Stevens County tribune. (Morris, Minn.) 1877-1880, 1879-07-10
KEENE AND HOYT.
[Chicago Special.

LIE pFluCipdl toplC Vi CouNeIsdtlOu JuS'
n W in financial and board of trade circles
is tire June cnrner in No. 2 spring wheat
the price of which has been put up fully 10
cents per bushel since the be ginning OF the
IN nth. The advance has been by easy
stages, half a cent or SO at a tme. Tuesday
the market was $1.O5, Wednesday $1.O515
and yesterday $1.O6.
The shorts some days ago began to realize
that no dependence could be placed on in
creased receipts means of letting them
out of the trap into which their bearish con-
neclions bad led them. Inqnires at the in
terror Shipping points revealed the I'M
pleasant fact that every granary in the land
had been practically swept mp under the
stimulus IF 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, has been the case RICH,
straight along. almost livery bushel went into
the hands of the combination, of which the
leaders are supposed TO be James r. Ke ne
and Jesse Hoyt. They are credited, not only
with having all the M. 2 spring there is in
this market-sbout 1000 600 busheIs-but
also all that is stored in Milwaukee, 1,OOO, 900
bushels; the Buffalo stock, about 100000
bushels, and what is piled up in New York
awaiting an export demand, about 1 10000
bushels. THESE aggregate about 100000
Of this Keeue owns 100000, 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 90c. to &c., and if
they we're all to be filled in at the current
f1fO GCfo of To Go
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 a pretty thin
constituency. There are, of course, some
isolated cases in which certain bears, who
stubb"rnly refused to accept the daily situa-
ton. will be compelled to settle up their
d. ais and pocket the loss in its entirety, but
1t IL CRAFTY ing to l. arn that the board an lei
pates no furry tberefrom.
lie tact is the combination has everything
| it's own way, and were it not for the ''anti
c,,rIIer rule" On he board of trade it would
be very easy matter to put the price up to
| i2O. SOme of the shorts have been filling
| her drafts in Milwaukee at saving of from
| three to four cents per bushel, after paying
| ire il hi charges to this port. Fully .3O0,O
bushels we're imported for this purpose une
house alone bringing in over one half of IL.
| This operation Can hot be depended ON any
longer. OILY four days remain, and MS
prices have advanced materially in the
| Cream Cit! ro operator Can aft I'd tn take
| the ris of DELAY. The market for july
"pti'n IS i'll very peculiar con- it"n. To
day SALTS Were made at 97@97I cents
ell sing fat al the inside figure.
| There is WIDE divergence of opinion a.
| to the prospects and the movements of the
Combination. The winter wheat men have
been for some tune selling NJ. 2 spring for
July against the coming crop ut red Writer.
which. from present appearances. does not
come up to anticipation, and in view of this
they are not now selii 80 ready. Their
bearish intentions have not been at all
diminishs d. and the same is true of those
who have beeb following the "short" side
for the past tour or five months. Still they
are quite sBittish and liable to kick. as they
did to-day when it became-rumored that the
continuation was selling for July at 9711c
| Whether they are or not is one of the puz.
zIes of the deal. The rnmor, however, b1ok.
the market, and at the close there were sci
lers at 97Ic, and no buyers. August wheat
sold principally al Gle, and closed weak a
5000.
Ii is evident that if the combination wish
TO they can carry the con bInation al
through, just as they have through June
and with great deal more ease, tor they
will not be Obliged to take on so much cash
wheat, owing to the greatly reduced deliver
les. 1t is also urged as a reason why the,
should do SO, ttat if the price we're to breal
it would be followed by corresponding
tumble in Europe England and tn Cont
nent have to look to this country for then
supply of wheat for the next three months
The demand all the season has been purel,
consumpiive one, and the break here would
only result in driving out the European
dealers for the time being, and when they
do return, 1t would he only to purchase fol
immediat and pressing wants.
Others say that not only can the corner
he carried through July, but it can he &c
manipulated, and easy, too, to cover all Of
August. This opinion finds basis in the