Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-03-10

Was Iuo Immense safes maze Dy AfCne
Fisher, who disposed of 1900, 200, and it is
believed that Reeme, Singer and Norton, the
two former selling for Fisher, and the last
the agent of David Bows g. Co., sold between
LOCO, 900 and 1000, 600 bushels more. Fisher
would not sell any such small lots as 5000 or
10000 bushels. He sold in blocks of
25,OOO, $4,000 and 100000 bushels, and
offered it at q half cent under the market
rate. The price began to fall rapidly, and
there was great excitement. The bears
seized their opportunity and forced the mar
ket atill lower. As the price tumbled good
many of the dealers who were long took
time by the forelock and sold at SO and "a
cents. This only depressed the market still
further, and then there were some dealers
whose margins ran out, and who had to sell.
The result was that little after noon the
price had fallen to 9OH, but from that point
it at once rallied to 93ss, at which it closed
at O'Clock. In the afternoon it fell again
slightly and closed at 92M.
THE RAPID FALL
was promoted by the fact that vast amounts
of wheat are on hand. The stock on hand in
this city is nearly eight million, more than
four times sas much as there was this time
last year. About tour million bushels are
in Milwaukee, and the total wheat in sight is
in excess Of twenty-one millions, more than
was ever il sight before at this time, and
more than twice as much as there was in
sight year ago.
About 8 o. clock M. 8. Nichols received q
dispatch from New York to the effect that
Keene had said that he had not sold q bushel
of grain. Half an hour later the rumor was
general that
FISHER HAD SOLD ON FORGED ORDERS
from New York, and inquiries by New York
parties we're made. Their Chicago CORES
pondents, however, had no information to
give on this point. If these orders were
forged, then Mr.. Fisher is short 100000
bushels of wheat. If the sale was genuine
unloading by the Wall street ring then they
have got rid of their load at fair though
not excessive profit. Including interest and
insurance the wheat has cost the ring about
SO cents. Most of the ring sales on yester-
day were made before the small dealers rushed
in and gave the price its last tumble and
averaged 81 cents. This would give the ring
a profit of six cents q bushel, or $780, on
$3,O0O,0O0. One of the reports in circula
ton on yesterday was that Keene was cancel
ing his insurance, which argued that he had
disposed of his grain. Another report was
that the Western Union telegraph company
had offered reward of $25,O0O for the de-
lection of the man who sent the forged order,
but the officers of the company here knew
nothing of the alleged forgery or the re-
ward.
MIR. FISHER WAS SEEN
on yesterday afternoon, but he declined to
answer any questions except one, as to the
amount of wheat he sold, which he said was
two million bushels. Whether he sold fol
Keene, whether Keene had sold any previ-
ously, and all such matters he said were con-
tidentlal, and he declined positively to speak
of them.
Several other prominent wheat operators
we're examined, but they had little to say.
For the most part they limited themselves
to the statement that the general belief was
that
KEENE HAD SOLD bis WHEAT.
A member of the firm of j. B. Lyon & Co.
expressed the opinion that Keene had broken
the market only to buy in again at the lower
rate. When man would only sell on large
lots and below the market rate it looked aa
if he wanted to break the market for the
purpose of taking advantage of the lower
rates.
A large dealer, who was recognized early
in the Keene deal as one of the ring brokers,
said that Fisher made no effort to get all he
could for his wheat. He offered it in large
lots and at q discount, and it was evident
that
HIS SOLE OBJECT WAS TO BREAK THE MARKET,
but he said that Mr.. Fisher claimed that he
got better price for his wheat on the
average by Offering it below the market rate,
and making sale for it at once, than he
could havo got for it if he had sold at the
market rate and broken the price by the
quantity he offered.
Mr.. Robert Warren thought the sale was
not for Keene but for local clique, while
Mr.. 81. G. Ranney fell in with the general
idea that Fisher was selling for Keene. Both
these gentlemen disclaimed any definite
knowledge of the transaction.
! Keene's Farm In Ne,u Fork.
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