Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-08-03

Heavier Than in acknowledgements
As to the August Deal.
MILwAUKEE.
milwaukee Cor. (July 81 Chicago Times.l
A prominent member of the chamber of
commerce said to the Times reporter to-day:
s'There has never been so successful COR
ner as this has been: it has been perfect.
and McGeoch has made lots of money!
GLOW much?"
ssThat is. something that doubt if even
McGeoch himself could answer correctly.
It will be some time vet before that can be
known
BUSINESS OPENED
very quietly at the morning board, and
all looked fair and pleasant. It was, evil
IDENTIFY, the calm before the storm that burst |
in full fury just before the close of the noon
board McGeoch offered to settle as low as
$1.23. Soon $1.25 was demanded. Still |
there was little excitement. Indeed, every |
thing was unusually serene on the floor of |
the chamber, and August wheat had dropped |
a cent or two, until about five minutes be-
fore the close of the noon board. McGeoch |
then mounted the ring end said that
HE WANTED THE SHORTS TO SETTLE;
that when he had lost in previous corner
he gave up every cent of his property and
settled. He should expect to deal as he had
been dealt by. He should consider that it
was his privilege to write the names of the
defaulting firms upon the public black
boards unless settlements were made. Mr..
~ tod
element became contagious, and in mo-
vailed. Then R. G. Clarkson, broker for
McGeoch, shouted out that he would give
S1.3O for July, That figure was evidently
the elimination, and amidst the utmost con-
fusion the board adjourned.
1t being the last day of the month
AN AFTERNOON BOARD
was held, beginning at 2:3O o'clock. The
Railways to the chamber of commerce were
densely packed with an excited crowd long
before the doors of the chamber we're thrown
open. At the opening the crowd rushed in,
and with one accord hundred voices joined
in the chorus, "There's land that is fairer
than day. etc. McGeoch fairly rushed into
the ring and Yelled 81 want to buy 10000
bushels of July for Charles Ray & Co.: 3d.
600 bushels for G. J.. Kershaw & Co.; $4,000
for j. B. Oliver & Co.; 1000 for Elmore,
Kelley & Co.; and 10000 for Dwight, Pool
& Co., and will give $1.3O for it."
There was no response, and the vast crowd
began yelling:
Saw my leg off,
Saw my leg off
| Saw my leg of-short3'
THE CONFUSION
that prevailed was absolutely indiscribable.
The crowd followed McGeoch wherever he
went, and he again and again repeated his
offer. When it was seen that the firms
named did not intend to respond, then Mr..
McGeoch's brokers, Sawyer and Clarkson,
bid in the 81, 200 bushels July at $1.30, and
the great corner was ended.
4. THE FIRMS REFUSING TO SETTLE
declare their intention to have the deals az
bitrated. It is the general opinion that the
board of arbitrators will have a good deal of
difficulty in arranging matters satisfactorily
to either of the parties interested.
The amount of wheat unsettled is far less
than was generally supposed. On all sides
it is admitted that McGeoch has managed
with consummate skill. The amount OF
money he will make will of course depend
largely upon the prices he will be able tc
realize for the wheat which he has beer
obliged to take at the advanced prices
One '.mi1er' to-day compelled McGeoct
to take ten thousand bushels that he hac
been saving up for to-day, at $1.30.
The general belief is that McGeoch has
paid up all his old indebtedness to .Alexande
Mitchell, said to have been 100000, ant
will have anywhere from 900 to 5000,
600 left out of his
SUCCESSFUL MANIPULATIONs.
The firms that have refused to settle ar
all among our wealthy houses, and there ii
no doubt of their ability to square up thel
accounts if they feel so disposed. One Q
the reasons-in fact the principal one-as
, signed by the firms refusing to settle, fo
their action, Is that their customers have OF
dered them not to settle, preferring decis
ion from the board of arbitration, and pei
haps contest in the courts.
> There. islno danger of any failures her
: on account of the losses sustained.
AS the Times reporter passed out of til
y chamber after the afternoon board, men
: Der said, reserring to the fact that the Time
: had announced the corner over month agt
ssThis is the first time I ever knew cornt
J to be successful that he'd been
: ADVERTISED FOUR WEEKS IN ADVANCE"
Q The barley market was very excited to-da
! and September, or new barley, jumped up |
It $1.1O-an almost unheard of price. tt
e holders estimate on rise to at least $1.2
/ William Young & Co. hold about all of
and it is believed that it is within their pow
to put it just where they will.
e Since the adjournment of the afternoo
1t board the Times reporter has had an oppo
n tunity to interview the leading firms who r
4. fused to settle the July deals. Without o
ception it is claimed by said firms that the
y failure to settle is because of positive orde
IS from their customers not to settle, in mo
70 $1.1O. It is also claimed. that abundal
3 margins were up to protect the purchaser
" even if July had seen $1.45. The shor
4 claim that
8 THE BOARD OF ARBITRAToRs
= must decide the unsettled claims on Il
ID basis of actual, not fictitious, damages, al
II profess to believe thBt the board will n
Oh fix above $1.10 as the price at which Il
n settlements must be made. Persons n
u interested, however, claim that under Il
y rules of the Milwaukee board the arbitrato
is will be compelled to decide that the sho1
t are liable for, the full price at which Ju
IS wheat closed to-day. It is understood tn
t G. K. Shepard & Co. supplied nearly all
re the $4,000 bushels, bought in at the close
ID Clarkson and Sawyer, McGeoch's brokers.
n is also reported that
he M'GEoCH
4; will hold all of the wheat he has been oblig
~ ~ to take, expecting that it will be worth
(; least ISL 10 in n short time Now that 4
ht corner is over, quiet is restored, and no O