The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1906-10-06
CHICAGO WHEAT "
SCHEME FIzzLES
Spectators Fail to Unload Ten
Million Bushels of Grain on
Minneapolis. - . ls>zzs. I

December wheat sold off today to
7212c in the Minneapolis pit. When,
the sensational stories began to come
out of Chicago of a great corner in the
making and Rogers, Schwab and other
eastern magnates under the market, the
price was around Use. The loss Of-219c
a bushel is the net result Of the failure
with more wheat than they could
carry, to unload 100000 bushels upon
Minneapolis. ~
The stories were that the deal was
to result in something greater than the
Joseph Letter corner. H. H. Rogers,
the Standard Oil magnate, is Rock
efeller' s right-hand man and Charles M.
Schwab is: former president Of the
steel trust. Their names gave weight
to the stories and started little spec
ulators to buying. On this scattered
100000 bushels the country over, prices,
contrary to all rule, went down. The
reason was that while this buying pow
er was drawn into the market by the
story Of the impending corner, the quiet
selling was more than an offset for it.
Big Chicago holders were the sellers.
Minneapolis Was Shy.
Special efforts were made to pro.
mote speculative buying in Minneapo
! lis, but the trade here was suspicious
and held aloof. Some local men who
| believe in the legitimate value OF
| wheat at present prices even sold out
their lines because they feared manip
! ulation.
| The Armours have long been the
greatest power in wheat. A. I. Valen
tine, their former president, has dom
mated the market in many seasons
I Recently he severed his connection
with the house. George Marcy became
president. Valentine disappeared from
the markets for a time. Recently hi
turned up on the Chicago. board an(
began to buy wheat. His former pres
bought no less than 100000, bushels
He directed sellers to put the trade
down to Armour. President Marcy O.
the Armour company, refused to &C
cept them. Valentine made arrange
ments with John H. Wrenn & Co., an,
/ Requa Brothers, two other Chicag
board of trade firms, to carry the lon
wheat for him, and the trade was lef
wondering whether there had been
reputation of Valentine and his spec
ulative moves on the part of his oil
house, or whether the whole was jus
clever piece Of manipulation t
throw other traders off the track.
- Doubt Cast on Deals. s o..
, The connection of. Rogers, or Schwat
with the deal was doubted here fro1
| the first. Itmay be, however, that Va
, entine is operating for big easter
, crowd, since his brother, P. A. Waller
: tine, is a director in the National Cit
) bank Of New York and has friends an
associates who command millions Tha
{ these men would go into wheat seem
: unlikely. Keene, one of the most SUI,
, cessful Wall street men, made his grea
!, est loss when he went out Of stocks an
+ into wheat and the lesson has not bee
: lost.
At the close today it was estimate
! that about one-third of the Chicae
+ long. line of 30,000,000 bushels has bee
) liuuidated The remainder is stron
! factor or menace, according to whetl
/ er the holders stand on it to Decen
B Der and May and take delivery and pa
o cash for it, or whether, with losses a
$ ready accrued, they get sick Of tt
deal and sell out.