The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1897-08-02
ST.LOUlS BULLS s.
Are in Control of More Than
One Half
The, Visible Wheat Supply of
the Country.
RUNNING A CORNER
Have Forced Up the Price L 8
Cents in a Month.
And Will Try to Send it 10
Cents Higher.

St. Louis, Mo, Aug. 2.-The big pool
of St. Louis grain operators whose sue
cessfu1 manipulation of the wheat mar
ket last year attracted general atten-
ton, is again in evidence.
AS before former Secretary of the In
terror David r. Francis. is. at the helm
and the pool is said to control S,OOO,OOo
of the Is 900, 900 bushels of September
wheat available. The. combination
bulled the wheat market up 80 cents
between the months of August and
January last and realized large for.
tunes for the members. This year, al
though the rise is not a month old, the
price has advanced Is cents.
So far the st. Louis men have had
everything their own way, and what
ever apparent checks there have been
are generally attributed to portion of
the plan mapped out and not to effect
i've reverses. Sure it is that the st.
doing extensive buying, but in so quiet
and for the last four weeks have been
doing extensive buying, but in 81 quiet
a way that it has been only in the last
few days that outside markets have
begun to realize the full significance OF
their actions.
The operators have an apparent aver
sion to the word pool and no one
will admit his connection with any
thing savoring of combination. How
ever, they do not hesitate to say they
are working togther and pulling the
market. They say that in last years
phenomenal rise they were not bound
by contract or pooled in the common
acceptance of the term. but simply
worked together along a single line of
operations, realizing that in so doing
their interests were mutual Those IN
terested in the present deal are the d.
r. Francis Commission company, ChaS.
F. Orthwein Grain company, c. H.
Spencer Grain and Elevator company,
E. b. White Grain company, w. l..
Green Commission company, Seth w.
Cobb & Co, William T. Haarstick and
Amedee B. Cole.
The visible wheat supply of the Unit
ed States is now Is, 500 900 bushels, and
a member of one of the firms mentioned
said today that the st. Louis dealers
now control no less than 100000 bush
els. The actual effect of the deal has
been making itself felt since July 1.
Saturdays sale of wheat reached l.
1000 bushels, of which 10000 BUSH
els was September wheat. There were
u.s. 54 bushels of No. red wheat in the
elevators of st. Louis, and on the same
day of last year 557, SOP bushels. The
pool had it's formation in much the
same manner that of last year. one
of the most prominent dealers in the
pool began figuring out the visible sup
ply of wheat of the world, taking into
consideration all conditions, favorable
or unfavorable, in the different coun-
tries. Messrs. Haarstick and Spencer
went abroad and ascertained that
France was exceedingly short of wheat
and could use nothing but our No. red
winter.
St. Louis has an extremely fine quail
ity of this wheat and the effects of this
foreign demand were carefully consid-
cred. The facts CLEANED were laid be-
fore other prominent dealers, and on
the showing made they Joined in a gen.
eral buying movement. The deals were
conducted in the quietest manner pos
sible and before the outside markets
had realized the conditions which had
been appreciated by the ST. Louis deal
ers weeks in advance they had gath
cred millions of bushels Of wheat. Than
the market began to climb. B tween
the 1st day of the month and the 30th
an advance of nearly Is cents had been
made and the scramble of outside deal
ers for wheat indicates that the bull
ish'' tendency is still only in its incip-
ency.
What will be the result of the opera
tions of the present pool even the
shreWdest broker is unable to say. Last
years deal was started in August and
the price was then about 10 cents lower
than the price at which the rise began
this year. The deal ended with final
settlements in January. Wheat started
at 53A cents and sold up to 85A cents.
1t was estimated that the St. Louis pool
made IS, 000, 900 out of their operations.
To duplicate their performance, wheat
will have to reach 95% cents. The only
thing that can balk their plans is for
the new crop to come in before their
coveted limit of high prices is reached
In such event prices would be affected
for time at least, but the dealers are
confident that they would never go
down to the old 65-cent stand of July 1.