davidaulloa/AmericanStories huggingface dataset:
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-06
always ready to pick it up on the breaks
to low points.

always ready to pick 1t up on the breaks
to low points.
Stocks Decrease.
BY May 1 local stocks had decreased
to 9,S54.O00 bushels and July had gained
5 cents in value and was selling around
75c. The game was getting a little
strong and the supporting power was
withdrawn below this figure, and the
spectators allowed to run the market,
the men operating in the pit for control
not being instructed to pay fancy specu-
lative prices. So after another month,
although there were then only 1876, 1871
bushels of No. / left in store here, the
price was only 73c for July. The July
option was pulling away from September,
however, and where the two options had
been about even, September was now 4c
under July at 69c. So matters stood
without material change during June.
The "Corner" In July.
Meantime al sorts of rumors began
going around. Every man in the pit who
traded heavily or was heard bidding for
July wheat was suspected Of being in
some way connected with mysterious
corner" Suspicion shifted from one to
another. II. L. Kerrick was active in July
at the time and was spotted as the
man trying to corner the market. A local
millionaire lumberman was said to be the
principal. Even up to this time the i'm
preston prevailed that the buying of
July wheat was Of speculative nature,
and towards tho end of June many small
Spectators. and few big spectators as
well, began to sell wheat short, on the
expectation that when it came to delivery
day the longs would quail at sight of the
actual stuff, there would be a rush to un-
load and a general all-around smash.
They did not know that the real prin-
cipal in July wanted nothing better than
to have wheat delivered to him, and was
prepared to- plank down hard cash for
every bushel Of it.
~ Delivery Day Draws Near.
AS July drew near it became k,M,wn
one day that holders of long wheat to the
extent of about 100000 bushels, were
prepared to accept delivery Of it, July
wheat was up to 791kc in a twinkling
The greatest surprise came on July ]
when something like 100000 bushels Of
wheat were taken over and paid for by
Watson & Co.. firm that up to that time
had not been known to be connected. with
the deal. More was delivered the follow
ing day, 135, 900 bushels in all. Checks
in payment went through the banks anc
the Minneapolis clearing house figures fol
the two days were swelled to Sc, 49,, 626. %
Everybody knew that the firm calling
deliveries on July contracts, being brokers
had no possible use for any such quantity
of wheat and after a time, there being nc
longer need for secrecy, 1T became known
that the Pillsbury Washburn company
had the wheat. e
AL the trades. however. were not closed
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-06

and many traders who were short had not
yet bought in, awaiting themselves Of the
privilege Of waiting until the end Of the
month in the hope that the deal would
wind up in a smash before July ended.
From time to time Disguised shorts de-
spairing of ever getting out any lower,
would buy in and take their losses. From
day to day 10000 to 49, 900 bushels of
wheat would be delivered, taken over and
paid for. Some Of these specializing shorts
had sold wheat which they did not have
at Tic, TIC and 73c. They were now buy
ing it back at 7Sc and 79c. A groan of dis
gust could be heard every time one Of
them ran for cover.
On July 18th July wheat sold to S0Kc
and on the 18th to 80Ac. Had Henry Lit
tie gone into the pit at that time and made
one bid for wheat. July would have been
$1.00 quicker than q man could make up
his mind. But was he bidding for wheat?
Well, not above whisper.
When July wheat sold above SOC, Mr.
Little was on the floor but he was not
there to bid for wheat. Eighty cents is
not bad figure for wheat and with slight
encouragement the market might have
spurted to a highly attractive figure, and
every farmer in the northwest would have
been out scraping his bins for little of
the good old No. 1.
There were, to be sure, only eleven days
remaining in which July wheat could be
delivered on contract but no one can ever
foresee what some thousands Of farmers
will do when they get active. Mr.. Little
wanted wheat, he was out to buy wheat
and pay cash for it, he wanted it to use,
but he did not want all the wheat In the
northwest dumped on to him all at once.
And so it developed into fight between
a legitimate buyer Of wheat and the crowd
| Of SPECTATORS; between a man who want
ed prices held within bounds and not
showed up artihcially to points where fic-
titious values would injure the legitimate
trade, and crowd who cared not what
price was touched so long as 1t all wound
up in a smash. And so it was case of
| fight fire with fire and Mr.. Little was
obliged to meet the manipulators at their
own game When this speculative crowd,
| really working for an ultimate smash in
prices had bid the market up to 5000 for
| July wheat, Titles men went into the pit
| and handed it out to them in large
bunphes. s.-..t -.} @--.. s.a ...
The crowd concluded it was no, deal for
smsll boys, but hopeless fight against a
man who had a double cinch, and so they
gradually pulled out, all but the few who
hoped against hope and finally made the
finish fight at the end.
To-day there is less than 100000 bush
| els of the old No. l northern left and
| for weeks the supply has been controlled
| by the owner Of the Minneapolis stock
During the period following the securing
! Of control Of this wheat the outside mill
! lers were obliged to depend for their re-
| quirements of No. upon the daily re-
ceipts and these were so light that every
car was spoken for before it hit the town.
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-06


