River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1882-11-16
A BIG WHEAT SENSATION.
Peter MeGeech of MiIwaulxe e Charged
with Defauiting on 500. 900 bushels
of Wheat.-But He Declares that He
is Merely Trying to stop Dishonest
Work in Grading.
A MILWAUKEE FLuRY.

A MILWAUKEE, FURY.
MILWAUKEE, Nov. S.--A decided sem
sation was created on change here to-
day by the announcement that Peter
McGeoch, the famous king of the
wheat pit" had defaulted on wheat to
the tune of 100000 bushels. For a
time the report was not credited, as
McGeoch had heretofore been con-
sidered one of the strongest wheat deal.
ers in the country; but inquiry revealed
the fact that there was trouble some
where with McGeoch. The facts in
the case, as cleaned from some disin-
terested parties, are these: McGeoch,
during October, sold puts to Joe
Oliver, Ed. Sanderson and others on
about 100000 bushels No. spring
wheat, deliverable at any time during
the year at 30 cents per bushel. As
cash wheat is now selling at SO to 939
cents per bushel, those who had pur-
chased the puts intended to deliver the
wheat to-day; but early this morning
each of these gentlemen received let
ter from McGeoch notifying him that
tho mixed wheat now in the Milwaukee
elevators would not be taken on the put
contracts and that he (McGeoch) would
return to each the money paid by him
on the puts. Rumors of all kinds were
afioat in regard to McGeoch's reasons
for thus refusing to live up to his agree
ments, and those directly interested
were free to say that it was clear case
of defaulting. McGeoch, knowing that
he could not be legally held to honor
mis- puts, had taking this means of craw-
fishing out of his dilemma.
MeGEocH's STATEMENT,
| In order to get Mr.. Geoch's version
Of the affair, reporter called
this evening upon that gentleman and
asked him what ground there was for
the charge made against him of default.
ing. Said he:
There has been no defaulting on my
part. There never has been. No man
can say that have ever failed to live
up to my part of q contract; but / am
going to put stop to this Infamous
adulteration of wheat, or at least try to.
This charge of defaulting amounts to
This simply. I sold puts for about
100000 bushels No. 2 spring wheat at
50 cents to these various parties, taking
the put money. / find on examination
that there is in Milwaukee bat 10000
bushels of wheat that will Grade No. 2,
and that the wheat now in most of the
elevators here, instead of grading hon.
estly No. 2, is hardly merchantable at
all; at least the most of it is in this con-
dition. I'll tell you how | came to
know particularly about the quality.
On Sept. s, l had cargo of wheat de-
livered to me from the elevator here as
No. 2 spring, which | shipped as such
to Buffalo. When the cargo reached
Buffalo, l received notice that the
| wheat, instead of grading No. 2, was re-
ally net merchantable at all. l hardly
believed this, and started at once for
Buffalo to see for myself. / found it
just as reported to me-
HARDLY MERCHANTABLE.
/ shipped it Immediately by rail to New
York and sold it there for 95 cents per
bushel, which made it net me so cents.
That is the kind of wheat these gentle
men would deliver to me to-day for No.
2 spring wheat. The amount involved
is comparatively small, but some stand
must be taken against this custom of
of mixing wheat from wagons in our
elevators. / offered to return to the
men with whom had these deals their
put money, but they refused to take it.
am simply making q stand for honest
wheat-a stand to prevent the adulter-
alton of wheat, which is killing Mil
waukee as a wheat market. Do you
know what is the I1rson our wheat pit
shows no signs of activity? III tell you.
1t is because men like myself who wish
to purchase honest wheat don't buy
there, because we know we can't get
it. | have made the proposition to
these men to allow two disintorested
persons to decide as to the merits of
the case, and think this will be agreed
upon; but am not going to let this
wheat adulteration matter drop. As
soon as my daughter, who is present
very sick, RECEIVERS, intend to COM
mence suit against the parties who de-
livered to me the cargo of wheat |
shipped to Buffalo, and that suit will
bring wheat adulteration business out
into the fullest light.
The affair has been the talk of change
/ all day. McGeoch's action is unfavor-
ably regarded by many of the leading
members of the chamber of commerce,
as it will, they say, spread abroad an
unfavorable impression in regard to the
/ Milwaukee market.
I