The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-12-05
rnE wHgAr CORNER:
The Reported Enormous Speculation at
Chicago.

Chicago.
CHICAGO, December Sew people who
frequent the Chamber of Commerce would
suspect that there Is under way one of the
most gigantic and daring attempts to cor.
ner wheat that has ever been attempted,
yet such is the fact, and James Il. Keene,
Of New York and San Francisco, is the re-
ported head, front and inspiration OF It.
Mr.. Keene began operations in New York,
but finding the contract an unusually in
teresting one, came to Chicago yesterday,
having heralded his coming by sending a
million and q half dollars for use among
his brokers. ,6ili9iuiFt!d i55ili
The magnitude OF the intended operation
may be more fully understood when It is
stated that there Is in store here about
s, 1900, 900 bushels OF wheat, and in Milwau-
kee 100000. There has been OF late a
daily receipt in these two markets OF near
iy 400,0 bushels OF wheat, or what would
amount 10 1000, 900 every Ave days. In
other words, at this rate, ten to twelve
million bushels will come into these two
markets during December. This does not
take into account the vast amount OF grain
which goes to the seaboard direct from
other shipping points 14= sy1 IA =,
Now, Keene is said to have something
like S5,000,000 invested already; he will
be compelled to invest not far from S20,-
000, 900 within month, and II the receipts
keep up at present figures there is not
even then probability OF material ad-
vance, and this huge bulk must be carried
along aud accessions be met by further
cash advances, perhaps two or three
months before rise would occur from le-
gititnate causes. The opinion is quite gen.
eral TINT the movement was inaugurated
second best If he attempts operations ot
the magnitude above indicated: The
plucky and lucky operator himself is said,
however, TO have no such fears. He does
not intend to corner the market, but be-
lieving grain to be at low water mark, in.
tends to lay in what he can carry conye-
niently and keep it until better prices.
There was something like furry on
Change this morning, but It did not last
long. and cash opened at S3lc and sold up
TO sllc, closing at S4Ic. The afternoon
session was uneventful, and prices receded
about one.tourth cent from the closing OF
the regular morning Board. The highest
price to-day was cent and three-quarters
above the lowest OF yesterday, but the
closing this afternoon showed decided
weakening in price. The combination, on
the contrary, seems to have tightened its
grip, and whatever weakness was appar'
ent ih the market was rather due TO the
belief that the Californian had too large a
contract, that there was possibility OF his
being compelled to give up the deal. p .
Tonight news is received that one OF
the most prominent firms in Milwaukee
has been buying all that was offered in
that market because, as said, it was good
stuff to hold. 1T is believed that Keene is
by this means extending his operations TO
Milwaukee. The New York evening ex-
press brought him, in addition to the mil
| lion and half dollars that came yesterday,
about three hundred thousand for use in
the future.
There is some inquiry as to the source
OF all this money, whether it comes from
Keene's private surplusage, from the
hypothecation ofstocis, or from advances
ON grain receipts. In any event, bankers
here are afraid it will interfere with the
investments which they are accustomed
to find for their surplus.
\ Receipts here and In Milwaukee to-day
amount to. something over 400, 900 bushels
OF wheat. The fact that there is in pro-
gress q transaction OF such magnitude as
the absorption OF this amount by one par
ty. does not create as much excitement on
Change rs might be expected, for the
business is transacted quietly and does
not interfere with the usual trading in OPP
ton, except to stimulate and to lend it ad-
ditional interest. Keene did not appear
on the floor OF the Chamber OF Commerce.
although an unusually large number Of
members we're present, in expectation of
seeing him. He was closeted most OF the
day with his brokers, and put in the rest
OF the time in getting rid Of reporters. He
has utterly refused 70 be interviewed.