The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1879-07-02
KEENE AND HOYT.

KEENE AND HOYT.
Then June Corner on Wheat-Oper Eioht
millions Of Bushels Of No. 2 Spring Con-
Controlled By the Co,nLt,aation-A Pecu-
Larly Mired State of Afatrs.
-. [Chicago Special
The principal topic of conversation lust
now in financial and board of trade circles
is the June corner in No. 2 spring wheat,
the price of which has been put up fully 10
cents per bushel since the beginning of the
m nth. The advance has been by easy
stages, half a cent or 80 at time. Tuesday
the market was $1.05, Wednesday $1O5%,
and yesterday $l.O6.
The shorts some days ago began to realize
that no dependence could be placed on in
creased receipts as means of letting them
out of the trap into which their bearish con-
nections had led them. Inquiries at the in
terror shipping points revealed the I'M
pleasant fact that every granary in the land
had been practically swept mp under the
stimulus of the high prices, and it was use
less to look for any thing more in the way
of large lots.
The receipts yesterday were about 10000
bushels, and, as has been the case right
straight along, almost every bushel went into
the hands of the combination, of which the
leaders are supposed to be James R. Keene
and Jesse Hoyt. They are credited, not only
with having all the No. spring there is in
this market about 100000 bushels-but
also all that is stored in Milwaukee, 1000, 900
bushels; the Buffalo stock, about 100000
hr1ch hot Sc Id
awaiting an export demand, about SOC, 900
bushels. These aggregate about 100000.
OF this Keene owns 100000, which he
took on last October and November, and the
remainder belongs to the combination of
which Jesse Hoyt is the reputed chieftain.
The great bulk of the June shorts was sold
at prices ranging from 9Oc. to &C.,, and if
they were all to be filed in at the current
prices of yesterday loss of from 1Oc to 16c. !
per bushel would be entailed. Fortunately
for the great bulk of the bears the trades
have been settled backward and forward
to such an extent that these prospective
losses have been spread over pretty thin
constituency. There are, of course, some
isolated cases in which certain bears, who
stubbornly refused to accept the daily situa-
ton, will be compelled to settle up their
deals and pocket the loss in its entirety, but
it is gratifying to learn that the board antici
pates no furry therefrom.
The fact is the combination has everything
its own way, and were it not for the 'santi-
corner rule'' on the board of trade it would
be very easy matter to put the price up to
100. Some of the shorts have been filing
their drafts in Milwaukee at saving of from
three to four cents per bushel, after paying
freight charges to this port. Fully 800, 900
bushels were imported for this purpose, one
house alone bringing in over one half of il.
This operation can not be depended on any
longer. Only four days remain, and as
prices have advanced materially in the
Cream City no operator can afford to take
the risk of delay. The market for july
option is in very peculiar condition. To-
day sales were made at 97@974 cents,
closing fiat at the inside figure.
There is wide divergence of opinion as
to the prospects and the movements of the
combination. The winter wheat men have
been for some time selling No. 2 spring for
July against the coming crop of red winter,
which, from present appearances, does not
come up to anticipation, and in view of this
they are not now selling SO ready. Their
bearlsh Intentions have not been at all
diminished, and the same is true of those
who have been following the 'sshort'' side
for the past four or five months. Still they
are quite skittish and liable to kick, as they
did to-day when it became rumored that the
combination was selling for July at 9715c.
Whether they are or not is one of the puz-
zles of the deal. The rumor, however, broke
the market, and at the close there were sell
lers at 97Ac, and no buyers. August wheat
sold principally at Gle, and closed weak at
5000.
It is evident that if the combination wish
to they can carry the combination all
through, just as they have through June,
and with great deal more ease, for they
will not be obliged to take on so much cash
wheat, owing to the greatly reduced deliver
les. 1t is also urged as reason why they
should do so, that if the price were to break
it would be followed by corresponding
tumble in Europe. England and the Cont
nent have to look to this country for their
supply of wheat for the next three months.
The demand all the season has been purely
consumptive one, and the break here would
only result in driving out the European
dealers for the time being, and when they
do return, it would be only to purchase for
immediate and pressing wants.
Others say that not only can the corner
be carried through July, but it can be so
manipulated, and easy, too. to cover all of
August. This opinion finds basis in the
recent backward spring, the slow growth of
the grain, and the consequent delayed har-
vest. They also regard the showery weather
in the winter wheat districts, where the har-
vest has already begun, as an important fac
tor.
The bear side argue that the cry of short
crops and delayed harvests is very COM
mon one, and that it is only temporary
bugbear. At the prices current month ago
the foreign buyers held off and only pur
chased from hand to mouth, not having the
slightest confidence in the stability of val
ues, and should they be compelled to pur-
chase at the figures now current would do
so to still smaller extent, as advanced
prices always contract the consumption. Al
together the situation is very much mixed.
An Irishman went to the theate for
the first time Just as the. curtain de.
seconded on the first act boiler in the