Daily globe., 1879-07-27
THE WHEAT DEAL
1Filt the Aua,sst Option BE Cornered:
Chicago Tribune, July 25.l

LChicago Tribune, July IS.
The wheat market is in that happy and
glorious condition which battles the calcula-
tions of the most weatherwise, and, for that
matter, otherwise, observer. To cast it's
horoscope would require the most occult
science of the astrologer. The New York
clique, presumably composed of Keene and
Hoyt. gave the bears terrific squeeze at the
close of last month ; and, when the contend
ing parties had subsequently changed posi-
tions: the Eastern capitalists again turned
the screws and compelled the bulls for the
time being to reach far down in their pocket
books to pay the resulting differences.
It was complete whipsaw; the unlucky
operators were caught both ways.
What will be the upshot of the August
deal? is the conundrum which is attracting
at least SO per cent. of the gentlemen 'swho
operate on the board.''
It is conceded on all sides that there will
be no squeeze on the July option. What
ever profits accrue from it will 90 to the
credit of the bears. And at the present mo-
ment they seem to be expecting the tactics
which made them much lucre last fall ana
the same time the year previous.
There are many speculators- most of
them men of comparatively small means,
and the board is composed mostly of such
who make it their sole object in life to de-
preciate property which they never owned,
never expect to own, and couldn't own to an
alarming extent if it were to sell for ten cents
on the dollar.
These are the chaps who persistently ly
howlabout the gross immortality of corners
and plead the baby act whenever they get
the worst of the deal. For them it is all
right SO long as they can, with impunity,
decry the value of the property of others and
thereby put money in their purses.
Yesterday there was an average break OF
2@21 cents in the market for the three op-
tions of July, August and September. The
at the present moment the values in England
have their uncertain basis on weathe,
market. Besides, the arrivals of winte,
wheat at this and other large receiving
points we're quite liberal, and, under the
pressure to sell, buyers for export had the
advantage, and the markets fol
spring grades followed suit
This natural decline was taken advantage OF
ket for No. spring for all it was worth, so
AoA do VAO OHUOuo W0Io COAC0IA0Os OdSu
wheat was exceedingly dull, though there
was quite respectable export movement,
though entirely on the part of those who
had made sales some time ago.
Some private dispatches from New York
indicated that the Keene and Hoyt clique
had begun operations looking to corner on
the option maturing in August. The fact
that some largo blocks had been purchased
for delivery next month, both here and in
Milwaukee, gave some color to the report.
Diligent inquiry, however, revealed the
fact that the purchases referred to were
made to cover "shorts'' put out at the high
figures prevailing before the break at the
close of last week, and that the aggregate
was not sufficient to cut any figure in cor
ner, there being considerably less than q
million bushels in all.
If it were the object to deliberately work 8
corner for next month, it would be in reason
for the party engineering it to take the beal
side for the present, first selling for future
delivery either in New York or Liverpool
all the cash wheat which they might expect
to be compelled to purchase during the
manipulation of the proposed corner.
It has not been learned that any such en-
gagements have been entered into. Those
doing an export business are, however, ship
ping quite freely on rates made some time
ago.
Whether the August option will be corner
ed or not, only the future can disclose. Those
who are credited with having it in view have
these things in their favor-the experience
the capital and the nerve. Without these i
would be.futile to make the experiment..
1t was once tried with experience ant
nerve, but the capital was waiting. The re-
suit was fiasco.