The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1879-03-12

lUVUO DuSuelSs I10 SUN Ill UlOCAS VI
$4,000, $4,000 and 100000 bushels, and
offered it at a half cent under the market
rate. The price began to fall rapidly, and
lere 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 50 and 81
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 9OB, but from that point
it at once rallied to 9338, at which it closed
at o'clock. In the afternoon it fell again
slightly and closed at 9251 ..s... 49,.
THE RAPID FALL .- f..
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 as 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 in sight before at this time, and
more than twice as much as there was in
sight a year ago.
About 3 o'clock Nj. S. Nichols received a
dispatch from New York to the effect that
Keene had said that he had not sold bushel
of grain. Half an hour later the rumor was
general that ,, .v
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 10000
bushels of wheat. If the sale was genuine
unloading by the Wall street ring then they
have got r:d of their load at fair though
not excessive profit. Including interest and
insurance the wheat has cost the ring, about
80 cents. Most of the ring sales on yester-
day were made before the small dealers rushed
in and gave the price it's last tumble and
averaged "a cents. This would give the ring
profit of six cents bushel, or $4,000 on
$3,OOO,O00. 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,OOO 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.
MR.. FISHER WAS SEEN
on yesterday afternoon, but he declined tt
| answer any questions except one, as to tn
| amount of wheat he sold, which he said wa
two million bushels. Whether he sold TO
Keene, whether Keene had sold any previ
| ously, and all such matters he said were con
tidentlal and he declined positively to spea]
| of them.
Several other prominent wheat operator
we're examined, but they had little to say
For the most part they limited themselve
to the statement that the general belief wa
that
KEENE HAD SOLD HIS WHEAT.
A member of the firm of j. B. Lyon & C<
expressed the opinion that Keene had broke
the market only to buy in again at the lowe
rate. When man would only sell on lare
lots and below the market rate it looked g
if he wanted to break the market for tn
purpose of taking advantage of the lowe
rates.
A large dealer, who was recognized earl
in the Keene deal as one of the ring brokers
said that Fisher made no effort to get all b
could for his wheat. He offered it in larg
lots and at discount, and it was evide1
that
HIS SOLE OBJECT WAS TO BREAK THE MARKET
but he said that Mr.. Fisher claimed that b
got better price for his wheat on til
average by offering it below the market rate
and making sale for it at once, than b
could have got for it if he had sold at tn
market rate and broken the price by til
quantity he offered.
Mr.. Robert Warren thought the sale We
not for Keene but for local clique, viii
Mr.. H. G. Ranney fell in with the gener'
idea that Fisher was selling for Keene. Bot
these gentlemen disclaimed any defni
knowledge of the transaction