Stevens County tribune. (Morris, Minn.) 1877-1880, 1879-05-08
GOBBLING THE GRAIN.


GOBBLING THE GRAIN. 49,
-"~, Trs
The Stock of No. g Wheat isa Store in NIL
scamkee Found to Belong to TtrO or Three
Firms-S Speculation as to the Bq'ift Of the
Deal. rgn Esgg frsasEs hrFaE
Milwaukee Special to Chicago Times.
The wheat market was steady and firm to-
day. The principal feature here is the enor-
NOUS quantity of May wheat that Angus
Smith and William Young & Co. are getting
hold of. The estimates to-day place the
amount that Angus Smith has bought Within
the past three days at no less than million
and half bushels, and Young d. Co. are
believed to hold very large quantity. They
have been buying May wheat mostly. OPP
erata here are very confident that Smith
and the Youngs are working with Keene,
Jesse Hoyt and Rufus Hatch. 1t is also
pretty certain that the same parties are buy
ing June largely, although their whole at
tention seems, on the surface, to be given to
the May deal. Receipts are large to-day and
aggregated So, 440 bushels. Shipments were
also large, amounting to 1864 bushels.
Stock in store, 2, 426, 600 bushels. The Angus
Smith and William Young & Co. purchases
are the sensation of the market, and operat-
ors generally don't seem to know what to
make of them,a in the face Of the large
quantity in store and the absence of shipping
orders.
Many operators unhesitatingly assert the
opinion that Smith, the Youngs, and Baker
d Co., of Chicago, have got the market.
Angus Smiths amount is at least a million
and half. The Youngs have covered their
operations SO carefully that it is impossible
to get at the amount they hold. Mr.. Alec
Med. Young was interviewed at the after
noon board by the Times reporter, with the
following result:
'sThey say, MIR. Young, that your firm,
Angus Smith and Baker Co., of Chicago,
have got the deal in your own hands; how is
it?''
s'What do they place Angus Smith at?''
queried Mr.. Young. ....
CAT million and half, mostly May"
well, wellr'
GLOW much have you got?''
"Don't know
II shall report it at least at half million.
"Can't say how much we have got, but am
willing to acknowledge that it will be locked
up to keep, this afternoon"
The general theory is that the movement
here Thy the way, predicted, in the Times
several weeks ago and even the names of
the principal operators given) is part of
the New York rings management, and that
they have at last got the market virtually I'M
der their control. The belief here is that
Baker & Co., of Chicago, are the heaviest
operators in the present deal in that city.
The deal is May deal with power to carry II
into June if desirable. Bets were made this
afternoon that the entire receipts of No.
at this market on the old crops to come in
would not aggregate 100000 bushels. The
receipts here are almost entirely of the low.
er grades.
After the deliveries were all made it was 6
comparatively easy matter to trace them
and it soon became an assured fact that al
the No. 2 had gave into the hands Of
William Young & Co. and Angus Smith
Mr.. Alec Med. Young was met by the Times
reporter subsequent to the first interview
| and was accoSted:
"Well, Mr.. Young, suppose you can nov
inform me of the exact amount of No. 2 il
your possession, and can probably state the
amount in the hands of Angus Smith,
Mr.. Young replied: ST guess that together
We have got about all there is here. We viii
90 and see how much No. there is in store
| nAHs AOuhS 4AO Vic ISpoILoE thcA WSAb duS
examined the reports and made out thai
there was about 100000 bushels of No.
in store, and Mr.. Young remarked again
''We have got about all there is of it, re
ferring to the amount held by Mr.. Smith ani
his own house.
Peter McGoech locked up nearly hal
million bushels several weeks ago, and it ii
pretty positive that he holds all of it yet; 81
| hat "a No xuho hor ho oy1th 70
lively stated to be all in the hands of thu
three firms named. There is great diversi
ty of opinion among operators, as is always
the case, as to what the present deal vii
amount to. Some insist that the market il
practically cornered already, while others in
sist that it is not and cannot be, and ever
claim that present prices cannot be main
tanned, and that the longer Smith and thu
Youngs hold their wheat the more they viii
lose. The holders, of course, say that the,
have taken the wheat because they believer
it was good purchase and one merely look
ing for legitimate advance. That is prob
ably the true theory, with reservation as tt
a squeeze if a favorable opportunity offers
MIR. William Young has only recently return
ed from New York, but he asserts that b.
was not in consultation with the bull rim,
there. However, the general opinion here il
that this deal is merely part of the Keene
Hatch and Hoyt combination. Mr.. Young
last words to the reporter were: "Oul
4 wheat is locked up to stay" The only ar
gument against regular corner is the fac
that there are but few short sellers here, tn
4 line of shorts amounting to nothing
Neither is there as yet ony disposition tC
sell short on June, so that, technically, tn
present deal is not corner but is an effor
to manipulate higher prices. The afternoon
board closed quiet, as few cared to operat,
in June.