Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1878-07-29
THE WHEAT CORNER.

Hosc the Old Thin0 Is Worrying the Boys
The Squeeze Likely to Continue Until
Wednesday 4fternoon--A RM,nor That
AUGUST is to be "Cornered" and Run Up
to $3.50 In Ne,c York--Ho,c the Chicago
Markets Ran Friday--The Kind Of
Crop Reports Chicago and Mil,cauhee
are Fed On.
milwaukee Special July 26) Chicago Tribune
The excitement on Change, and in business
circles to-day was increased if anything, over
yesterday. McGeogh made settlement for
sl.15 and $1.151S, while the indications are
that he is not altogether sure that he will be
able to force settlements at higher figures.
The difficulty with the commission house of
Keller & Co., grew out of the refusal of parties
to settle at prevailing figures. Keller d Co.
had received from their customer for mar
gins check certified by the banking firm of
Marshal Ilsley. but the check was repudiated
and payment Stopped, and, upon a further call
on Keller & CO. for margins they were
unable to put up. In this particular case they
proved to be
SHORT ABOUT 40, 900 BUSHELS.
The payment of the certified check is refused
on the ground that it is for gambling transac-
ton. the courts of this State having held that
Options are violation of the Gambling act
There are rumors that the powerful combina-
ton which controls this market have also grip
on the New York market, which they claim
will go to S1.30. The fluctuations in August and
September sales this morning were principally
owing to incidents connected with the corner.
There were no shipments of wheat, and, of
course.
NO DEMAND FOR PUTS.
Mo-
shorts may repudiate their contract, and hence
he has not forced the figures to-day. None OF
the heavy Milwaukee shorts have yet settled
for a bushel, and there is no doubt that several
will be very badly squeezed. August No.
wheat closed at 81 cents and September at 8;
cents at the noon board, but outside operations
afterwards were considerably above those
figures. There are four days in which settle
ments can be made, and
STORMY TIMES
between now and next Wednesday are antici
pated. The receipts of wheat to-day were so,
000 bushels, but they were only drop in tn
bucket towards affording any relief to the mar
ket. McGeogh does not even find it necessary
to continue shipments to keep control of tn,
market.
Contradictory Reports Relative to the IA
| Milwaukee Special (July 26) Chicago Times.
| The break in the wheat market, suggested il
| late dispatches to the Times yesterday as likel
to occur to-day, was realized this morning an,
prices weakened considerably. July settle
ments were made as low as lit is stately 81 Is
while August and September options declined
under immense offerings by the bear ring.
seems evident to an un t,rejudice1 observer tina
the leading shorts on July are now determine,
| to break the August market by ceiling dow
September; for it was sold right and left to
| day without seeming regard to crop reports
| foreign advices, or the condition of other rlal
kets. The heavy sellers are supposed to b
| William Young q Co., E. Sanderson & Co
| kershaw d Co., McLaren & Co., and Wall I
| Bigelow. It is believed by some that McGeog
is also interested in this attempt to break dow
August prices, and that he has let down Jul
prices little to help the thing along. Their
| is pretty general opinion that the bears wi
| succeed in their present effort, and that th
| strength that made the July corner possible
| now on the bear side. 1t is reported here tina
Armour Co., of Chicago, are powerful agent
| III breaking the market. In the meantime pr
vate reports from New York state that ger
eral bull movement is forming there with
view to forcing August wheat to S1.3O. Th
excitement to-day was intense, and the stru&
| gle between the attempts to break the marke
| and to sustain it was terrific There are n
| further indications of failures.