Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-09-20
RlCkER PURCHASES TO BE DELIVERED.
A Crash ir the Market Before Long
Deemed Inevitable.
HIGHER PRICES IN LEADING PRODUCTS.
Increased Activity Among the Railroad
MagRates Of New York.
CHICAGO.
Especial Telegram to the Globe. I

ClUlAS udy Ou CldISo. DUt tnore is SOOU
evidence for the belief that the end is not
yet, and that the days to follow will be
memorable for movements in the produce
market as unexpected as they will be start
ling. Less than three wees ago corn was
worth 74c, but in two weeks a panic, care
fully encouraged and skilfully manipu-
lated by scheming operators, brought the
price down at an average of cent per
day until it sold for 6Oc In
the same way mess pork was forced
down So per barrel in some
options and lard $1.30 per hundred. So
general was the scare and so universal the
rush to sell that the transactions were
enormous and unprecedented, and the mar
ket was over sold. Millions of bushels
of corn and in almost an equal proportion
in pork and lard. The bulk of the deals
have all been in the near options Septem
Der, October and November and in these
is the squeeze is bound TO occur. Every
thing has favored the operators who have
been bearing this market. The weather
turned and continued wonderfully good
lOI tliC ldlO CIOPS, ODOI 10 CotLlC
pouring in of an immense harvest;
the death of Kicker, the corn king. oc-
Cured, and it was threatened to turn the
100000 bushels of corn contracts held by
him at his death, on the market; at one
time the longs lost their heads and hasten
ed to unload at the quickest possible speed.
All at once almost every body found him
self short; the Kicker corn failed to make
its appearance on the market; The. Shorts
began to grow suspicious, and their sus-
picion is rapidly growing; then the tide
turned, and they began rush to fill in
They found there was but
little over million and half tushe of
corn in Chicago, and less than six MILL m
bushels in sight in the country, while Their
had been sold in Chicago alone over four
million bushels on the immediate futures,
and similar state of affairs existed in the
other grain markets. In four days Septem-
Der corn has jumped up nearly eight cents,
being forced by the immense purchases of
the frantic shorts. October has exhibited
the game gain; and pork and lard have fol-
lowed close. The whole range of cereals
and provisions has been CONFUSED by the
excitement in these products, and has been
kept in panicky condition.
Tonight September corn is worth 6724c.
and Oetober 6516c., and tomorrow they
will take another jump. The exciting
cause of the hurry of the shorts to cover is
the development of the existence of a COR
ner in the months most seriously affected.
The operators of this deal are said to be
crowd of New York railroad spectators,
headed by Honore Brothers and III. Parks.
The same parties are supposed to be con-
cerned, who year ago were led by Deacon
Hobbs in bull raid on cover. Then all
they lacked was nerve, and Kicker, by
stepping in and carrying out their plans,
made most of his money. A more favora-
BILE time for a corner could not be desired.
By taking an opposite course from the
outside crowd, and working together,
prices are easily manipulated. There is
not concerted action among the shorts,
and they are scattered, each one managing
for himsel Their margins become ex-
hausted and they buy in one after the other
at loss, the clique or combination peck
citing the profits. Many successful COM
binations have been run On the board, a
notable one being the recent corner in
wheat for July delivery. A fund or clique,
with P. D. Armour of this city and Ken
shaw of Milwaukee, at its head, was formed
and as outside spectators in view of the
splendid harvest prospects, began selling,
this clique took hold and bulled prices and
run the market up, forcing the shortsito
settle at $1.36, while cash winter wheat
could have been bought at the
same time at about 81.
per bushel. This was case in which the
judgment of the public was correct, and
they would have made money had there
been no manipulation, but the combina-
ton plan was too much for them. Many
similar instances could be mentioned.
Among them is the McGeoch combination
of last winters also the Handy deal of
August. 1881, and the Keene deal of
couple of years ago, all Of which, by force
of combination and concerted action.
made money for those Interested
Another thing in favor of the ring is the
disposition that is to be made of the con-
tracts held by the Kicker estate. They
sail for over a million bushels of Septem-
TENDER and October corn. Calvin Wheeler,
president of the Union National bank. ad-
ministrator of the estate, stated to your
correspondent to-day that he wanted the
corn and should insist ON it. He had the
money on hand to pay for it, and should
not settle margins on the basis of the clos
ing price of the month. As much of this
was bought at 74c, it looks as if the bulls
would not stop until they had forced
corn up to its figures, unless
they be thwarted in their
efforts. Judge Knickerbocker, probate
judge, to whom ne applied for instructions,
refused to recognize the speculative tran
sactions on the change as legitimate, and
will direct the stuff to be produced and
paid for according to the liberal terms of
the agreement. This will make a terrible
commotion on Change, as it alone would
exhaust the entire stock of corn IN store.
If this plan is carried out this country will
witness the unusual spectacle of court