IeS@ EMl neapolis. was the recent trans
AI action in July wheat by which
tEKz@E@l one miller got possession of all
the fine old milling wheat remaining from
the crop Of last year, taking it from men
who did not want to part with it and Sc
curing it at the lowest prices Of the sea-
son.
This was the July wheat deal about
which there has been much talk and much
misunderstanding. 1t represented the
actual purchase for cash by local miller
of No. northern wheat for milling pur-
poses. 1t came as the result Of fore
sight and careful calculation which as long
ago as last April made it evident that
there would be a scarcity Of milling wheat
in Minneapolis before the new crop would
be available. To Henry Little, managing
director Of the Pillsbury- Washburn COM
pany, Is due whatever Of credit belongs
to a man who at that time could forsee
conditions that would exist several
months later. And to him there has &C
crued whatever advantage comes to
man who sees that a certain commodity
will be worth more money later OIL. and
anticipating his wants, proceeds to stock
up at q time when the commodity Is
cheapest.
The Spectators Panic.
If stranger had dropped in at the
Chamber Of Commerce on Thursday, July
Al, and had entered the visitors gallery
and looked down upon the floor of the eX-
change room, he might have thought that
the pugilistic event of the year was being
pulled off in the Minneapolis wheat pit.
The hallway and adjoining offices were
deserted and the floor of the exchange
room crowded with men. In the center Of
the room was q mass or struggling hu-
manity packed into a huge circular wad.
Every eye was upon this mass, which
like q forest storm-beaten swayed from
side to side, while from Its depths came
a deafening roar Now and then pierre
ing shrek would rise high above the gen.
eral tumult. Here a man would dig his
way through from the inside force pas
sage to the edge and dart away Then a
man would throw himself against the
mass and fight his way through to the
center.
In the very center and on opposite sides
Of the pit were two men gesticulating anc
shouting and wild with nervous excite.
ment. Two brokers who still had a few
trades open in July wheat were trying tt
close them. 1t was the last day for trading
in July. The market would close at lis
It was 1:13 by the big clock on the ives
wall. There followed the most exciting
two minutes ever witnessed in the pit
In these two minutes July wheat broke
from 7sc down to 75c, rallied back t,
79c, broke again to TIC, and closed a
77hc. Such was the spectacular finish o
the July wheat deal -
The men who made the finish fight II
the pit were not Of the July deal proper
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-06

