St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-23
CASH CORN KING.
The Gigantic Squeeze Sends
the Price Up to Seventy
nine Cents.
The Prospects Favorable For
Another Big Jump Before
the Week Closes.
Rumor Sets Going the Story That Phil
Armour is Engineering the
Mammoth Corner.
Wheat at Last the Secondary Cereal, Tossing
in Heavy Sea Several Cents
Behind.
An Early Advance in Shares. Followed
BY General Decline Near
the Close.
Wheat at Last the Secondary Cereal, Tossing
in Heavy Sea Several Cents
Behind.
An Early Advance in Shares, Followed
BY General Decline Near
the Close.
CHICAGO.
[speeial Telegram 20 the Globe l

II IS the dCludl, laliSiDle, Spot drIlcIe InaI Is
wanted, and wanted badly. With crop of more
than 2,0OO0O0,OOO 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
wild and ravenous hunger for the kingof cereals.
A few days ago it was claimed that the country
corn cribs were filled to bursting with golden 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 1Oc over
Saturdays closing and &C at the close. The
scene in the cash corn crowd was one of tumut.
The manipulators' brokers were all smiles and
steadily bid prices up, while the discounted
shorts stood back and gazed ruefuly upon the
course of events. The strong hand of the
cealed manipulators steadily worked prices up,
and the shorts hundreds of thousands of dol
lars swept out of their pockets completely as
though 1t had been consumed by fire. This has
been famous corner. 1t has been cleverly
managed and also promises to be exception
ally successful corner 1t is the most difficult
hing in the world nowadays to get upon ones
books n great line of shorts without attracting
The attention OF commission houses. This is
The 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 many
millions Of short grain his books Indeed,
had all that he wanteu) before anybody ever sus-
pected a corn squeeze. This very clever
work. 1t was aided, undoubtedly, by the very
unusual bearishness about the wheat pit by the
sudden closing out of the pork deal, and by the
fact that the local crowd were all bearish corn,
too. Then, when purchases were stopped and
the August delivery day approached, and the
crowd became aware that they were cornered,
al,
cash crowd was carefully patrolled, the cash re-
ceipts quietly bought and the grain promptly
shipped, and 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 excnse for outsiders supposing
that Phil. Armour is behind the deal A 2O-cent
advance in week is one that not many shorts
can stand. The biggest shorts have not been
able TO stand it. Nat. Jones, who was fiercely
mulcted by Armour in the pork deal, has been
plucked again in this corner. Several stories
were current as to the persons alleged to be run
ming the corner, but none except the favored
few on the inside know anything about it. The
Nail this evening says:
''There is the inevitable gossip about Mr. Ar
mour being behind the deal This is a mistake
IL il fashionable for short sellers to ascribe all
bnclr Ills 10 the Dig packer. But tney 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. A fortnight ago he told Plankinlon.
at Milwaukee, corn would sell higher than ST.
Paul stock. It's a ST. Paul and Burlington
clique Weare is chief engineer, Baker is AIDE,
and little Billy MCllenry 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 aid to them and they
are very willing to 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
u squeeze of his, and the traders here knew
it, when settlements not possible at any
stage in the proceedings, and at the market, too
These sensationalists (a week ago they were de-
clared only natural corner) who are now de-
claring in an authoritye sort OF way that they
knew all about it; that Phil Armour Is at the
bottom of Il all, and that the orders of Baker and
Neare and the Rumsey's 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 it.
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
early stages AT that time clearly defined
idea existed us to who was back OF the DEAL but
OF late the convictions has settled upon the
crowd that il is none other than Armour and
they all have reason TO know that he goes the
whole hog. This knowledge also makes it inn
possible to name any figure to which for
this months delivery may go. The general
opinion is that Armour Is not aiming 10 hurt the
crowd, whole, but is hourly turning the
screws 10 force in some one two parties against
whom he has special enmity 1t is said he has
these unknown parties short well up in the
hundred thousands, and yet they refuse to buy
In at his igures.''
Upon being asked who, in his opinion, was
commanderin-ch chief of the manipulators, an old
Spectator replied, that it was the blindest dea
ne ever saw, but that the subject had been re
dtgced down 10 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 bushel OF corn at any
price. on Jthis accouut-there being Others
similarly inclined-the market for the inflated
deal Is very dull. 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 responsibiiit,
upon each others shoulders and back again, I'm
iii there is no certainty IN what direction con
.demuation would be iustifable. large mum
Der of brokers, who, finding remunerative EN-
ployment in acting as corner agents, have dc
serted their anti-corner friends, whose just dis
pleasure they have thereby incurred. Some o
them who are indebted to members not in III,
corner. are considered TO have acted disgrace
fully and will be asked TO walk up and settl,
forthwith. While some houses-notSbly who arr
suspected OF being loag, OF oourse-defend tn,
present corner on the ground that il will teacl
inyeterate short sellers that there is limit Il
which their bearishness viii be endured, lther'
are others who condemn il in the severest terms
a member of prominent firm OF the latte
class said to-day;
.sThere are many OF the active traders oil
change who have alwsys paid 100 cents on III,
Dollar, and have never gone back on their con
tracts, who are great incense6 at the manner il
which the present corn deal IS being run, nota
a,lv. several commission houses which have fo
1he past three days bid the clique the curTen
quotations for September corn to cover their out
standing contracts without inducing them L
=, u"
qoug the brokers employed by the clique /
No is always prominent when there
lie is conspicuous as having faile'
1ently than any other broker nov
uo'e Sc on the hOor. Up TO Thursda
SoiAs her corn deal had no head Their
las 'ue &. each striving 10 sell OUT befor
were se'si1l - on Friday the aspect o