The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-10-05
CHICAGO BULLS AND BEARS
Phil. Armour Appears as Heavy
Purchasers of October Ribs.
A Better and More Confident Feeling in the
Provision Trade-Wheat and Corn a
Trihe Lower.
sneojal to the indianapolis Journal.

easy and lower. Eighteen thousand hogs
were estimated for Friday, and 5000 were
left over on Wednesday night The offerings
of the deferred options were liberal, prices
were declining, and the market was whiting
about in an unsettled manner, but within
moderate range, when the owner OF many
"yellow wagons" appeared as buyer of
October ribs. He took all that
was offered and bid the market
up 40@50c. On the call Mr.. Armour bought
a large lot at S6@6.62H, and when the call
closed he had bid the price up to S6@6.7O,
and had taken all that was offered. George
Brown, of Armour e Co., said: 1--WE are not
trying to sqeeze anybody; our jobbing trade
is very active, and we need a great deal of
stuff to fill orders. Ribs seem to be very
scarce and it looks as though pork would
have to be split up to meet the demands"
Some would regard this as a notice that
Mr.. Armour contemplated a movement of
October pork, which has so long been the
talk of the alley. 1t first was rumored that
the packers would ''bulr' the market in Sep
TENDER, and now the knowing ones have
transferred the movement to the present
month. However, it may not be amiss to
call attention to the fact that sides at $670
make pork worth $780, to say nothing of
the barrel in which it is packed, and that
last year many thousand barrels were I'M
packed and shipped in boxes to fill orders for
sides. All this movement, however, may be
intended simply to induce speculation, and,
with an active market, enable the packers to
make liberal sales of produce. The stock of
pork in Chicago is about 1O6, 900 barrels,
large amount to tackle just before the pack
ing season commences However, with
good understanding among the packers and
large provision merchants, the prices might
be advanced even upon this large amount of
pork There is evidently a better feeling
among the trade, and the following aimee
dote is laughingly told to show that Mr..
Armour is willing to now ac-
knowledge the existence of such a
firm as Fowler Bros & Co. Frank Clifton
was standing near Phillip Armour on
Change, but neither recognized the other.
John Beasley approached and said; Frank,
hear that Secretary Randolph withdrew his
resignation upon the promise that Fowlers
would remove their intricate machinery"
This is tender point with Fowlers' repre-
sentative and he was turning quickly away
when Mr.. Armour said in his most urbane
manner Frank, shoot him on the spot"
Mr.. Clifton frightened up, and for the first
time took the machinery joke in good part.
There was heavy, dragging market for
wheat on the board from the opening to the
close, and the variations were frequent but
slight, the close showing a loss of 4 cent per
bushel, as compared with last nights closing
The increase of 100000 bushels in the visible
supply, the bearish feeling reported in New
York, and the absence of orders, were the
manifest causes; but the general belief in
lower prices for this commodity was at the
bottom. On the call the market was
excited and active for time. The offer
ings were free and were met
with a degree of alacrity. The call
closed with wheat shade higher. Various
were the causes assigned for this bulge. Be-
hind them all is the latent fear of Lind
bloms new scheme. 1t was reported that he
had received large sums of money, and was
in the market through several brokers' This
was soon denied. Mr.. Lindbom said this
evening that he had received considerable
sums of money with discretionary orders"
but that he had not invested a cent, and did
not propose to do SO until next week. He
said he had received applications from
q number of well-knOwn bust
ness men in Chicago for
copies of his pam phlet, and that he had two
clerks busy mailing them to parties through
out the country,
N. B. Reeme George Baldwin and their
following hammered away at corn to-day,
and finally succeeded in lowering the price
about % cent Lindbloms men were COW
ering shorts on corn, much to the sangune
Smith, disgust. B. P. Hutchinson made the
call lively by buying May corn and selling
other months against it, Corn closed weak,
and still lower prices may be expected
Uncle Peter McGeoch, the ex-lard king,
stood nobly by the oat pit, but prices weak
ened, and closed lower on the board, but
steadied on the call.
A great deal of barley will have to go into
the elevators, as all under No. 2 is almost
unstable. No, itself is just barely steady
ISith light demand.
The Fluctuations in Detail.
10 the Western Associated Press
CHICAGO, Oct. 3.-The following is the WISH
BILE supply of grain Sept. 20: Wheat, 26.964- |
900 bu; corn, l4,o66,o00 bu; oats, 5,793, 900
bu; rye, 5000 900 bu barley. 785,O00 bu,
Regular wheat was rather quiet during the
greater portion of the session, and at times
quite dull; opened easy, declined la0 5sc. rallied
ssc, and closed lan under the closing yesterday.
Bales ranged at 9544 for October, go |
976sc for November, 80 a99&c for December,
81 1.00st for January, 81. 071s0 1.076s for May
spring, 954095i ac; winter, 81 02l9. On call
there were sales of 100000 blu regular, I'M
changed to lac higher.