The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1896-10-22
UNITE IN DENIAL
NEW YORK JOURNAL YARN DE-
NOUNCED BY PILLsBURY AND
WASHRURN.
IA VERY "FLlMsY FAKE
THEY REGARD TT AS BEING
THE STAR EFFORT OF
THE YEAR.
ADVANCE FROM REAL DEMAND.
Mr.. Piilsbury Says the Logic of the
Situation Points to Still Higher
Wheat Prices.
\ VERY "FLIMsY FAKE
ADVANCE FROM REAL DEMAND.

Washburn united with ]. J. Hill in his
emphatic denial of the statement of
the New York Morning Journal that a
gold bug syndicate had conspired to
aid Mckinley by a gigantic corner to
raise the price of wheat In response
to request sent them by the New
York Herald the two big millers have
sent the following:
The statement in the Journal referred to
IN your telegram is absolutely without founda-
ton. There has been, is there, any corner
IN wheat, neither millers. mllionaires nor
spectators have made any attempt in that
direction. The recent advance in wheat has
been occasioned by the extraordinary foreign
demand, and very large sales abroad of both
wheat and -four, and the general belief that
there is great shortage in the worlds sup
ply OF wheat. The millers have only their
usual stock of wheat at this season of the
year. The silverites must be in desperate
straits when compelled to resort to such silly
misrepresentation and falsehoods in order
to break the force of the fact that the prices
OF silver and wheat have no relation to each
other. The recent legitimate advance in
wheat completely eXplodes this much cher
ished fallacy. The farmers Of the Northwest
are not to be humbugged by any such nom
sense.
(Signed) w. D. Washburn.
Have not seen the story referred to- From
your description it is the biggest political
rake OF the campaign. If there is any combt-
natlcn l do not know Of it, who is in 1t,
cerS3lnly am not.
Wheat has advanced and will advance much
more, because the legitimate situation is the
strongest ever knew it to be. much stronger
than it was when it sold at $1.5O per bushe
Every exporting country in the world has a
snort crop, and stocks of wheat and flour in
hands of dealers all over the world, down to
a minimum
My opinion is that the -advance has but
just commenced and all the combinations
IN the world could not have kept prices
down, or can prevent them from going higher
This advance is caused entirely from a con
sumptlve demand, and the SPECTATORS are
not in it. and are all badly left This coun-
try has already sold for shipment to Europe
very much more than the small surplus we
raised on last CROP and II Europe insists
upon this country shipping out what we have
sold them, wheat and flour will be very
scarce before another crop, as there certainly
VIII not be enough left In this country to
supply our usual consumption. The flour
mills OF which l am manager are now grind
ing over half million bushels of wheat per
week, and we are largely sold ahead ~conse-
quently have been very large purchasers of
wheat, every bushel Of which is for actual
consumption into flour.
Every sensible man who is half posted
on general commercial news knows this adj
vance has been brought about by the i'm
mense foreign demand for our wheat and
flour, and If the financial situation had not
compelled the owners of wheat to market
their very short crops much faster than
usual the advance would have been twice
as much as it has been. The farmers of the
Northwest have marketed over 50 per cent
OF the crop during the past fifty days. If
there was ever legitimate advance without
any appearance of manipulation this is
one Charles A. Pillsbury