The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-10-23
FARMERS Get
NONE OF IT.
The Phenomenal Rise In Wheat
Benefited
Spectators Only as Farmers
Held Little.
RISE WAS PLANNED.
Fortunes Made In st. Louis and
Corner In Chicago.
Falling Prices Soon Break Up
the Corner.

New York. Oct. 23.-The Journal
says.
The sudden rise in wheat showed
conclusively that the manipuIations
which have gone forward both ia Eng
land and on the exchanges have not
been in vain.
The steady advance in wheat which
has been pronounced during the last
five weeks. in which time it has risen
% cents per bushel. began by manipu-
lation in Chicago. When the Chicago
traders began to operate for an ad-
vance they found that the English wheat
merchants had been quietly buying up
options on December wheat. and also
securing cash wheat for immediate
shipment abroad.
This buying, when discovered by the
coterie in Chicago engaged to advance
prices, led to increased buying of wheat
on their part, taking the market prac-
ucally out Of the Establishments hands
and forcing them against their viii to
keep up with the procession if they still
desired to get their share of the fu-
lures.
Several merchants and commission
men in St. Louis have made immense
profits in the present advance in the
cereal They held a meeting few
weeks ago in which they discussed the
status Of the wheat crop in this coun-
try The state Of the crop abroad
showed them plainly how nearly theen
tire world would look to America for
its wheat After carefully looking over
the situation they decided to buy
wheat
Their first purchases were made in
August Wheat was then 80 cents a
bushel. 1T went down several points.
They covered and purchased more.
The market started UP and they con
tinued their purchases. The result is
that many Of those who joined in this
concerted action to buy wheat and
frf4I-
The St. Louis market has been IN
usually active Sales in one day have
run UP to 200, 600 bushels in futures
Among those who We're interested in
this movement We're William IT. Haar-
stick, vice president Of the Mississippi
Valley Trust company; 3. S. Barnes,
G. H. Spencer, president Of the A1er-
chants exchange, Thomas Akin, John
T. MiHiken. Thomas Francis and the
D. r. Francis Commission company
The race between the Nsnglishm n and
the Chicago dealers TO get control of
the wheat market has developed in an
attempt to corner wheat in Chicago.
Not only has spot wheat been pur-
chased until elevators and stOrehOusaS
are grOaning with their precious stores,
but the options in December wheat had
been secured until corner did not
seem beyond the range of possibilities.
Those who are said to be interested in
this attempt to corner the market are
Q. A. Pillsbury, w d. Washburn J.
J. Hin. John Cudahy, P. d. Armour,
Charles Linn and Frank Logan. The
elevators all along the line of the
Northern Pacific and Great Northern
railroads are filed with grain At Du-
luth Kansas City. MINNEAPOLIS. Su-
perior. St. Louis. Milwaukee. Peoria
and other points the same condition of
affairs exists.
The farmer gets little benefit by the
advance. as the wheat now stored away
ia elevators belongs to spectators, who
purchased it at low prices from the
farmers. The average price secured
by the tfllers of the soil for winter
wheat was only AZ cents a bushel. For
spring wheat the average price received
by the farmer was only As cents a
bushel.
The Spectators. as usual. obtain all
the profit The farmer in the vast
majority of instances was compelled to
sell his crop the moment it was har-
vested. Others more fortunate We're
able to hold onto their crop, and they
are still holding it.