The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-08-05

closed firm. II ia claimed that this move.
ment is the legitimate result OF q short
barley crop, some stories placing the
shortage III the incoming harvest at fifty
to seventy. five per cent. It is true that
the crop Is damaged considerably, and
that the acreage Of barley is small but
King Corner has more TO do with the
rise than either Of the other influences.
Cash sold at 73a90c.
In provisions there has been 4 steady
upward drive, closing with something
that resembled corner to-day. Sales
for September delivery Of pork 50 65a
10 32!, lard 81 l73a7 55. Closing cash
prices were: Old wheat 81 90, new wheat
96lc, corn 39tc, oats 24c, rye Soc, barley
SSas9c, pork $40 10, lard s. IS.
The corner in wheat, which has been
progressing the past three weeks, was
manipulated chiefly by Phillip Armour,
OF Chicsgo and MilEaukee, he acting as
financial agent and directing the dis
position Of the funds, which are placed in
his hands by syndicate Of heavy capI-
talists here and elsewhere. The corner,
from natural causes, developed more
handsomely in Milwaukee, and McGerch
takes the credit Of il. The syndicate
was double.header. While the cry Of
short crops was raised wheat must 60 up
here, but by the same token the Granger
stocks in Wall street must 20 down lit
tie. The deal, therefore, being long on
wheat, and short on Northwestern and
st. Paul stocks, this astute syndicate
spread broadcast over the land reports
OF desolation on wheat farms, and caused
almost panic among speculative far
mers and country speculators, who sent in
order after order 10 buy wheat, and by
this means helped to squeeze the shorts
still more, and 10 raise the price Of wheat,
and 10 wheat went up out OF sight and
stocks tumbled toward nothingness. Jay
Gould had borrowed $S,000.000 in Mon
treal, placing Northwestern preferred at
rs as collateral, and when II dropped to
65 be was called upon to put up again.
Meanwhile Fisher and Dunlap, and
Mitchell & Howe, and Gault, and all the
rest OF the Chicago people who were in
the ring were rakipg in money by the tens
OF thousands daily; and McGerch and
his crowd were doing the same at the
wheat end OF the scheme. Nor did the
operators contine themselves to their re.
Rpective ends. Several Of them were
playing wheat and stocks at the same,
thus "whipsawing" the deal in the most
approved style, and establishing con.
Meeting link besween the two. II at any
time Northwestern or Milwaukee showed
a tendency to rally, it was promptly
headed off by dispatches from 'oficial"
sources, somewhat as follows:
"The latest and most reliable advices
from the wheat-growing region Of the
Northwest give average yield as follows
Minnesota and Northern Iowa, 8 bushels;
Wisconsin and Northern Illinois, II 10 IA
bushels. In Central Iowa fair crop can
not be expected, and the chances are
that it will fall below the lowest eSti-
mate.h
Immediately stocks sold down below
any former quotations. The wheat cor
ner was correspondlngly strengthened,
and the Syndicate went on raking in the
wealth. Nobody seems TO have stopped
to think that, although the wheat crop
might have been damaged, the increased
acreage would more than make good the
quantity, so that there would be no fall.
ing of in the demand for transportation.
This being the case, the earnings would
be in excess Of last years, and the pros
poets for dividends (other things being
equa) would be materially enhanced.
Your correspondent has heretofore
and here reatiirms, that this years
wheat crop will, on account Of the largely
increased acreage, equal, il not exceed,
in quantity that Of last ysar. This Is the
judgment Of unbiased men, notwithstand-
ing the successful managers Of the corner
have represented the contrary, and have
begun preparations for running up prices
for August with felicitous results so far
"a known,