Daily globe., 1879-05-26
MILWAUKEE, "MILKING =

Belief that IT WilLiBe Dome on the Board of
Trade Some Time In June or Jsaly-
1Vtllia,s YosaO's northeastern Tour.
milwaukee Special, May 1871
It begins to look as though the big wheat
deal had settled itself into definite purpose
namely: A milking market in June, and
q elimination in July-with reservation in
case June develops enough short sellers to
make squeeze an object. The conditions
seem to be these: The ring purchased its
cash wheat at from 81 to 81 cents, and can
now ship it to New York so as to make
small profit, or at least come out even. That
the time for such shipment has about arrived
is evinced by the fact that to-day Angus
Smith, the Youngs ct al, chartered 229, 900
bushels of wheat mostly to Buffalo, and
nearly all No. 2, it being the first day of any
considerable engagements for No. 2. It is
settled fact that not only is the wheat now
very nearly all in sight, but the northwestern
mills are believed to be without wheat
enough to run through July. With the
cash wheat largely disposed of, and
SO backward season that new
wheat cannot begin to come in during
any part of July, the ring feels perfect con-
fdence in its ability to name the price of
either June or July, especially July, to all
short sellers. With the old wheat all in, and
the new grain backward, July will be the
proper time for a squeeze. And therefore it
seems almost certain that the "milkingn will
be done in June, and that the great deal
Corner is obsolete) will culminate in July.
The market to-day opened at $1,000 for
June and Immediately worked up to $l.O1.
Then it worked off to 4, rested moment.
and then began strong upward movement.
Chicago parties were buying very largely
here yesterday and portion of this fore
noon, but general inactivity characterized
the market to-day. The cars to-day were
144, against 16S yesterday. Inspection, l
car of No. 1, 62 cars of No. 2, 81 cars of No.
3, 40 cars of No. 4, 20 cars of rejected and
cars of condemned. Receipts $3.50 bush.
els, against "A, $40 bushels the same day last
year. Shipments 81 $50 bushels. Stock ir
store 2.263, 900 bushels, against GLE, 900 bush
els the same day in 1873.
"Gov." William Young returned from
Minnesota this morning and was interviewed
by the Times reporter. Mr.. Young said:
ssThe crop outlook is not only favorable, il
is magnificent (not exactly 'bull' talk). Tht
growth is strong, vigorous and even; nevel
saw it look better. The farmers all ove1
Minnesota, unless perhaps in a small regio1
| in the southeastern portion of the State, ar
jubilant, and confident of big, nice crop
Everywhere heard favorable reports. The,
have had plenty of rain and really don't neet
| another drop before harvest; having hat
much more rain up there than we have ha.
here.''
'sHow about tho old wheat on hand?''
ssIn my opinion it's all in sight, and preci
IL s,< : A9<a ~11t:
had talk with Gov. Washburn, at Mime
apolis, and he estimates that none of tn
Northwestern mills have wheat enough t
last until the new wheat is harvested. Yo
see that, although the wheat growth is fin
and all the prospects are favorable for a goo
crop, it must necessarily be very late on.
don't look for bushel of new wheat fror
any portion of the Northwest until muc
later than usual, and you know it is about
positive fact that the crop in Kansas
ruined.''
"What was the feeling among dealers i
Minnesota 20
:, "On the old wheat p
Il eyes,
"Bullish decidedly bullish. They kno
the wheat is all in sight and that there is bl
little to come forward that it will all be i
before the middle of June.'
"Well, what are you going to do with yo'
wheat in store p
"Oh, there's no hurry about that, althoug
| we can ship now and get small profit. Yc
see, if the weather keeps cool, there's I
danger of it heating, and there is no hur,
about getting rid of it,
"But the charters to-day, I understan
are very large and are nearly all No. 20
"Well, I suppose SO. OF course, now th
there is no loss in it, it will move out gra
ually.''
t Then Mr.. Young said he would Ego doy
q and see the boys" Monday (meaning t
r Chicago lads), and should then take t,
b months trip to his mining interest in Ct
4 orado, adding: 81 guess this market
Q strong enough te take care of ITSELF"