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

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concluded to pool their issues. They did so the
latter part of July, and on August l they
found themselves with about 100000 bush
| els of cash wheat and option trades on their
hands. All the wheat that Armour & 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 buDglingly 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 il may, the market went up from
$115@1.1S to S1.40, the settling price estab-
| IIshed at the end of the month being $1.38.
| The combination raked in about 81 100000 on
| the deal and carried 1t away. Handy made
| nearly 100000, and John Harper, the iron
| man, took a check for $685. 600 as his share OF
the swag. 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" ali of the crowd, except Handy and
West, threw out
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 aud sent prices to
$1.49. The strain proved too much for the
American Parisians, and they "quit," leaving
thcir brokers, Preston & 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 "1unked" before half the amount
had been paid. This failure was the worst of
the year, although nobody suffered much by
ii excepting the firm that went by the board,
and few smaller houses that we're caught
in the same boat by their dishonorable princi-
pals. The same 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 It's 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. K. Fairbank ran deal through March and
April. These gentlemen did not intend to or
game corner, but were TO some extent
forced into it, Kent bought 200 900 bushels
on joint of himself and Walker. The market
went against them and they bought more.
Then came the II. .. Kenyon failure, which
CAUSED WHEAT TO BREAK
from 81 % TO $l.17 in an hour. Rather than
stand loss they stepped in and took On an
additional 6,O00 600 or 1908, 900 bushels, FAIR
bank and McGeoch assuming q part of the
load. The deal was run aggrcssivley under
the leadership of the b:ligerent McGeoch, aud
the result was the appointment of settling
committee, which fixed price away down
from the plice established by the clique on
the last day OF the month. The combination
nettcd over 100000 on the deal in spite of
bad luck and hostile committees.
The same syndicate had intended running
deal through June and July, but the famous
decision of the April wheat committee took
the starch out of them; and wien Kershaw
and Plankinton, OF Milwaukee, came forward
with proposition to take its trade and 60 on
with the play, the Chicago crowd was only
too glad of a chance to ''stand from under''
About the let Of June, p. ID. Armour went to
Milwaukee TO settle up his business there,
preparatory TO trip to Europe While in
Milwaukee, his partner notified himiof what he
had done, and Informed him that, in addition
to taking the cash wheat at about 81 %, op.
tiOns approximating 100000 bushels had
been bought for July. The European excur-
Sion was nipped in the bud, and Mr.. Armour
returned to Chicago 10 assume the manage.
ment of the deal, Alexander Mitchell assum-
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
Eugland 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 100000
bushels of No. 2 spring in store in 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 profit.
The deal was undertaken at an unfortunate
time, light III the face OF the largest crop OF
winter wheat ever grown 10 America, and
in the teeth of a crowd of spectators
already angered 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
the only episodes being turn taken at it by
the Fowler brothers, Armour e. Co., the
packing company, or some other strong peo-
pie. The packing houses have
ALL MADE MONEY,
and are supposed to be short on the market
now.
shaping the course of the corn market for ten
out OF the last twelve months. Kicker made
100000 or 100000 at the time of
the rise in corn last summer, and
has been sticking TO il at intervals
ever since. Hobbs has been oper-
atlHg Tor 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 55x cents, last February. The highest
point touched was slK cents, three weeks
ago.
Oats have been cornered ev,ry month for
year. "Sam" Allerton and "Billy' 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 a 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 3I.-President Jarrett and