River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1878-12-12

at Keene himself the boys would have COM |
promised on j. X. 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 frmed up the prices, so that No.
spring averaged a cent and quarter high
or 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 few thousand
bushels apiece, relying upon the success OF
the Keene move 70 carry them through What
these small dealers hold is as effectually locked
up as though Keene & Co. held it.
Yesterdays receipts of No. spring were
1872 car loads, all, or nearly all of which, was
purchased for the ring by 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 10 the 81 100000
sent to Chicago OIL Monday by keene, $780,
900 more arrived on yesterday, and it IS I'M
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 we're looking to the wheat trade
for the employment of their surplus funds
for the winter. Before Keene made his ap-
pearance here, they were getting and pea
cent. on funds advanced to borrowers. The
releasing of some 100000 heretofore TIED
up in wheat will make them more anxious te
loan their surplus funds, and the result must
be decrease in interest rates. 1t IS thought
that this decrease will be but t, 'porary
however, as corn, barley and othel trains
will soon come in and furnish emplc. ,nent
for all the money.
"What will Keene do with his wheat?" i:
he all-absorbing question just now. vii
he leave it here or take il to New York? Hi
action in this matter will be largely deter
mined by the way he got the money to pa.
for it. If it was an &C :umulated balance h
will be likely to leave the wheat here ant
take advantage of the Chicago market to IN
load, if he desires to. or he may carry TIA
property along till spring. If, on the othe
hand, the money was borrowed, he will in al
probability, pack the receipts in his littl
, grip-sack post off to New York city witt
them, and there hypothecate them. Again
J it may be that KeeDe has obtained the fund
on stocks or other securities, in which even
, the result, so far as Chicago is concerned
may be the same as though he were operatin
with an accumulated balance.
1t is believed that Keene, or the Ne'
| York ring which he repre- ents, will next pa
, special attention to the Milwaukee market
as if they intend to run successful whea
deal, it will be necessary for them to contio
the two primary markets-Chicago and Mil
waukee. Milwaukee is of less importanc
to them than Chicago, as the wheat growing
territory tributary to it suffered seyerel
from drouth this last season, and the stoc
t ere is consequently low, the amount o
No. spring now in store there being onl
1 100000 bushels. Since the ring move
; ment was started the receipts there an
here have materially increased, milwaukee
receiving 900 bushels of all grades yes
terday. The price there is about half cen
lower than in this market, which is Ihe
nomenal circumstance.
1t is pretty generally conceded now tina
Keene has bought to hold, and will continu
to buy in self-protection until the shippin
season opens, when he expects to unload Ju
! diciously at not less than one dollar pc
bushel and pocket the proceeds The locf
trade is dissatisfied with the advent of out
!, side capital in such quantities as to contro
the market, but as this is free countr
, there is no help for it. They may esteer
themselves fortunate if they don't have t
pay to see the elephant.