their own weapons. The chance Of fall
ure lay in possible discovery Of the desire
to buy the wheat. The plan would sue
coed If 1t could be carried past the criti-
cal point in secrecy.
The thing to do was to buy July wheat,
get long as much July as there would
be No. northern wheat left at time of
maturity Of July contracts; stand on
the purchases and call for delivery Of the
wheat. Z.
The first essential for wheat trader is
secrecy. If this is true as general
business proposition it is especially true
of the grain trade. Unless a man has
the quality of keeping his own counsel he
had better not monkey with wheat.
The man in the wheat trade who tells
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-06

his business usually lass not more than
a year. a @|y3 .-EnG ...t.g5a5
. When Henry Little trolled in occas-
ionally on change for bout twenty min
utes Of the noon hour in the month Of
April and glanced carNessly at the big
would have thought HI had as much in
terest in the price ofEvheat as in ping
pong, or the revolutn In Venezuela.
Occasionally he Nigh show a sort Of
languid interest and skpress mild sur
prise when told thatwheat was .firmer.
and he might inquirepn listless sort OF
way what it was tat was making it
frmer, but it had ben noticed that there
was support to Jul9an some one was
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-06
THIS IS TERRIBLE.

I Atlanta journal.
And will never be quite certain wheth.
rr or not Willie Wallie Astor might not have
been made baronet II it hadn't been for that
perityphlttis.
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-06


purchasing power, had been Withdrawn
long before. The real principal whose per-
sonality had been kept In the background
all through the critical time was in his
private office signing checks in payment
for wheat which he had taken and put
into store. while the speculative trailers
who always follow when there Is anything
going on in wheat, were preparing for
the desperate struggle over the fixing of
the closing figure.
The Beginning Of the Deal.
The first trading Of Importance in July
wheat began about April 1. May wheat
was then the active DIPLOMA was hold
ing around 10 cents, with July wheat
about II cents. At that time stocks
Of wheat in Minneapolis were down to
showing for that date. OF this quantity
1884, 900 bushels was contract grade. or
No. l northern, the fine old milling wheat
This is the grade the miller must have II
he Is to put out flour to maintain the rep
utation Of Minneapolis. Some little gossip
began to go around on change as to the
possibility of this wheat being exhausted
before the new crop began moving. But
it was a long way from such a time, and
there was plenty Of wheat, and plenty of
it in the country presumably, and no one
gave the thought Of ultimate shortage
OF good milling wheat any serious COnS1d-
Grafton. The trade did not know that
even at that early date plans were being
laid by which one miller would eventually
secure possession Of all this wheat
or whatever quantity Of it there would be
left.
The Plan Of Campaign.
How to get this fine old wheat, how tc
get it all. was the problem. Obviously II
| would never do to start in buying it in
| the open market. The mere suspicion
| that any one was trying to secure it would
defeat the plan. Besides, there was q
quantity of it in plain sight that even al
the low figure of 70 cents would run tC
| S4,643,3S0 in money. and how much more
than 70 cents one would have to pay If II
became known that he wanted it would be
a big guess. And If it became known that
any one wanted all the contract wheat ir
! store here, then the numerous SPECTATORS
always active in a market the size Of Min.
! neapolis, would use this as a means fo1
| advancing prices, and not only would the
| buyer have to buy on an advancing scale
Of prices, but he would find himself in.
volved in deal somewhat in the nature
| of speculation. And a man who want.
wheat to make flour out Of does not wan
to put himself in a position where he ma,
find himself dragged into q speculativ,
whirlpool against his will. Yet to ge
possession Of the wheat g. man would nee
essarily, have to trade in the pit, and tt
a certain extent fight the spectators witt
The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-06
fol- His
all thee Coco Wheat

cleverest bit Of commercial
&Sal strategy ever worked in Min
EHl neapolis. was the recent trans
8I action in July wheat by which
k-4s@I one miller got possession of all
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-03

sales-41 McBryde, s4.75; so Ookala
SO; 20 Olaa, paid up, $12.
N. B.-Correction: Hawaiian Elec-
trio Co., dividend should have read
per cent instead of II per cent.
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-03
PASSENGERS.
Arrived.


