St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-23
RumOr Sets Going the Story That Phil
Armour is Engineering the
Mammoth Corner.
Wheat at Last the Secondary Cereal, Tossing
in a Heavy Sea Several Cents
Behind.
CHICAGO.
Especial Telegram to the Globe I


wanted, and wanted badly. With a crop of more
than 1900, coo 900 bushels almost ready
to harvest, and fair volume OF receipts daily.
there has suddenly, and apparently without
cause, sprung up among certain sellers OF corn a
wild and ravenous hunger for the kingof cereals.
few days ago it was claimed that the country
corn cribs were filed to bursting with oL len No.
2. Now there is apparently none in the coun-
try, and prices have advanced in the last week
25c. The advance this morning was 10 c over
Saturdays closing and &c at the close The
scene in the cash crowd was one of II Imult.
The manipulators' brokers all smfle and
steadily bid prices up, while the disco nfted
shorts stood back and gazed ruefully upon the
course of events. The strong hand of the con-
cealed manipulators steadily worked prices up,
and the shorts saw hundreds of thousands OF dol
lars swept cut of their pockets as completely as
though II had been consumed by fire. This las
been a famous corner. 1t has been clevel ly
managed and also promises to be an exceptio n
ally successful corner 1t is the most dificu, Y
hing in the world nowadays to get upon one.
books great line of ''shorts without. attracting
:he attention of commission houses. This is
:he first instance in which this has been accom-
plished within the last five years. Bill Baker ac-
tually had his corn all bought, and good ma ny
millions of 'short'' grain on his books (indeed
had all that he wanteG) before anybody ever sus-
pected corn squeeze. This very clever
work. 1t was aided, undoubtedly, by the very
unusual beGrishness about the wheat pit, by the
sudden closing out Of the pork deal, and by the
fact that the local crowd were all bearish on corn
too. Then, when purchases stopped and
the August delivery day approached, and the
crowd became aware that they cornered,
the management still exhibited cleveuess The
cash crowd was carefully patrolled, the cash re-
ceipts quietly bought and the grain promptly
shipped, and now that the deal has gotten half
way through September the same cleverness of
management is exhibited The price is being
advanced with a rapidity but with frmness
that gives some excuse for outsiders supposing
hat Phil. Armour is behind the deal. A 2O-cent
advance in week is one that not many shorts
ran stand. The biggest shorts have not been
able 10 stand it. Nat Jones, who was fercely
nuc.ed by Arnour in the pork deal, has been
plucked again in this corn corner Several stories
were current as to the persons alleged to be run
ming the corner, but none except the favored
lew OH the inside know anything about it. The
Mail this evening says
"There is the inevitable gossip about Mr. Ar
mour being behind the deal. This is a mistake
1t is fashionable for short sellers to ascribe all
their ills to the big packer. But they are max
ing their protest in the wrong direction this time
This is not Armour's, but Simmons deal. This
Is given on the very best authority there is in
the matter. fortnight ago he told PlanI1inton
At Milwaukee, corn would sell higher than ST.
Paul stock. It's 81. Paul and Burlington
cique Weare is chief engineer, Baker is AIDE
and little Billy McIlenry guards the cash crowd
The talk OF Armour's connection with the man
ipulation is, however, apparently encouraged by
the engineers Of the corner. They know that
the impression will be an aid to them and they
very willing 10 get all the aid they can The
methods are not those of the rich packer. The
squeezing is too violent. No cash corn is for
sale and no settlements possible. There never
was squeeze Of his and the traders here knew
it. when settlements were not possible at any
stage in the proceedings, and at the market too
These sensationalists Ia week ago they were de-
clared only natural coTner) who are now de-
claring in an authoritive sort of way that they
knew all about it; that Phil Armour is at the
bottom OF II all, and that the orders of Baker and
Weare and the Rumsey's are all derived from
the ten millionaire packer. These are the fellows
who shout Armonr all occasions; who, IL
wheat suddenly advances, declare he is corner
ing it; if corn shoots up pronounce he is squeez-
ing il.
On the other hand, the Nelrs says:
1.-The Armour deal in corn for September de-
livery has long since ceased TO be characterized
as a squeeze, by which moderate sounding appel
laton the crowd were pleased to term 1t in its
early stages. At that time no clearly defined
of late the convictions has settled upon the
crowd that it is none other than Armour, and
they all have reason TO know that he goes the
whole hog. This knowledge also makes it i'm
possible to name any figure to which corn for
this months delivery may go. The general
opinion is that Armour is not aiming TO hurt the
crowd, rs whole, but is hourly turning the
TO force in some one or two parties against
whom he has special enmity. 1t is said he has
these unknown parties short well up in the
fb IL. aud h,,,,
in at his figures"
Upon being asked who, in his opinion, was
oommanderin chief OF the manipulators, an old
speculator replied, that 1t was the blindest deal
he ever saw, but that the subject had been re-
duced down TO where the majority
had little doubt that the man is Armour,
However the most prominent name
mentioned on change is that of P. B. Weare
II is said that he positively refuses to settle any
trades and will not sell hushel of corn at any
price. on Uthis acoount-there being others
similarly inclined-jhe market for the inflated
deal is very duh. The general feeling is very
strong in condemnation OF all who are interested
in the corner, and it is claimed that the manipu-
lators, in view of this shift the responsibility
upon each others shoulders and back again, un-
I'll there is no certainty in what direction con-
demuaton would be justfable. 4 large nun
Der OF brokers, who, hnding remuneratVe en-
ployment in acting as corner agents, have de-
serted their anti-corner friends whose just dis
pleasure they have thereby incurred. Some OF
them, who are indebted to members not in the
corner. aue considered to have acted disgrace
fully and will be asked TO walk up and settle
forthwith. While some houses-notSbly who arc
suspected Of being long, OF course-defend the
present corner on the ground that it viii teach
inveterate short sellers that there is limit &c
which their bearishness viii be endured, sthere
are others who condemn it in the seyerest terms.
A member OF prominent frm OF the latter
class said to-day;
.sThere are many Of the active traders on
change who have always paid 100 cents on the
dollar, and have never gone back on their con
tracts who are great incepsed at the manner in
which the present corn deal is being run, nota
bly, several commission houses which have for
the past three days bid the clique the current
quotations for September corn to cover their out
standing contracts without inducing them tC
SELL"
Among the brokers employed by the clique ii
one who is always prominent when there is
corner. He is conspicuous ss having failed
more frequently than any other broker now
doing business on the floor. Up TO THURSDAY
last the September corn deal hsd no head. TherS
were several in it. each striving TO sell out befoEs
.he ofbsrs rot a start On Frfday the aspect O.