Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-08-01

had been buying individually on the market
concluded to pool their issues. They did so the
latter part of July, and on August 1 they
found themselves with about 100000 bush
els of cash wheat and option trades on their
bands. All the wheat that Armour 81 Co. had
thrown OFF found its way on their shoulders
and much more. Truman p. Handy was the
| reputed manager OF the deal, and he gained
| great prestige thereby. Those who are ia
miliar with the windings of the clique during
the month of August say that the deal was
wretchedly and bungliDgly carried on, and
that had not the Almighty come to the relief
| Of the crowd the Cincinnati Spectators would
have gone home shattered in their fortunes.
| Be that as it may, the market went up from
81. 15@11S to $1.4O, the settling price estab-
| lIshed at the end Of the month being 81 LBS.
The combination raked in about 81 ,4OO,G on
| the deal and carried it away. Handy made
| nearly 100000, and John Harper, the iron
| the sway Under the impression that they
| alone were responsible for the advance in the
price Of wheat, and that as soon as they re-
| leased their grip the market would Ego to
pot" all of the crowd, except Handy and
West, threw out q
BIG LINE OF SHORT WHEAT
for September. Instead of declining, wheat
insisted on going the Other; way, and it did.
The country got under it and sent prices to
S1.49. The strain proved too much for the
American Parisians, and they "quit," leaving
their brokers, Preston d McHenry, in the
lurch for quarter of million. If the Gin
ciDnatians had paid in what they took away
there would have been no trouble, but as it
was, they shunked" before bali the amount
had been paid. This failure was the worst of
the year, although nobody suffered much by
it excepting the firm that went by the board,
and a few smaller houses that were caught
IN the same boat by their dishonorable princi-
pads. The came crowd that was short on
September wheat was long of cotton, getting
beautifully whipsawed on the turn. For
several months wheat was permitted
to take Its natural course, and ex-
cept for an occasional two or three day
rub by scalpers it was free from manipulation.
McGeoch. George G. Walker, s. A. Kent and
N. X. Fairbank ran a deal through March and
April. These gentlemen did not intend to Or
ganize corner, but were TO some extent
forced into it. Kent bought 2O0. 600 bushels
went against them and they bought more
Then came the H. .. Kenyon failure, which
CAUSED WHEAT TO BREAK
from 81 % to $l.17 in an hour Rather than
stand loss they stepped in and ctook on an
additional 5000 600 or 900 600 bushels. FAR
bank and McGcoch assuming a part of the
load. The deal was run aggrossivley under
the leadership OF the b.ligerent McGeoch, and
the result was the appointment Of a settling
committee, which fixed price away down
from the price established by the CLIQUE on
the last day of the month. The combination
Melted over 100000 on the deal in spite of
bad luck and hostile committees.
The same syndicate had intended running
deal through June aud July, but the famous
decision oil the April wheat committee took
the starch out of them; and when Kershaw
and Plankinton, of Milwaukee, came forward
with proposition to take its trade and 20 on
with the play, the Chicago crowd was only
too glad of chance to ''stand from under"
About the Let Of June, P. d. Armour went TO
Milwaukee TO settle up his business there,
preparatory to trip to Europe While in
Milwaukee, his partner notified hm!of what he
had done, and Informed him that, in addition
to taking the cash wheat at about 81 IS, Cd.
tions approximating 100000 bushels had
been boughtfor July. The European txcur-
sion was nipped in the bud, and Mr.. Armour
returned to Chicago to assume the manage
ment of the deal, Alexander Mitchell assuIn-
ing share OF the
FINANCIAL RESPONSIBILITY.
Arrangements were made to clear the Chicago
elevators of the old wheat, and during the past
six weeks two or three million bushels of
wheat, much of which had been in store here
for two and three years, was shipped to New
England and across the sea. The LIST of Au-
gust finds the warehouses comparatively clear
of "stump tail" spring wheat, which could
have been gotten rid Of in no other way. At
the present writing there is less than SEQ, 600
bushels of No. 9 spring in store ia Chicago.
The outcome of the deal is still involved in
doubt, but from the appearance Of things it is
not clear that the Armour party will lose any
thing, though they may not make a profit.
hn hal r11w A.Iv> r. 4
time, right IN the face OF the largest crop OF
winter wheat ever grown in America, and
in the teeth of crowd of Spectators
already angeTed by the McGeoch tactics. To
get out of such deal without heavy loss is
one of the greatest achievements of the year.
Since the McGeoch pork deal eliminated last
fall the market has gone along uuevenifully,
the only episodes being turn taken at it by
the Fowler brothers, Armour d Co., the
packing company, or some other strong PEG.
pie. The packing houses have
:, ALL MADE MONEY,
and are supposed to be short on the market
now. -sEt 81
Hobbs Il Co and s. A. Kicker have been
shaping the course of the corn market for ten
out OF the last twelve months. Kicker made
the rise in corn last summer, and
has been sticking to it at intervals
ever since. Hobbs has been oper-
ating for New York parties, who have alter
nately been unders and on top of the market,
with varying results. The lowest price paid
for cash corn on Change for seven months
was 55k cents, last February The highest
point touched was SlH cents, three weeks
ago. $1,000 :.
Oats have been cornered every month for q
year. "Sam" Allerton and ''Billv" hurry
reaped harvest last fall and early winter,
while S. A. Kicker and David Bows & Co.
have worked the oats mine for the last six
months. There has not been misdeal the
whole time, and operators have coined money
out of the business
The Fowler brothers have had lard pretty
much their own way, and have MIXED the
market successfully both ways for many
months.
And this endeth the chapter.
Labor Convention at Chicago
CHICAGO, july ri -President Iarrat4 ,nd