Daily globe., 1883-07-01
A CONSIDERABLE RISE IN PRICES
He PrOnOunces the RumOrs OF His En-
barraSSment Absurd and False.
PROVISIONS TAKE A TURN UP.
Little DOing.and Small Fluctuations in
the Stock Market.
CHICAGO.
Especial Telegram to the Globe. I

for two weeks past. Everything opened
higher, and after a couple of hours of
skirmishing between the bulls and bears,
during which great deal of stuff was
thrown on the market and readily taken
by buyers, the figures moved steadily up
ward, closing at q strong advance over
opening prices. Phil. Armour returned
this morning from his northern pleasure
trip, and the sight of his jolly face on
'change seemed to inspire confidence
at once. There was no talk of fail
ures or panicky rumors of
any kind, and it may be that this is the
turning point Concerning the recent
rumors affecting his standing, Mr.. Armour
said to your correspondent: II have never
heard of such a senseless thing. There is
not the least shadow of a foundation for
one of them or of suspecting that Armour
d Co. are in any trouble of any kind, or of
any house with which they are directly
connected. [ am not the kind of man to
go off fishing if there is any trouble OF that
kind ahead, or even if we are carving a
load of any kind. If Armour & Co. owe
any man dollar who wants his money,
let him step up to the counter and
he will be paid 100 cents on demand for
every dollar that is coming to him. The
fact is, we were never in as good condition
financially AS we are to-day, or in better
position to meet all the legitimate de-
mands that can be made upon US. never
had so much ready money on hand as 1
have to-day, and the reports of our being
In trouble are most absurd. We were not
connected with the McGeoch affair in any
way. except that we carried some stuff for
him as one merchant will for another in a
legitimate way. We held property
against every dollar tnat we ad-
vanced for him that was fully sufficient
to meet his liability, and we did not lose a
dollar by his failure. We simply stood in
the position toward him that banker
would having good collaterals for every
dollar that we advanced for him, and those
have all been disposed of now, and his
affairs Strengthened out as far as we are
concerned, and as said before there is not
a shadow of a foundation for the reports
that have been started about US. They are
the silliest things ever heard of. l sup
pose some worthless wreckers started them
IN the hope of temporarily reap
ing an advantage from the general
confusion that might possibly re-
suit. I am confident no respecta-
BILE merchant would have anything
to do with such proceedings, but there re
some people everywhere whose business it
is to live off the ruin of Others"
Concerning the situation he said: EsThere
has been a sensless scare. There is no rea-
son in the world that prices should go any
lower. They are now on legitimate ex-
port basis and products are moving salts
factorlly. I think merchants have been
very conservative and that the wreckage
has been cleared away so that there will be
plain sailing for the future.'
On the board wheat was verv active.
though the trading was not on so liberal
scale as yesterday, bnt prices were
higher, and at the close July was PIC
higher than at o'clock yesterday. Sep
tember 2&c higher and October Sc higher.
Early sales were at about 15c advance on
the closing figures at o'clock yesterday,
ruled tolerably steady for a time and then
became firm and sold up, with frequent
fluctuations, about &c on July and 2I@
PFC on the longer futures, weakened
some, then huctuated, and closed quite
strong. Local spectators commenced to
buy freely. when the shorts became
alarmed and also bought heavily. This
demand soon impaired a buoyant feel
ing to the market and near the close
there was good deal of excitement and a
sharp advance as compared with the last
sales on call yesterday. July is sic high
or, most substantial gain.
The -four market continues quiet, and
there'wa an almost entire absence of buy
ers with the depressed markets having
taken all the life out of this trade and
made it impossible to sell at near what is
called fair Or paying price. Home deal
ers were not looking at samples, while the
only shipments are of the lower grade
stock.
Corn was fairly active and somewhat
unsettled, but generally stronger, the long
futures showing more strong than cash or
July. At the close July was &c higher
than it closed at o'clock yesterday, Aug
ust &c higher, and September 1910 high
er. There was quite break yesterday
afternoon, and while there were some sales
this forenoon below the closing figures on
change yesterday, the market soon
strengthened, influenced by the strong
feeling in wheat, and July improved sc,
August 118c, and September 124c, the
feeling being strong at the close. Call
values yesterday were 1c less for July, and
1Ic less for August than
those now prevailing. In oats
a more active and steadier market
was quotable under this head and prices
were averaging about yesterday, with the
better tone in other markets helping to
heavier buying orders and advanced rates.
Business in cash was higher than yester-
day. Samples were slow and there were
few shipping orders and low prices were
ruling.
Rye continues dull and a shade lower
prices were quotable to-day. There was
little call for cash and no speculative bust