Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-12-06
K EENE'S KORNER.
WHICH rs Said NOT TO BE n CORNER
BUT IN INVESTMENT.
The Big Deal Now Going on in Chicago
Jim Keene's Money Makes the Garden
City Bankers Sickle Owns Nearly
Three Million of Bushels and is Still TAX
ing it in-Attempted Interviews.
| Chicago Times, Dec. a.

Chicago Times, Dec. 4.
There was larger crowd on Change,
yesterday, than has been seen there for
months, the chief desire of the anxious ones
being to see Jim Keene, the man who could
take 81, 100000 out of his vest pocket, in
close it in an envelope, and send it by ex-
press to Chicago to buy up what wheat there
might be lying around loose in the elevators.
But the boys were disappointed. Keene
called on Mr. L. j. Gage, cashier of the First
National bank, in the forenoon, and, after
arranging money matters with him, returned
to his room in the Grand Pacific, and either
was, Oh pretended to be, indisposed for the
rest Of the day. After failing to have look
at Keene himself the boys would have COM
promised on j. Z. Fisher, who is running
this end Of the line for Keene, but even that
privilege was denied them, as Fisher kept
close to his Office.
There was considerable scalping done on
the board, but there was no movement to
speak Of. The developed strength of the
Keene deal firmed up the prices, SO that No.
2 spring averaged cent and quarter high
er than on the day previous. On Saturday
there were 100000 bushels of No. spring
wheat in the city, of which Keene now owns
about 100000, and the rest IS held by little
fellows who have put away a few thousand
bushels apiece, relying upon the success of
the heene move to carry them through. What
these small dealers hold is as effectually locked
up as though Keene & Co. held it.
Yesterdays receipts of No. 2 spring were
1872 car loads, all, OF nearly all of which, was
purchased for the ring by a broker, which
strengthens the belief that the Keene combi-
nation will take up the current receipts right
along, and thus manage the market to suit
themselves. In ADDITION to the ST., 100000
sent to Chicago on Monday by Keene, $780,
600 more arrived on yesterday, and it is IN
derstood that arrangements have been made
fer as much more as may be needed. This
shows that Keene is doing his financial bust
ness in New York, and only using the Chica-
go bank as disbursing agent, acting under his
personal supervision. The withdrawal of this
great amount of wheat and the receipts on
the markets are worrying the bankers some
what, as they were looking to the wheat trade
for the employment of their surplus funds
for the winter. Before Keene made his APP
pearance here, they were getting and per
cent. on funds advanced to borrowers. The
releasing of some $2,000,000 heretofore tied
up in wheat will make them more anxious to
loan their surplus funds, and the result must
be a decrease in interest rates. It is thought
that this decrease will be but temporary,
however, as corn, barley and other grains
will soon come in and furnish employment
for all the money.
"What will Keene do with his wheat?'' is
the all-absorbing question just now. Will
he leave it here or take it to New York? His
action in this matter will be largely deter
mined by the way he got the money to pay
for it. If it was an &C accumulated balance he
will be likely to leave the wheat here and
take advantage of the Chicago market to I'M
load, if he desires to; OF he may carry the
property along till spring. If, on the other
hand, the money Yves borrowed, he will in all
probability, pack the receipts in his little
grip-sack post off to New York city with
them, and there hyrothecate them. Again,
it may be that Keene has obtained the funds
OH stocks Or other securities, in which event
the result, SO far as Chicago is concerned,
may be the same as though he were operating
with an accumulated balance.
It is believed that Keene, or the New
York ring which he represents, will next pay
special attention to the Milwaukee market,
as, if they intend to run a successful wheat
deal, it will be necessary for them to cont oil
the two primary markets Chicago and Mil
waukee. Milwaukee is of less importance
to them than Chicago, as tho wheat CROWN g
territory tributary to it suffered severely
from drouth this last season, and the stock
there is consequently low, the amount of
No. spring now in store there being only
l 100000 bushels. Since the ring move
ment was started the receipts there and
here have materially increased, Milwaukee
receiving 10000 bushels OF all grades yes
terday. The price there is about half cent
lower than in this market, which is a bhe-
nomenal circumstance.
1t is pretty generally conceded now that
Keene has bought to hold, and will continue
to buy in self protection until the shipping
season opens, when he expects to unload ju-
diciously at not less than one dollar per
bushel and pocket the proceeds. The local
trade is dissatisfied with the advent of cut
side capital in such quantities as to control
the market, but as this is a free country
there is no help for it. They may esteem
themselves fortunate if they don't have to
pay to see the elephant.