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


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 bunglingly 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
$l15@11S to S1.40, the settling price estab-
| llshed at the end OF the month being $1.38.
| The combination raked in about 81 100000 on
the deal and carried it away. Handy made
nearly 100000, and John Harper, the iron
man, took a check for S5S5 900 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" all of the crowd, except Handy and
West, threw out a
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
Sl.49. The strain proved too much for the
American Parisians, and they "quit," leaving
thcir brokers, Preston & McHenry, in the
lurch for quarter of a 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 were 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 lis 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. h. Farbank ran deal through March and
April. These gentlemen did not intend TO or
game corner, but were 10 some extent
forced into it Kent bought 200 900 bushels
on joint of himself aud Walker. The market
went against them and they bought more.
Then came the IL. .. 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 e, 100000 or 1000, 600 bushels, FAIR
bank and McGeoch assuming part of the
load. The deal was run aggrcssivley under
the result was the appointment of a settling
committee, which fixed price away down
from the pIice established 10y 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 a
deal through June and July, but the famous
decision of the April wheat committee took
The starch out of them; and wien Kershaw
and PlankiDton, of Milwaukee, came forward
with a proposition TO take its trade and go on
with the play, the Chicago crowd was only
too glad of chance to ''stand from under"
About the Let Of June, p. ID. Armour went to
Milwaukee TO settle up his business there,
preparatory TO a 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 IS, op.
lions 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
Tor two and three years, was shipped to New
d. u
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 $50 900
bushels of No. 9 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 a profit.
The deal was undertaken at an unfortunate
time, right 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
fall the market has gone along uueventfully,
the only episodes being turn taken at it by
the Fowler brothers, Armour 81 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.
Hobbs 81 Co and s. A. Kicker have been
shaping the course of the corn market for ten
out OF the last twelve months. Kicker made
$300,0C0 or 100000 at the time of
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 55X cents, last February. The highest
point touched was Sl4 cents, three weeks
ago.
Oats have been cornered ev,ry month for
year. "Sam" Alerton and "Billy'' hurry
reaped harvest last fall and early winter,
while S. A. Kicker and David BOWS e 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