, 1879-03-09

ANUIaEh KEENE IhANbaCl1UN.
A novelty is always greatly relished by the
newspaper-reading public; it responds to
desire that is partly matured and partly. cul~
tiyated, but very widespread. Hence the
story about the "forged dispatch" as the
basis of the large wheat sales on Friday and
the occasion Of the consequent fall in price,
created lively interest among mass of
people who have no personal interest in the
price Of wheat except as it is sold by the bar
rol Or pound in the shape Of flour. It was
something new, and it relieved the monotony
of that particular part of the newspaper set
aside for certain cabalistic vegas called quo
tations, which are !" cayiare to the genera"
It was an interesting story, and not any the
less so because it was impossible to tell just
what proportion Of truth it contained.
A few months ago AIr. JAMES R. KEESE,
the California and New York speculator who
has ri7aled JAY GOULD Of late years, came to
Chicago in person, and began the purchase
of wheat There was disposition among
the sssnall-fry" of the Board Of Trade to
raise hue-and-cry over his advent, and an
effort to create sympathy for themselves and
hostility to Nr. KEENE on the ground that
he was ssrunning corner" We always
understood, however, that Mr.. KEENE paid
cash for his wheat, put it away in elevators,
and bought it to hold as an investment over
winter, and consequently The TRIBUNE ex-
tended welcome to Mr. KEESE, as it is in
the habit of doing to all persons who have
H. ..,l- ko 1,rt,, In
cago for Investment. On Friday Mr..
KEESEs brokers surprised the market
by selling large blocks of the specu-
lative grade in wheat, amounting in
al to about 100000 bushels. This
action caused break in the market Of sew
eral cents, notwithstanding the foreign price
remained firm and the foreign demand good.
Subsequently there was reaction by two or
three cents, and yesterday wheat had re-
sumed almost the value it had prior to the
break The story of the forged dispatch
was incident to this furry, and the sensa-
tional feature of the case. Had the sales
been made on account Of b1r. KEESE, and
with the purpose Of closing out his accumu-
lations of the winter, it would have been
perfectly legitimate transaction, in which
Alr. KEExE would have made net profit of
100000 or more, and nobody could have
fairly criticised him for it. But the story of
the forged dispatch came in just ut the time
when it could play prominent part and in
crease the uncertainty Of life on the Board.
This was u new element in trading which
was mystery to bulls and bears alike, ex-
cept the few persons, if any, who under
stood it, and mystery is the fayorite element
Of speculation.
. OF course there were several theories about
this sensational business. One was that such
o dispatch was sent, that it was forged, and
that Mr. KEESE's brokers were deceived by
it. This would be straightforward expla-
nation Of the affair, but perhaps on that ac-
count itwas not generally credited. Immense
orders TO buy or sell are usually given in
cipher, and the senders do not, as rule, re-
sort to night-message for the saving Of q
quarter or half dollar where hundreds Of
thousands Of dollars are involved. This is
particularly true where relations arc SO init
mate Us they must have been between A1r.
KEESE and his brokers. Yet The dispatch
on which the broker acted was in plain En-
glish, sent IS o half-rate night-message, and
simply signed KEENE- It almost staggers belief
that experienced and responsible Chicago
brokers would have closed out 100000
bushels of wheat on the strength Of such
message alone. Another theory was that the
sales were made for KEESE, because that
operator wanted to sell out and pocket his
profit, and that the dispatch in question was
q part Of well-laid plan for keeping up the
market ION the theory TINT it would not be
credited by Board-of- Trade men, who doubt
erery plain, matter-of-fact statemenn while
California KEESE was unloading. KEESE
combated this theory by his statement that he
had gwen no orders to sell. A third theory
was that some speculator or Spectators en-
ployed AIR KEESE's brokers to sell on their
account, knowing that heavy sales by this
particular firm would be construed as sales for
KEEsE, and that the forged dispatch WAS sent
for the purpose Of confirming that impression.
There were still other theories which it is not
necessary to recount.-al of them in the in