Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1891-07-09
VIEWS OF TRADERS
What Is Thought of the Ali
ance Wheat Corner.
TALKS WITH CHICAGO OPERATORS

Men of Too Many Minds in 1t for Sue
cess-Not Much inclination to Guess
at the Eject on the Market of the
Proposed Combine-A St. Louis Mans
Opinions and Strtement.
CHICAGO, July 9-The circular of the
Farmers Alliance, which was noted in
these dispatches yesterday, was read by
every member of the board of trade. While
it plainly foretold a movement by the
farmers to holo their wheat until they got
the price thee desired, it had little effect
on the market. Men yelled as they had
yelled before; the tickers whirred the same
old whirr in downtown offices, and spec
ulators went in and out of the board of
trade building without betraying any
mental uneasiness. When trading stopped
at 1:30 o'clock the fellows who lounged
about the pits didn't show any concern
about the 6,0o0, 300 men who were said to
be ready to store their grain in cyclone
cellars, elevators, and barns.
Thinks Wheat Must Go Higher.
Colonel j. w. Conley, of Schwartz,
Dupee 6 Mccormick, thought the scheme
of the farmers Of too great magnitude to
permit unity Of action. Il am with the
farmers so far as the price of wheat is con-
cerned," said the tall colonel, 'for it is my
opinion that the cereal must go higher.
The crop in Europe is short, and there is
| no reason why the price of wheat should
not take an upward turn, no matter what
the crop may be in this country" Colonel
Conley did not however, think much of
the proposed scheme of the farmers to
hive their wheat for price set by them
selves. He thought it impossible for SO
large body of men to hang together on
any proposition.
Difficult to Anticipate Its Effect.
A. W. Allen, of the firm of 5. Y. White
& Co., whose Offices are in the Brother
Jonathan building, on Sherman street,
took different view Of the situation. 1T
is the policy of the farmer to keep his
grain until the last moment" he said
"and if it he true that the farmers
throughout the country contemplate
boarding their W heat, as an alliance or an
| association, unit, they get the price set by
themselves, it would be difficult to antic-
ipate the effect on the market. l think it
probable, however, that if the farmers of
the country were satisfied that leaders of
the Alliance were back of them they would
make an effort to hang together"
Willing to Bet Against the Move.
Mr.. Baldwin, the senior member of the
firm of Baldwin & Farnum, in the board
of trade building, laughed at the idea of
6,000,0 00 men holding together in any COM
pact. Three men once tried to do some
thing of the nature contemplated by the
Alliance and they failed so dismally that
Mr.. Baldwin was willing to bet good scarf
pins against clam shells that such an I'M
I'll
about cornering wheat would 60 to smash,
as did Robert Lindblom's St Louis har-
angue when he urged the boys to stand
by their guns and boost wheat 10 81 q
peck. Mr.. Baldwin admitted that he was
at the head of a bear house from Bitter
creek, where the water was bitter all yesr
round
Believes the Report Fake"
Francis s. kenuett. of Kenneth, Hop.
kins & Co. did not believe in the authen-
ITCHY of the repor-. He laughed and said
the story was all bosh. lie said, in fact,
that the circular was a hoax, and that the
Farmers Alliance did not contemplate
such coup d'ctat. But admitting that
the great organization was in earnest in
the movement, Mr. Kenneth thought it
well established fact in history that when
a body OF men OF the magnitude of the
Farmers Alliance sought to accomplish
some end it invariably went to smash, be-
cause of its unwieidly proportions and the
ever present element of strife.
Has Heard of Another Scheme.
Z. G. Logan, of the firm of Logan & Co :,
was not prepared 10 discredit the anthem
ITCHY of the circular Il don't doubt if
the Alliance interds to make this fight"
he said, that it VIII have its effect on the
market. have heard, however, that the
author of the circular is an old board of
trade man. There was a western state
senator in my Office today, who did not
seem much surprised about the publica-
ton of the circular. He said, however,
that the Alliance contemplated a still
greater scheme, and that was the establish
ment of a fund of many millions of dol
lars which was to be used in tiding farmers
over financial troubles, in order to
enable them to hold their crops until they
were able to sell hem at price set by
themselves. ! have not had time to read
the circular, but it is my opinion that the
weakness Of the proposed scheme of the
Alliance lies in the magnitude OF the
organization. 1t seems scarcely probable
that 6,OOO,OO of men could hang together
on any proposition involving money and
the products of the farm"
Too Big To BE Successful.
Most of the heavy operators on the
board of trade are either in Europe or at
summer resorts in this country, but it was
the general opinion of those who are left
behind that the Alliance could not push
any such stupendoIIs scheme to success
full end. There are bulls who think the
price of wheat should take a flight because
of a shortage in The crop in Europe if
for nothing else, but they are ready to
give the Alliance the credit for the jump
so long as it jumps. That is ali they are
looking for, circular or no circular. The
bears, on the other hand, think that there
is about as much chance of the Alliance
cornering wheat as there is of a man walk
ing successfully through the stamp de-
partment window o. the postofice
KANSAS AND GEORGIA Will TRY.
One to Hold Grain and the Other Cotton
To- tl..