Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-08-03
Interview ,vith McGeoch.
milwaukee Sentinel, Aug. 1. |

I7atercielU lUit1t McGeOch.
Milwaukee Sentinel, Aug. l..
The chief object of interest in connection |
with the corner, was found in his Office in
Mitchell's building, heated, tired, but very
Jolly nevertheless. At the desk stood three |
clerks, very busily engaged in arranging
piles of checks, receipts and other papers,
indicating that settlements
had been piling on Mr.. Geoch, and he didn't
appear to be on the verge of bankruptcy, by
The reporter approached:
'Will you be interviewed, Mr.. McGeoch:'
There was moments perplexity.
81 am tired and very busy said the
great man of wheat, ''and l don't know
what to say to-day,
Nevertheless, the Sentinel can't go to
press without your side of the story. We
want the bottom facts about this matter
Mr.. McGeoch turned and led the way to an
inner room, and motioned the reporter to
seat.
s'Now, tell me just how the corner began,
if you please said the reporter.
'sWell, it wasn't intended for q corner at
all. went in and bought some wheat at
SO cents. and they all come at me and began
forcing the market down. they got it down
to 9O15, and called me for $4,000, and
wanted the margins. They said they would
bush me-; but the thing went the other way.
By. and-by the market commenced rising,
and offered to settle with the boys at ST. 4,
$1.O8, $1.1O, SLIP, and upwards. Large
settlements we're made at $1.14, $1.16, and
Yesterday they settled at $1.19, $1.2O, and
to-day at $1.22, 1928, S1.24 and S1.25.
Under the rule, the wheat that was defaulted
was bought in at $780,"
'sBut how did you get into these chaps SOP
"Well, they kept selling wheat all this
time, when there was
NO WHEAT TO SELL.
1t was their own lookout
Chow was it that the figure of to-day,
$1.3O, was reached?''
81 had to do it for self-protection, or,
rather, they ran it up themselves. If they
had come in and settled l wouldn't have
done it. The men who have defaulted are
all short at high prices. They could have
settled and avoided it. Most of their sales
were made at S1.15, and some of them sold
at this when they were told to keep out.
have done nothing but what had to be done
in self-protection, against that mixed wheat
that all those fellows forced on me in selling.
"You bought largely to-day, did you not?'
|
| time to figure up. I know that one firm that
sold cash wheat to-day at 1925, settled witt
me at $1.23. They sold $4,000 bushels al
| that figure, and defaulted on another; very
respectable firm
| II have figures that say you bought $4,000
bust .els, good deal of it it $780,"
~ presume there was as much as that, bu
most of it was at $1.25. The thing wal
! 1Jo k<>l
'sHad Mr.. Alexander Mitchell any connec
ton with this corner? saw him on Chang,
to-day and he seemed interested"
ssYou may say in your paper-I wish yo1
to do so-that Mr.. Mitchell had
NO CONNECTION WHATEVER
with the matter. He furnished the money
but put up the collaterals for its use, ant
/ he had no risk at all. I can't see how hi
name ever came to be brought into it,
/. "Who is going to suffer the most by this
Mr.. McGeoch?''
Swell, don't know, and wouldn't like t
say. Ididn't want to crowd anybody. Som
of these fellows that are squealing the mos
are the very ones l have allowed half
cent to between hard and soft wheat.
wasn't Milwaukee parties who had any nee
to go into this thing, and if any got squeeze
it was their own fault. It was the winte
wheat section, New York, Cincinnati and S
J Louis that was selling the short wheat.
: urged the boys to settle early, but they onl
said that was weakening
Chow much do you realize on this thing?
Mr.. McGeoch smiled and gazed up at IL
ceiling. ssWell,'' said he, slowly, II can tie
more about that when it's all over. But
IT'S BEEN GOOD DEAL
the best ever made"
: "What about future prices?''
.sYou may say that in my opinion the o
r wheat is about all concentrated, and is lab
: to 90 off higher than was anticipated, own
: to the poor crop. The whole of the o
: crop averaged about SLIP to $1.15. III
new crop will be in soon, but the quality
g poor; it is almost all shrunken, and l car
see any prospect of q decline in the o
g wheat, which will be all wanted by million
: because better than the new
3 ssAbout these settlements, Mr.. McGeoc
}. I suppose you will summon these parties t
r fore the board Of arbitrators?"
DWELL, I'd like to know who is to arbitra
in this matter and give fellow any sht
for justice, when the president and a dire
y tor of the board default. You can say, tx
o that President Ray said any man W
e didn't settle his margins would go off fre
). the floor. It's my opinion the boys will
t, settle. I have no desire to be hard
r them"
"Have you any further statement to ma
n now?" -
r 81 don't know as there is anything me-
g. to-day. Only, you might say that one
( these dafaulting operators was the man W
If sold
rs INTO THE JAWS OF DEATH
St at $1.15, and then called it bungling C
- ner. It is such men that brought the corr
- on themselves. Two years ago last Move
>, Der walked out of the rooms of the boz
. and pledged all my property to settle up {
ferences with these very fellows that
making so much fuss. They can see h
le they like it themselves. can only call tn
ID short sellers commercial blisters. They
- perpetually lowering. prices, selling VIII
there isn't bushel to be had, an they
=. 70 the complete ruination of trade"
~ stWhat do you think about prices
=. -, Augusta"
70 ..I think August wheat is liable to go
- - $1.1O."
= THE SHORT SELLERS.
# In concluding the interview, Mr.. McGee
y hoped the press would ego for'' the sh
It sellers, who were keeping down prices, a
were the means of losing to the farm
many millions of dollars. He was firm
"a the belief that the coming crop is poor
;. quantity and quality, and that prices m
" be kept up.
le CHICAGO.
Chicago Tribune, Aug. IL
Throughout the whole of Tuesday aft
i, noon the short interest labored with Geo
al M. Bogue, the resident member of