Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-07-10
Rufus Hatch o., the Situation.

lOnlcagO tribune, July 3.
Mr.. Rufus Hatch, who has cut quite q
prominent figure in the New York combjna.
ton controlling the deal in spring wheat, ar.
rived In the city Saturday evening. A re-
porter of the Tribune called on him at the
Palmer House to get some information from
him as to the future prospects of the deal. as
we'll as his opinions on the crop prospects at
home and abroad.
In response to question as to the situa-
ton MIR. Hatch said: ~ don't keep Mr.,
Keene's books, and the situation can he
stated in few words. Mr.. Keene believed
that wheat was a good property to have and
so he purchased a large amount of it, intend
ing to hold it for higher, and what he deems
legitimate, prices"
"Ihen there has been no corner al vetp,,
"Certainly not, in the ordinary sense of
the word. The receipts had Disappointed
everyone in their volume, and at one time Fl
seemed as if the press and all the people of
the country had turned bears upon their
own productions"
"Then this is to be viewed in the light of
straight deal?'
:sOf course. Mr.. Keene is large specn-
lator and bought this property for rise.
in which he expects to be gratifed. Those
in Chicago who have assailed him, and have
lost their occupation as manipulators of the
market, have none but themselves to blame. ;,
ssThen you think there is no ground for
this complaint against Keene?"
"Why should there be? It is G1ificult n
see why dealers should sell the market down
and plumber the country producers. Still
they have done so, and succeeded in GETTING
rid of a vast amount of their surplus, after
persistent effort, at prices at least 20 per
cent. below it's valae. Mr.. Keene has certain
ly tried to injure none by depreciating
the property, and those who do.
and suffer in consequence, will
get but little sympathy in their howl against
Keene. He has tried to keep his wheat for
legitimate price, and for this he has been
assailed by the press and dealers of Chicago.
He has made no complaint, however, and has
asked no favors of any, either banks or in
dividuals."
'sTo come down to the main question, Mr..
Hatch, will the deal be kept up, or NAV we
look for break?"
"Those who sold short for June have had
to fill their contracts at loss, and those who
have done the same for July and August will
have the same experience. Make or break,
Mr.. Keene will carry his deal through to a
legitimate result, asking no favors even if he
does not grant any. Is he to blame if he
purchases property on reasonable and fair
speculation? If he has made mistake he
will pay his losses without whining, as those
who are trying to thrive by bearing the mar
ket and depreciatiog other peoples property
have no right to blame others for their own
mistakes"
'On what does Mr.. Keene pin his hopes
for rise in No. 2 spring wheat?'
"On the crop prospects. Europe wants
all the breadstuffs we can supply, and will
take them at much higher prices. Why
should we not have the benefit of it? The
reports from abroad generally show light
crops and an increased demand fully equal
to our capacity. The granaries are empty
here and in Europe. All the grain is in
sight, and the whole crop, almost, has been
scraped together for the June deal. Spain,
France, Italy and Russia report much small
er crops than last year, and this country
must be the only source of supply
ssThen YOU believe that wheat will contin-
ne to ADVANCED
eyes. The fact is that the combination
control, and have controlled for months
past, all and more than all the No. 2 spring
been the easiest thing in the world to have
pinched all the shorts months ago,
and I would have done it too if /
had been running the deal. IF you have
any wheat, keep it. And, for that matter,
if You have any land, keep that too. The
farmers will not always be bears on their
own produce. It's really worth something
and when they begin to realize this, and thai