Per S. S. Sierra, from the Colonies,
Mr.. and Mrs. ]. Lyle, Miss Agnes Lyle
D. Stoney and G. w. Sutton.
Departed.
Per Oceanic S. S. Sierra, for san
Francisco, Dec. Il. Hombu, s. Cohn,
L. Pontios. John Evans, j. r. Perefra,
Miss B. Doris, E. G.. Clarke, P. ].
O'Cornell, A. Roberts, Mrs R. Gillian,
w. ]. Landers and wife, ]. HEM, Whit
man Cross, Moses T. Stevens, Jr.,
Thomas Prime, Mrs. r. sP. NJ. Greeley.
Miss Duisenberg. c. Arnahau, wife and
child F. NJ. Evans, Miss D. Grammond,
Miss Hofer. P. w. Rochester, j. C.
Cohen and wife, Mrs. Captain Whiting,
child and governess, F. A. Somers, A.
H. Geffeney, wife and children; H.
H. Scovel and wife, j. r. Watson and
wife, j. NJ. Lansdale, V. Clark, J. w.
Erwin, Miss V. b. Rich, Mrs. E. c. Mac
farlane, Mr.. and Mrs. T. D. Boardman,
R. H. Dreyfus and wife, P. NJ. keenan,
and wife, John NJ. Ross, Mrs Jessie
Clement, George K. Hooper, E. A. Whit
ney, Mr.. and Mrs. Bridgland, Mrs. Hall,
S. E. Damon, T. T. Hitch and wife.
Per stmr. Claudine, for Maui ports,
Dec. miss F. C. Chamberlain, Mrs
]. E. Meyer, G. w. Wilbur and wife,
L. Won Tempsky. wife and child, G. S.
Aiken, W. o. Aiken, G. L. Keeney, G..
B. Schrader. L. X. Bull, H A. Baldwin.
H. P. Baldwin, Mr.. Walker, H. B. We'll
Ter, Lap Quon, H. Segelken, Mrs. C. E.
King.
Per Jap S. S. Hongkong Maru, for the
Orient, Dec. 2.-U. Kimura and wife.
Mrs. Duly, VIM. A. Clark, 100 japanese
and 45 Chinese.
Per stmr. Kinau, for Hilo and way
ports, Dec. Mrs Okamoto and
daughter, Rev. J. Kekipi. VIM. Simp-
son, H. Cannon, Robt. Young, A. NJ
Brown, T. ". Walker. Z. F. Patten,
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-03
The Yukon Excited.

SEATTLE, Wash, Nov. "a special
to the Post-Intelligencer from Dawson
says that the Yukon is wildly excited
over the election of a member of Par
lament, the first in the history of the
country. Ex-Governor Ross and Joseph
Clark are the candidates. Dawson will
go for Ross heavily, but Clark is strong
among the miners on the creeks. Ross
is at Victoria and will mot visit the
Yukon district while Clark is on the
stump, holding meetings every night.
The fight is a. close one and is being
holly contested.
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-03
/" PHILLIE" MAY
BE SOLD

WASHINGTON, November 2O.-Rear
Admiral Bowles, chief constructor Of
the navy, has under advisement the
question Of what disposal shall be
made of the protected cruiser Phila-
delphia. 1t was estimated by board
of survey that it will require s490,000
to repair the vessel, and as that is
nearly half of it's original cost, Admiral
Bowles is inclined to believe that the
Philadelphia should be sold. He is
expected to make that recommendation
to the department within short time.
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-03
The Mining Conference.

WASHINGTON, Nov. 25.-The confer
ence of President Mitchell and his coun-
sci with Wayne MacVeagh over the
propositions for an adjustment of the
differences between the miners and
operators was concluded at 1 o'clock.
Mr.. barrow announced that little was
done this morning and that another
conference would be held at 2 O'Clock.
He said there were a number of diff
ferences which would have TO be adj
justed. Mr.. Darrow had expected that
an agreement would be reached this
morning, but he found that a further
conference this afternoon would be nee
essary.
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-03
Cabinet Council.

