Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-07-28
THE MILWAJJKEECOR

Ho.o McGeocIs is Running It--One Firm
Lays DotcB and Too Others REFUSE to
Settte--It is Predicted that s'Hetl UiII be
to PGy"--If the Shorts Kick the Corner
Men May Not Make so Much Money!
Report That July Wheat Viii Go to 81 20
on Wednesday.
Milwaukee News, July 26.
The event of yesterday in the cereal world
was the failure, suspension, laying down or
tying up of the old and we'll known commits
sion house of James Keller g. Co. Readers
may choose terms according to taste. The
facts, so far as the public are concerned. are
these:
Some Of the Eastern customers of the house
of James Keller & Co., yesterday morning tel
egraphed them that they would put up no
more margins. enjoining them to pay out
nothing from the margins already in their
hands, and promising to protect them in the
courts. This Is simply
KICK, ON THE CHICAGO PLAN,
against the McGeoch. 1t is something new to
this market, where the code of honor has
always governed wheat gambling transactions,
and where no one of any pretensions to respon-
slblllty, has claimed that he could sell down
the market on the Northwestern producer to
any point he pleased and then resorted to legal
bubbles and criminality. For the credit of
Milwaukee and the welfare of the farmers, it
is to be hoped that resort to 1.-The Chicago
rule will not become general here. If men
will sell what they haven't got, making con.
tracts that the law will not enforce, their own
sense of honor ought to enforce them.
HISTORY OF THE FAILED HOUSE.
The house of James Keller & Co. is one Of
tba o11 ;p fI,oh rc t.
safe, conservative business as commission
merchant on Eastern account buying flour for
New York customers and wheat for Ohio mil
lers. When James Keller died, about two
years ago, he left fine reputation and a valua
bic business, which his step-son, the grand son
OF the founder of the house, William H. Jen-
nlngs, who is a nephew of the banker Chas. +.
Ilsley, undertook to conduct. The margins
which he Is enjoined against paying are all in
the bank of Marshall & Ilsley.
The course of this house affects a number OF
other Milwaukee operators, besides McGeoeh.
Litigation will probably come of it, although
it is we'll enough known that there is no law t.
make man, who does not want to, pay &
wheat option debt.
1t was rumored yesterday, and even asserted
with some postiveness, that
ONE OR TWO MORE
of the largest shorts in this market had giyer
McGeogh notice that they would put up ne
more margins. This may be the reason VIII,
there was no apparent effort to advance the
price of July No. yesterday, and why the boss
cornerer was ready to settle under the nomi.
nal price-which he was doing all day. The
fact that these houses which decline to put ut
further margins, do not settle at presen,
prices. indicates either that they still hope Nc
Geoch may be overcome by the rushing in of
wheat during the next five days, or that they
contemplate obtaining lower basis of settle
ment, founded on the manifestly artificial diff
ference between this market and that of New
York. 1t may be that this is bluff game. for
the parties referred to are amply responsible
and are not men who are in the habit of doing
business on the Chicago plan.
THE MARKET YESTERDAY.
The main excitement was on August and
September options. The former, August No.
2, which closed Wednesday at 953ss, opened yes
terday at 96l55, sold up to 994, closed on the
morning board at 9S7S, and closed on the "call''
board at $l.00l 9-an advance of five cents in
one day. September opened yesterday at 911S
sold up to 935s on the morning board, closing
at 925M, and on the call board closed at 9416.
80 great was the excitement, and SO strong the
request for these options on country orders,
that several members of the board were fined
for making contracts after 2:30, when the time
for the irregular call board expired, and the
regular business of puts and calls began.
July No. 2 sold from 81. Is to $1.1615, closing
at $1.16.