St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-10
Keene Attempting to Collect
an Old Debt From Chiea-
GO Traders.
He Is Reported to Hold co.
100000 Bushels Of Real
Wheat.
All the Chicago Elevators
Said to Be Under His
Control.
The Great Speculator Stands
tn Win or Lose $10,-
100000.

CHICAGO, March 9.-James r. Keene
stands to win or lose 100000 900 in wheat
on the Chicago board of trade. That at
least is the current gossip here tonight,
and the Information is added that, as
the deal now stands, it is toss-up
whether he wins out or makes another
huge contribution to the experience
fund charged against Chicago wheat.
Fourteen years ago the Chicago wheat
pit took from Keene between 100000
and S6.0O0,000 Henry Clews says $10.-
000,000). 1t is said that the present
venture was started by Keene in the
nature of grim settlement of old
scores. The story is that, operating
through Sigmund Gruner, stock. cot
ton and sugar broker of New York,
Keene has obtained control of about
10000, 900 bushels of the best wheat in
Western storehOuses, and has accumu-
lated a prodigious line of futures. The
cash end of the deal is in charge of
"Sandy" Eggleston, and the speculative
CliNt III ClolS VI OOlI SuQoA1s OOIh
masters in their specialties.
Location of the Cash Stuff.
Nearly all of the contract" wheat In
Chicago, amounting to about 10000, ,Ol0
bushels. is lodged with Eggleston, and
nearly as much more high grade prop
erty in st. Louis. Minneapolis, Duluth
and other Western centerS is controlled
by the same individual. Beside his i'm
mense cash holdings in this city, Eggles-
ton has cOrnered about all the elevator
space in Chicago that can by any pOsSi-
bility become available for the storage
of new receipts between now and the
and of May. He has accomplished this
feat by contracting with elevator CON-
panies to provide him room for several
million bushels of grain which he ex-
poets to receive before the end of May.
1t by any chance he should not get the
grain the elevator companies will not
care, as Eggleston has contracted to pay
full storage rates Oh the space.
Keene laid his plans with consum-
mate skill. Egg glestOn is admittedly the
most commanding figure in the cash
grain market of the West. AS for the
OId vi bllC CdlupdtS
Jack" Cudahy, the greatest speculator
on Change, was
Just the Man
to run the deal to a conclusion. In the
full flush of a successful series of bold
ventures in provisions, and famous for
terrific play in wheat and corn, opera
tlons could be carried on under cover Of
his name without exciting suspicion.
hno ,n.l,n e.. T.,
more that Cudahy has been milking the
market. Cudahy displays marked
preference for directors in the diStribu-
tion of brokerage favors, probably be-
cause it happens that most OfIthe direct
OrS are responsible gentlemen and ex-
cellent brokers.
When Keene undertook to run his first
wheat corner in this city, one Of his
mistakes was i'll his selection of brokers.
He complained bitterly that he was
robbed, and that he could obtain no re-
dress through prejudiced board of di-
rectorS. Harper, now In the Ohio peni-
tentiary, has mournfully declared that
he would have cleared SS.OO0OO0 on his
1887 deal but for the fact that he had to
fight the directors of the Chicago board
of trade. In Wall street Keene has
since met with equally calling set-backs,
but within the past two years, it is said,
has cleared enormous winnings by the
Successful Manipulation
of Sugar. Cordage, Lead, Whisky and
Gas stocks. and. when the time came,
bethought him of Chicago, and con-
cluded to collect the amount due him
here with interest. Neither Eggleston
nor Cudahy is the man to engage in op-
erations of magnitude without ample
financial protection, and from the first
there has been plenty of money to meet
every possible demand from the Chi.
cago end of the deal. Keene'S advances
up to date have been at least, it is said.
$i5,000,000 in cold cash, and possibly
Sl0.000,000 more may be required, de-
pending on whether the deal is pushed
through or dropped.
There are two chances for the sue
cess of the deal. One is the government
estimate of farmers reserves, and the
other serious crop damage. The de-
partment of agriculture will publish the
estimate of reserves tomorrow, and if
the figures should be under 100, 900
bushels general speculation may spring
up and let Keene out of his bargain. A
spell of freezing and thawing weather
might also stimulate speculation. If
the deal can command help from
neither of these sources, Keene, in the
opinion of some. will have the grizzly
by the tail and yelling for somebody to
help him let go.