The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-03-10
TIIE CHICAGO WHEAT rLuRRY.
Reportea Ra.ealIl, a, ,he pollom or l!

| CmcAoo, March s.-Friday's furry ii
the wheat market Is ended, and quie
! reigns where dismay and confusion helt
sway. The telegram from New Yorl
which set the breeze in motion proves Il
have been bogus, as OF course It mus
have been, for everybody knows Jim
Keene Is not the man to conduct three
million deal by open half.rate message
Fisher & Co. claim to have been dupel by
the shallow fraud, and perhaps they were,
though there are many who refuse to be.
lievcit. The senior member OF the firm
Is absent in Europe, but Archie Fisher,
the managing partner on the ground, and
who handled tho deal, is no chicken.
Opinions differ as to the merits OF the
forged telegram question; but, however
that may be, It is certain that Fisher to.
day bought back all the grain he had sold,
and every body is happy except the small
operators. who had chosen the "long"
side, under the consideration that the
steadily.increasing foreign consumption
would advance the value OF No. 9 spring
to 81 about the opening Of navigation,
and had put up various margins, and
found Themselves thoroughly cleaned out
yesterday noon. Many Countrymen who
became panic stricken at the course OF
events yesterday rushed in and ordered
their brokers here TO push things, their
belief being firm that the bottom had fall.
On out past redemption. They also were
heavy losers. A few bears have made the
money, who have boen constantly selling
agair st the the market ever since the con.
summation Of the Kcene purchase at the
beginning Of December. They filled their
shorts" ut the decline, and Immediately
turned over to the bull side.
Archie Fisher has finally concluded 10
break the silence which he has so careful
ly preserved thus far concerning the trans
action Of Friday, and has made state.
ment regarding the manner in which he
was induced TO dump Keene's wheat. At
the opening Of the Board to-day the ope.
rator's largely believed in the truth Of the
report that Keene had played double
game that the theory OF the bogus dis
patch was itself bogus, and that Keene
had in reality unloaded. When the fore
noon session opened, however, and it was
found big purchases were being made by
brokers acting for David DAVIS, OF New
York, aud also by W. I. Baker & Co., of
Chicago, the perplexity Of the crowd in
creased, and no satisfactory explanation
OF the action and of the consequent stiaen-
ing Of the market could be given. It turned
out during the day that the parties making
tho purchase were the representatives Of
Fisher 4 Co.. and that they had all the
morning been employed in putting that
firm back where it stood on Friday morn
ing. previous to the big iracas. The bro
kers succeeded in recovering nearly $780,
600 bushels OF No. ut from 03Ic TO Ole.
Fishers statement OF the matter is US
follows: On Friday morning received
hall-rate dispatch over the Atlantic and
Pacific line signed "Keene," ordering me
to sell wheat. It was as follows:
"NEw TonK, March o, 1870.
~. IT. Fisher & Co., Chicago;
"sell whatever wheat, March or April,
market will take without declining more
than three cents. KEENE."
1t looked straight enough; supposed it
TO be genuine; 1t is not surprising to me
that it is written in plain language, for
have received several such telegrams from
him OF Ia G. lwent into the market N.Y.
self on Friday morning and began selling
in large blocks; advised Keene evory lit
tie while what was doing, to which he
did not reply at first. After sent third
dispatch suspected something wrong,
when message came TO me saying, "Mr
Keene did not understand my kilograms. "
This staggered me, and shortly after.
ward received ;ispatch from him asking
what kilograms ! had sent him that day.
Then 1t flashed through my mind that !
had been viCtimized by bogus dispatch.
Itelegraphed: Received your orders to
sell; was it forgery; answer quick"
With this stopped selling, having then
disposed OF 2,S00,0O0 bushels. 4 little
later Keene dispatched me, stating that
the telegram ordering the sale was for.
gerry. then took steps to buy back all
the wheat l could get. Had lot this be
known the market would have run up 10
9Sc or 81. My only salvation was to put
on bold face, keep Qniet and appear
perfectly unconccrned. | bought it all
back at a shade less than it was sold for"
Mum & Norton, who represented David
DAVIS, and Mr.. Cobb, Of the firm OF W. T.
Baker 4 Co., Of Chicago, who did the buy.
ing back for Fisher, UOrrOb0rate,l this
statement, and in the absence OF any def.
mite information TO othecontraryitwill have
to be accepted as the true history and ex-
planation Of the great wheat furry Of
March, 1870.
NEw YORK, March S.-Jim Keene denies
that he has any thing TO do with the sale
OF wheat in Chicago at ninety-three cents
bushcl, and that 1t was done on forged
dispatch to his agent, Fisher, in that city;
but there are lots OF people in Wall street
who believe that the whole affair was a
stock -iobbing operation, OF which Reene
was entirely cognlzant, and finding out
his mistake, falls back on the charge that
the order 10 his agent in Chicago was
forgery. Keene says that the forged dis.
patch was the result OF put.upjOb OF lot
of rascals here, leagued with others in
Chicago who are short Of wheat, to make
n break in the market. He says the loss
falls on Fisher& Co., who have since been
covering. Wheat has again advanced.
and is within one cent a bushel OF the
ruling price on Thursday. He said ho
could have put tho price at 81 a bushel ai-
tor the panic Il he felt so disposed.
CHIoAdo, March hs.-Keene will pay Sl0,-
900 reward for tie detection OF the party
who sent the order signed "Keene" to sell
wheat. He thinks Ii is regular conspir.
acy, and that several people are engaged
10 break the grain and provision markets.
It Is stated that Keene sent to the same
firm an order to buy 100000 bushels oi
wheat. The generally accepted opinion
on Change Is that Reene has neither
suffered by the whole transaction nor been
viCtimized, and that II the bogus dispatch
was actually sent he will more than re-
cover the loss by the natural reaction
a!ainst this heavy fall Of yesterday.
New YoRE, March S-The fall in tht
, Chicago wheat market yesterday had NJ
i effect today on the New York Produce