Daily globe., 1879-03-18
THE WHEAT DEAL.

That WtlZtGns Young, of Mi1.c0ukee,
Thinks of the Future of the Market.
Milwaukee Special to Chicago Times.]
It was reported on the morning board of
the chamber of commerce to-day that 'sGov.''
Young was about to leave for New York, and
that his trip eastward might possibly be a
bull movement on wheat; 80 the Times re-
porter ran Mr.. Young down in the southeast
corner of the chamber, away from the din
of small talk in the ring-nobody dared to
operate-and asked him about the report.
1T shall start for New York this afternoon -
said Mr.. Young, 'sbut not on business re-
lating in any way to the grain markets. Mr..
Greenleaf and myself will 60 East to ar
range some matters concerning our mining
enterprise, which is, perhaps, as the boys
say, sas good as the wheat but which, as
said before, has nothing to do with the
markets."
GAS you are going away then from the
market it might be pertinent 70 get your
opinion on the general situation before you
go?''
"I'm in big hurry
$50 am u
81 see have got to surrender
Certainly"
'Well, let's see! What do you particularly
want?''
'tYour opinion on the Keene business,
present prices, future prospects, and the
general situation of the grain markets; that's
ALL"
Then Mr.. Young got right down to busi-
ness, "talked like steamboat and here is
what he said:
''There is a good deal Of talk about the
Keene movement, and all that, but prices
depend much more on natural conditions
than on anything else. If we have hard
weather on winter wheat-and this of yester-
day aud to-day is awful-and this bad
weather continues so that the spring seeding
will be late, wheat is worth great deal more
than present prices. All reports agree that
there is comparatively little wheat back in
the country, and our advices from England
are to the effect that the continental pros
poets are bad, and that there will be large
decrease in the acreage. In my own personal
opinion Mr.. Young in bull on the present
cropl even if fine weather should now come
off, prices cannot go lower than they now
are.''
"But the market is very unsettled?''
"That Friday trick has made every
body cautious, and so prices
are easily affected. For in
stance, if Mr.. Keene's agents, who are
brokers, and, of course, are after their COM
missions, happen to sell, it is Immediately
surmised that Keene is unloading, and all
the option dealers are ready to quit. In my
opinion Keene hasn't sold bushel of his
wheat yet He certainly had not up to yes
terday, and if he has at all it has been done
to-day, which is entirely improbable; for the
present weather is just what he wants. I
look for higher prices"
"Perhaps an April corner?''
"Oh, no! That's all nonsense; but for
higher prices on purely natural conditions.
You perhaps have observed that the break
down process has been going on system
atioally for some time, yet whenever there is
the slightest encouragement offered in the
way of unfavorable news regarding weather
or crops, up 60 prices again; indicating a
general presentiment that wheat is worth
holding..''
The reporter then took mercy upon 'the
governor" and allowed him to escape lust in
time to catch his train.
The wheat market opened weak this morn
ing, but recovered and advanced on reports
that tho Keene crowd were again buying.
Receipts 32,96O bushels against 81, ITO the
same day last year; shipments f9,864 bush
els; stock in store, 3,572,000 bushels against
100000 the corresponding day in 1873.