Stevens County tribune. (Morris, Minn.) 1877-1880, 1879-07-03

Millions of BsssheLs of No. 2 Spring Com
Controlled by the COnsbinGtiOn-A PecM-
Iiarly Mseed State of Afatrs.
Chicago Special.
The principal topic of conversation just
now in financial and board of trade circles
is the June corner in No. spring wheat,
the price of which has been put up fully 10
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 $1.0515,
and yesterday $1.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 un-
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 were 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 are credited, not only
with having all the No. 9 spring there is in
this market-about 100000 bushels-but
also all that is stored in Milwaukee, 1000, 900
bushels; the Buffalo stock, about 100000
bushels, and what is piled up in New York
awaiting an export demand, about !, SOC, 900
bushels. These aggregate about 100000.
Of this Keene owns 5000, 1000, which he
took on last October and November, and the
remainder belongs to the combination of
which Jesse Hoyt is the reputed chieftain.
The great bulk of the June shorts was sold
at prices ranging from 9Oc to &C.,, and if
they were all to be filed in at the current
prices of yesterday loss of from 1Oc. to 16c.
per bushel would be entailed. 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 tberefrom.
The fact is the combination has everything
its own way, and were it not for the 'anti-
corner rule'' on the board of trade it would
be very easy matter to put the price up t.,
100. Some of the shorts have been filliho
their drafts in Milwaukee at saving of fron
three to four cents per bushel, after paying
freight charges to this port Fully 100000
bushels were imported for this purpose, one
house alone bringing in over one half of it.
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@97I cents
closing flat atthe inside figure.
There is 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. 2 spring fol
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. Theil
bearish intentions have not been at al
diminished, and the same is true of those
who have been following the "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 July at 971ac
Whether they are or not is one of the puz.
l Zlo6 VI tuO ucdA luo TuuOT, however, DyOkf
} the market, and at the close there were sell
, lers at 97Ic, and no buyers. August wheat
sold principally at Gle, and closed weak al
9OAc.
Il is evident that If the combination wish
to they can carry the combination all
through, just as they have through June
and with great deal more ease, for they
will not be obliged to take on so much cash
wheat, owing to the greatly reduced deliver
les. 1t is also urged as reason why they
should do 50, that If the price were to breal
J il would be followed by corresponding
J tumble in Europe. England and ths Cont
i nent have to look to this country for their
supply of wheat for the next three months
/, The demand all the season has been purel,
! consumptive one, and the break here would
only result in driving out the European
T dealers for the time being, and when the,
do return, 1t would be only to purchase TO
, immediate and pressing wants.
Others say that not only can the corne
9 be carried through July, bat it can be 8,
!, manipulated, and easy, too, TO cover all o
: August. This opinion finds basis in th
r recent backward spring, the slow growth Q
s the grain, and the consequent delayed hal
+ vest. They also regard the showery weathe
, in the winter wheat districts, where the han
. vest has already begun, as an important fac
: tor. ssess
The bear side argue that the cry of shor
!. crops and delayed harvests is very CON
y mon one, and that it is only temporar
n 4 a. -. A n. 80