WASHINGTON, Nov. 24.-The Cabi-
net meeting today was devoted almost
exclusively to the consideration of the
status of the reciprocity treaty with
Cuba and the Canal Treaty with Colom-
bia. The bitches that have occurred
In the negotiations were discussed, as
We're also the prospects of settlement.
%*%**%%4%%%%%%%%%%%%+%*
D. McCorriston, c. F. Parsons, Miss A.
Meme, Mrs. A. Evenson, ]. J. Clement
and wife, Mrs. B. Rowland and child,
B. Rowland, w. Prestidge, A. Haneberg,
Miss Horner, c. E. Presson, r. G. Ken
nedy, d. H. Case, Fred Guard, Pakala
MaunaWai, w. j. Coelho, c. n. Prouty,
Jr., Theo. Wolff, c. Hagens, A. L. Ahlo,
Geo. G. Stratemeyer, J. E. Miller, Mrs.
AXE, Mrs. Ramala Aiona, A. B. Wood
DR.. a. Irwin, c. j. Fishel, E. Peck, Mrs
D. Manifoglio, Mrs. T. B. Sheldon, A
B. Loebenstein, DR.. r. H. Reid, F. J
Elsensohn and wife, Mrs. ]. H. Kunewa
Miss Ruby Miller, Herman Rhine and
wife, VIM. Mckay and wife, Jno. Doe
and wife.
Per stmr. Mauna Loa, for Maui, Kona
and Kau ports, Dec. 2.-Ako, H. Mkt
James On Sal, J. Coerper, Captain Col
ley, On Fat, Miss Alice Zerbe, r. D
Mead, Bishop Restarick, Miss Elizabeth
Kohsun, Mrs. K. Kahana, H. A. Isen-
berg, H. A. Bigelow, E. A. C. Long, R
S. Colpurn, S. w. Crook.
THROUGH PASSENGERS ON
SIERRA.
f. M. Butler, John Milwood, Mrs. J
Abrahams. j. Abrahams, w. Ainslie
Mrs. A. ]. Bolles and maid, Mr.. an6
Mrs. H. F. Band, T. Rowland Berkeley
A. F. Cave and Miss Cave, ]. M. Cham.
bers, Mrs. L. J. Davies and two chill
dren, Mr.. Francis, Mrs. G. F. Gray
Miss Gray, Herman House, Miss Hiatt
DR.. K. B. Heberlein, Mrs. Z. M. Hester
c. Bell, Miss Lily c. de Carton, Mr.
and Mrs. L. F. Cosky, Mr.. Callaghan
Rev. Father Coffee, Mr.. and Mrs. H
E. Dressed, c. Dressed, F. H. Eldredge
William H. Green, B. Higgins, P. J
Higgins, B. ]. Higgins. Miss t. Higgins
Mrs. A. Holtz and child George ]. Low
Mrs. H. Montgomery, Mrs. William Nc.
Bean, G. O'Brien, F. w. Thorne Miss
E. Wilson, C. W. Wollseiffen, A E
Wilson, Mrs. w. H. Hutchings, Mr.. anC
Mrs. H. w. Jones, Harry Lewis, Mr.
Mack, T. Munt, John Mclean, J. Y
Scott, Miss j. Webster, Mr.. and Mrs
w. Wilton, Mrs. A. Webster.
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-03

A member of the crew of the Sierra
had the misfortune yesterday to break
one of his legs. He was taken to the
Queens Hospital for treatment.
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-03
DUE TO-DAY.

Oceanic S. S. Ventura, from Sal
Francisco, in morning.
S. S. Duke of Fife, from the Orient.
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-03
Reciprocity Treaty.

