Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-06-29
KEENE AND HOYr.

| ltaray M5red State of LUairs.
Chicago Special.
The principal topic Of conversation JUS
now in financial and board of trade circles
is tie June corner in No. 9 spring wheat
the price of which has been put up fully II
cents per bushel since the beginning of the
m NTH. The advance has been by easy
stages, half cent or SO at time. Tuesday
the market was $1.O5, Wednesday $1.O515
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 IN
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 we're 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 credited, not only
with having all the No. 2 spring there is in
this market-about 1000, 900 bushels but
also all that is stored in Milwaukee, 1000, ZOO
bushels, and what is piled up in New York
awaiting an export demand, about 100000
bushels. These aggregate about 100000.
OF this Keene owns 5000, 900. which he
took on last October and November, and the
remainder belongs to the combination of
which Jesse Hoyt is the reputed chieftain.
no b11 Of no
at prices ranging from 9Oc. to &c., and if
they were all to be filled in at the current
prices of yesterday loss of from 1Oc. to 16c.
per bushel would be entalled. 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 we're it not for the ''anti-
corner rule'' the board of trade it would
be avery easy matter to put the price up to
l2O. Some of the shorts have been filling
their drafts in Milwaukee at a 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 a very peculiar condition. To-
day sales were made at 97@9711 cents,
closing flat at the inside figure.
There is 2 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. ? 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 tbs "short'' 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 JuIy at 971sc.
Whether they are or not is one Of the puz-
z'es OF the deal. The rumor, however, broke
the market. and at the close there we're sell
lers at 81 &c, and no buyers. August wheat
sold principally at Ole, and closed weak at
304c.
It is evident that If the combination lsh
to they can carry the con- bination all
through, just as they have through June,
and with great deal more ease. FOR they
will not be obliged to take or SO much cash
wheat, owing to the greatly reduced deliver
les. 1t is also urged as a reason why they
should do SO, that if the price were to break
it would be followed by a corresponding
tumble in Europe. England and tbs 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 the corner
be carried through July. but it can be co
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 weathe,
IN the winter wheat districts, where the har-
vest has already begun, as an i'll portant 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 a month age
the foreign buyers held off and only pur.
chased from hand to mouth, not having the
slightest confidence in the stability of val.
| ces, and should they be compelled to pur-
chase at the figures now current would dc
so to q still smaller extent, as advanced
prices always contract the consumption. Al
together the situation is very much mixed
| Too Stduncit u Democrat
| Lake City SENTINEL
Hon. William L. Kelly, of st. Paul
declines to be candidate for the Office Of
attorney general on the Greenback ticket.
Mr.Kellv is too staunch Democrat to be
caught playing second fiddle to the defunci