The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-21
JAMES j. HILL CALLS THE NEW
YORK JOURNAL FLATLY
DOWN.
FALsEH00D AND 1T KNEW 1T.
COMPLETELY IN ANY CORNER
in WHE.AT
BUT HE BELIEVES TT WILL RISE
still Higher, Especially If Conf
dence I'm the Government Is Re-
stored by the People.

The New York Morning Journal yes
the effect that James ]. Hill, Charles
A. Pillsbury, w. D. Washburn and
other Northwestern capitalists had
formed gigantic combine to corner
wheat and raise the price to fabulous
figures. The story, which occupied
full page Of the silver organ, went on
to state that there were large amounts
Of wheat in the Northwestern elevators
which were held, not by the farmers,
but by wheat spectators.
The story, be 1t said, gained little
credence, in view of the very apparent
causes for the present advance in the
demands made for American grain by
foreign countries. Mr. Hills optimistic
views as to wheat prices as given to-
the world from time to time in news
paper interviews, as well as in his adj
vice, to farmers to hold their wheat,
would have served to have classified
him as a 'sbull, if he had been an
active operator on the market, but be-
any reason for the publication of such
a story as the one given to the world
by the Journal.
AS early as the first week in Septem-
Der, when wheat was selling at So to
54 cents. Mr.. Hill was quoted in the
G 10 b e as Of the belief that wheat
would go to 70 cents in a very short
time. AS he said last night:
tThis belief I communicated to
number of farmers whom met during
that time. 1t was based on natural laws
and not on any expectations Of specu-
lative demand. 1t is generally the case
that years of overproduction are fol-
lowed by short crops The present
famine in India has greatly increased
the natural demand for this grain Rus
sia is a large buyer. The Russians have
sold wheat two and three months
ahead, far beyond their ability to de-
liver, and now they are in sore straits.
Some or them have paid 12 cents
bushel merely to be relieved Of their
contracts. They cannot get the wheat
there to fulfill their expectations
Anticipating, as / have, "a rise in
prices, I have held my own wheat, the
product of my farm, but that is all the
wheat I hold. have last years crop,
too, for the reason that I did not think
the price was enough for it.
THE story is preposterous; it is
worse 1t is malicious. 1t is without
foundation in fact, and / do not hesitate
to say that the man who wrote it knew
it to be false when he 4yrote It."
Mr.. Hill at this point read telegram
he had just prepared for transmission
to the New York Herald at that papers
request, and it was equally plain and
pointed.
Any one who has watched the con-
ditions Of the market continued Mr..
Hill, will see how ridiculous is the
story thus printed. There is no wheat
in the elevators OF the Northwest,
either in the terminal or the country
elevators. Occasionally there will be
found an accumulation IN some distant
warehouse, where there has been diff
1culty about securing cars for ship
ment. but that Is all there Is. The per-
centage of wheat being held in ele-
vatOrs Is much less this year than it
has been at this @ssasop ordinarily.
The elevator men have really been de-
pressing prices to discourage farmers
from throwing their grain upon the
market when the elevator men have
not the funds to move it with. Where
the marginsof profit for the grain men
from the granary tosthe primary wheat
market is usually two and a half to
three cents, this year they have been
making 1t five. Prices have not been
SO low here for years, compared with
the New York prices, as they are now
Holders Of wheat are extremely
anxious to get it turned into money as
quickly as possible. There is no money
to be had to move the wheat crop ex-
cept at exorbitant rates Of interest
That is where the tfouble lies The
wheat is being moved as fast as 1t can
be with the anlount OF money that is
available for its carria ge, but elevator
men who In previous years have been
easily able to get enough money to get
the crop and carry q portion Of it along,