WASHINGTON. Nov. 25.-Minister
Quesada of Cuba called at the White
House today and informed the Presi-
dent that he had received a cablegram
from the Cuban government at Havana
informing him that the reciprocity
treaty negotiations were proceeding
satisfactorily. Minister Quesada also
presented a copy of his cablegram to
Secretary Hay.
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-03
DEPARTED.

Tuesday, Dec. 2.
Stmr. Kinau. Freeman, for Hilo and
way ports, at noon.
Stmr. Mauna Loa, Simerson, for La
haina, Maalaea, Kona and Kau ports,
at noon.
Stmr. Claudine. Parker, for Maui
ports, at p. m.
Stmr. w. G. Hall, S. Thompson, for
Kauai ports, at p. m.
Stmr. Noeau, Peterson, for Lahaina
Kaanapali, Honokaa and Kukuihaele
at p. m.
Stmr. J. A. Cummins, Searle, for Ko-
olau ports, at 7:30 a. m.
Gas. schr. Eclipse, Townsend, for Mo-
lokai, Maui and Hawaii ports, at pm
S. S. Hongkong Maru, Filmer, for the
Orient and Manila, at 4:3O p. m.
S. S. Sierra, Houdlette, for San Fran
cisco, at p. m.
Stmr. Tampico, Ames, for Seattle, al
p. m.
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-03
WHARF AND WAVE.
ARRIVED.

Tuesday, Dec. 2.
S. S. Sierra, Houdlette, from the Colo
MES, at 1880 a. m.
H. NJ. S. Shearwater, Umpheville, II
days from Esquimalt, at 1 p. m.
Schr. Moi Wahine, from Hamakua, at
s a. m.
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-03
HONOLULU STOCK EXCHANGE.
Honolulu, December 2, 1902.
NAME OF STOCK
AERCASTILE

c. Brewer & co. -.
L. &. Kerr Co.. Ltd.
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-03
THE PACIFIC
Commercial Advertiser

Entered at the Postoffice at Honolulu,
h r., Second-class Matter.
Issued Every Morning Except Sunday
by the
HAWAIIAN GAZETTE COMPANY.
Won Holt Block, No. Go South King St,
A. w. PEARSON. Business Manager.
SUBSCRIPTION RATES:
For the United States Gncluding Ha-
wall Territory:
months ............... .'-..--....'.eA w
months W
L year -....''. Q w
Advertising rates on application.
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-03

Per S. S. Sierra, from the Colonies,
Dec. Mrs. d. Stoney, Miss Stoney,
Mr.. and Mrs. ]. Lyle, Miss Agnes Lyle
d. Stoney and G. w. Sutton.
The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1902-12-03
SAILING TODAY

Oceanic S. S. Ventura. for the Colo
MES, probably at night.
French bark Brizeux, for San Fran
cisco, early this morning
The Washington times., 1902-07-27
MI[JTIAMEN RETURN
TO CIVIL DUTIES

something over an hour, although 1t had
been expected that 1t would require at
least an hour and thirty minutes. The
only delay was at Alexandria Junction,
where stop OF few minutes was made.
but the train drew in at the station at
Ninth Street and Maryland Avenue
southwest, shortly after 4 o'clock.
The two other sections which were
supposed to arrive ten and twenty min
utes after the first, we're somewhat late.
Those who were waiting did not seem to
mind 1t.
Marching through the back streets the
troops arrived at the White Lot, where
they were greeted by a crowd, which had
not seen a military pageant on the
ellipse since the regimental parade of
the High School Cadets. With their
sun Drowned faces. and their clothing
bearing evidences of digging bitches.
they truly presented the appearance OF
regulars.
1t had been expected that a number of
Government officials would witness the
review on the White Lot, but If any
were there they were in their unof-
fetal capacity. After the brigade pa
rade, the review was conducted by the
commanding general and his staff.
Capt. z. F. Riggs, who was in charge
of tie color guards from the various
organizations. paraded them through the