus of the whole movement on
the part of the Russian government
seems to be directed against Germany.
which is construed in exceptionally
well-informed quarters to mean that the
czar is trying to goad the hot heads in
control of the German empire into a
hostile demonstration, which can serve
as a good excuse for war. This theory
Is in direct line with the warning
given in a special letter sent from this
office less than a month ago. setting
forth the probability of European
war. Strife may be averted, but for
eign affairs are taking a critical form.
and nothing that may happen there
need occasion surprise shere.
"The prevailing belief is that New
York parties are long on an enormous
concentrated line 81 futures, aud in the
absence of definite information on the
! subject Jim Keene is credited with the
| generalship of the deal. A wild and
woolly rumor was also in circulation
in the inner councils that the
whole business, speculative as
we'll sas Eeconomie and political,
originates in st, Petersburg. This