River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1879-03-13


Mr.. Fl. G. Ranney fell in with the general
idea that Fisher was selling for keene. Both
these gentlemen disclaimed any definite
knowledge of the transaction.
Keene's Ydrss Ia Nese York.
New York Special March y Chicago Tribune. /
A gentleman who is thoroughly conyersant
with the wheat transactions past and present
of MIR. James Il. Keene, and who closely in
vestigated the unexpected movement of to-
day, gave your correspondent tonight the
following as
THE INSIDE HISTORY
of the transaction. This morning, soon
after Mr.. Keene reached his office, he re-
ceived an open dispatch from the firm of j.
X. Fisher q Co., Chicago, saying that they
had sold half million bushels of wheat.
There was nothing beyond this mere fact
no intimation of any reason for selling
movement, or that the sale was made on
anybody's account but their own. As it is
customary for corresponding brokers to in
form one another of large movements in the
markets, so that the position of affairs may
be understood by all parties interested, Mr.
Keene accepted this dispatch as sueh infor-
nation and laid it aside without further
thought, as he had no intention to do any
thing further in wheat at present. But
PRESENTLY THERE GAME ANOTHER DISPATCH
announcing a second large sale. This was
also an open dispatch, and the fact made Mr..
Keene wonder what was IN the wind. He
concluded that the dispatches were due to
one of two causes Either the Fishers want
ed to give him warning that they were sell
| ling heavily, and SO open to him the chance
| of breaking the market with them, or else
some party had bribed Fishers clerk 10 send
| these dispatches opened to spread abroad
| here the news of the sales and influence the
speculation here. Beyond this, he could not
explain or understand the meaning of the
dispatches.
STILL THEY KEPT COMING IN,
and, feeling now that something was wrong
Mr.. Keene telegraphed to Mr.. Fisher to
know what he meant by his dispatches, and
what he was doing. "rhere was not more
astonished man in Wall street, said the
gentleman, ethan was Mr.. Keene when he
| got a reply from Mr.. Fisher, or the repre-.
sentative of the house, that they were sell
| ing according to Mr.. Keene's order of that
morning. Here was Mr. Keene, IN peculiar
position. kilograms had come III announc-
ing the sale of over 100000 bushels OF
wheat, and now he was informed that the
market had been flooded and the prices
knocked from 9638c to Ole at his order.
NOT HAVING GIVEN ANY ORDER WHATEVER
in relation to wheat, Mr. Keene instantly
telegraphed Mr.. Fisher to that effect and
awaited further information. The reply was
that an order had come from Mr.. Keene that
morning, and that he could verify the fact al
the Western Union office. Stopping any
| further sales, Mr.. Keene set an investigation
on foot. He found that the open dispatches
regarding the sales were genuine Then
came the important discovery that forgery
had been practiced
NIGHT MESSAGE
was filed late last night addressed to ]. X
Fisher 81 Co. The message was, in effect
an order to Fisher to sell all the wheat he
could that day, the day of delivery, without
/ breaking the market more than cents. Il
was signed simply 'Keene.' The writing
could not be identified, and the person who
handed in the dispatch was unknown to the
receiver. On this dispatch as authority
Mr.. Fisher had gone on and sold
THE VAST QUANTITIES OF WHEAT,
announcing the sales in big Jumps to MI
Keene, who had no means to explain then
until he saw the whole thing in the light
thrown upon it by the forged order" Thai
is the story of the movement as given from
the inside. The same informant spoke fur
Their as to the hasty action of Fisher and
company, and in this he was joined by a mum
Der of prominent Wall street men, who hold
that the sale under such circumstances was
not at all in accordance with the usual style
of doing business. One broker said that, il
all transactions of moment,
A KEY WAS USED.
| If he wanted to order purchase or sale oil
] 10000 or 10000 bushels, he would send an
open message to that effect but If the
| transaction was larger, If he were ordering
the sale of 100000 or 100000 bushels, he
would use cipher, and, in sending the
news of the sale to him, his broker would
also use cipher, and not throw the transac-
ton on the street, as had been done by
Fisher & Co.
IT SHOULD HAVE BEEN SUSPICIOUS cIROUM-
STANCE,
moreover, that so important an order should
g sent by night message, when Mr.. Keene
had no means of knowing what the cable
quotations of the next day might be. The
wording of the dispatch, and the want of full
signature, were also suspicious, and in so
large a transaction it would have been the
merest prudence to have telegraphed Mr..
Keene for verihcation of the order.
| THAT IS THE VIEW TAKEN HERE.
| 1t is held that Fisher g. Co. must be the
losers. The great question is as to who sue
| ceeded in imposing upon them. My in
| formant suggested that the movement was
probably started by spectators who were
| ''shortn on wheat, and who took this means
to cover themselves. Hence it might be
something in the way of clew to find out
who had been the heavy sellers during the
last two or three days, and who were the
heavy buyers to-day. 1t was incumbent on
the Chicago board of trade to make a full
investigation. 1t was also incumbent ON the
Atlantic & Pacific Telegraph company to do
all in its power to discover who sent the
forged dispatch 1t is said on good authori-
ty that
MR. KEENE HAS OFFERED $4,000
for the discovery of the sender. Mr.. Bo-
cock, Mr.. Keene's stock broker, has publicly
offered to give $4,000 for the same discov-
cry. Regarding Mr.. Keene's intentions as
to the large quantity of wheat in his posses
sion, the gentleman first alluded to said that
Mr.. Keene had never meant, and does not
mean, to do anything with the wheat until
navigation opens. Fisher 81 Co. had nothing
to do with this wheat, nor had anybody else
save Mr.. Keene himself.
THE EXTENT OF MR.. KEENE's CONNECTION WITH
FISHER & co.
was that When in Chicago he made his head
quarters at their office, and they were con-
sidered his brokers in Chicago. Mr.. keene
could we'll afford TO hold his wheat BY the
rise already since he bought he could realize
a handsome sum. But he had made up his
mind to see what he could do III legitimate
speculation, and he was not man to give up
what he undertook. He might lose, but
he could neither be backed down nor fright
ened out, and no movement in Chicago could
scare him into selling.
A German PhilOpena.
The German method of managing the