Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-09-13
ABDOMINAL ARMOUR.
He Insists that Wheat Is a Good Thing
to Have.
lOhicago Times. |

to Haze.
IOhicsgo Times.
"Of all the good things to buy that come
out of the bowels of the earth,'' said the
good Mr.. Phil Armour on yesterday, "just at
this time wheat is the best. bought little
the other day, finding it very low, and being
satisfied that it was good thing to have,
aud it went up so fast that it almost took
my breath away. 1t was 80 good thing
that couldn't resist the temptation to buy q
little more, and here it has gone up to
ninety five cents to-day. OF all the things
that come out of the bowels of the earth,
wheat is the best thing to buy just now
The above abdominal confession was elic-
tied by representative of the Times who
had heard it intimated that there was O
''coruer" on September wheat of the specu-
lstive grade, and that Phil Armour was
suspected. It was stated that there was not
over 100000 bushels of this grade in the
market; that the receipts were unusually
light, and that advantage had been taken of
these fortuitous circumstances to "squeezs"
the boys.
As said BEFORE" continued Mr.. Ar
mour, "of all the good things that come out
of the bowels of the earth, wheat is the best
thing to have just at this time. Why, only
a few days ago it was selling at the ridicu-
lousy low price Of eighty seven cents. To-
day it sold for ninety.fve, and
c'ose1 about a cent lower
It ought to be worth fifteen or twen-
ty cents more, and it will before many days.
The charges for shipment are so low that it
can be delivered in Europe for almost moth
ing. This very day have contracted for
the delivery of two hundred Thousand bush
les at Buffalo at the merely nominal price of
four cents per bushel. Everybody is taking
advantage of the low rates and sending the
grain forward. A lot Of these fellows on the
board who didn't have cent thought they
could bank on the farmers wheat, and
commenced selling short. Ifit went down,
they would make enough to pay their board
bills. But the farmers are not inclined to
help them out. They know that
of all the good things that
come out of the bowels of the earth
wheat is the best thing to have, just now, and
and 30 they hold on to it. And they will
continue to hold until it brings what it is
really worth. On an average, it costs them
twenty cents bushel to ship their wheat to
ize but little more than seventy cents for it,
whereas they ought to get good deal more,
and they know it. They are not to be caught
in that way. Not until there is much great
or advance than there ls at present will they
begin to ship"
It was suggested that some imaginative
individuals had dared to hint that Armour
& Co., were "cornering" the market. A look
of surprise was succeeded by one of sadness,
as Phillip the great pfoceeded:
"Well, well-well, that-that- -is-it-is
too thin OF all the good things that
come out of the bowels of the earth, wheat
is the best thing to buy, just now.
bought some because it is good thing, and
then bought some more, and all because it
is good thing. The price must go up
until it gets somewhere near where it ought
to be. OF all the good things that come out
of the bowels"
If the sentence was ever finished it was
after the reporter had passed out into the
crowded street, and was hurrying to the of
flee of large operator on Change.
81 learn that Armour & Co. have cornered
the September wheat DEAL" said the Times
man, "and desiring to handle few hundred
thousand bushels have come to you for ad-
vice. Shall buy or sell?"
"It isn't much of a corner they have, I
reckon. They found there was but little
wheat on hand and they determined to
squeeze the Shorts But the latter were
too lively for them covered their deals at the
first turn of thescrew and hoped from under.
AS soon as Armour & Co. find that they
can't draw blood they will ease up. In fact,
their leal is practically over now, as to my
certain knowledge they have sold, through
their brokers, 100000 bushels on the call
board to-day. They claim to have contract
ed for the shipment of like amount, but
this is an exaggeration. They are shipping
some, but nowhere near as much as that.
You will find that the market will be easier
tomorrow. It's good time to fly light.''