Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-09-05
HOW IT ENDED.
incinnati's Great Scoop at Chicago.

HOW IT ENDED.
tincinnati's Great Scoop at Chicago.
[Chicago Tribune, Sept. Q.
The first day of September was lively ne
on Change. With active markets, big deliv-
cries, and plenty of talk, the members and
their representatives had plenty to do; and not
few of them were 80 busy that they found it
necessary to default on their appetites.
The deliveries of wheat, corn, oats and pro-
visions on September sales were very heavy
yesterday. Members of the board said they
were the largest, taken together, that they re-
member anything about. Some Of the offices
were fairly deluged with warehouse receipts.
The Cincinnati wheat clique turned loose about
$500, 900 bushels of No. 2 spring wheat, which
they held in elevators during the August
squeeze They commenced delivering this
stuff at about 9 O'Clock in the morning. Al
ter it got out 1t changed hands rapidly, few
wanting to carry the receipts any longer than
necessary, and at 230 the big pile of No. 2
wheat which was in the control of few par
ties Wednesday was scattered as broadly as
the grain IN seed time Several firms are said
paid out about 100000, and another some
thing like $50, 600 for the stuff.
The selling clerks had busy day. They
were flying about from early morn till half
past 2, when the big bell struck, indicating
that the time for making deliveries had ceas-
ed. The boys attracted good deal of atten-
ton on La Sale street, and AS the end of de-
livery day approached they occupied
nearly all the thoroughfare opposite the
chamber Of commerce. About 800 of them
astonished the bystanders by their curious an
tics. They ran up and down the stairs in the
adjacent office buildings with frightful veloci
ty, tumbled over dogs and old women in their
haste to make the deliveries, fell down and
cracked their shins, painted for breath, and
prespired freely.
WHEN THE FATAL BELL STRUCK,
the late boys, who had run themselves nearly
to death only to find they had not been quick
enough, were greeted by their comrades with
shouts which were calculated to raise the roof
off the board of trade building. 1t was a jolly
day for the settling clerks. To the strangers
attracted by the excitement this whole bust
ness seemed to be incomprehensible. One old
fellow remarked that he didn't know what the
matter was, but he believed two boys were
running foot race.
The defauted contracts on Gales of wheat
for August delivery amounted to 100000 or
ESQ., 600 bushels late yesterday. It is expected
that good many of these open trades will be
closed up at once, as the parties owning the
stuff have signitied their willingness to settle
as soon as they can get to it. The estimate of
the quantity defaulted on, which was given in
yesterdays issue, proved to be much too
small. 1t was understood late Wednesday that
the deals left open had been largely cut down
by parties coming in and settling after the
clique brokers had given the reporters the
first rough guess of the amount in default
Some say there were nearly million Bushels
out yesterday morning, considerable portion
of which was settled before dinner time. The
Baker trade alone amounts to 1000 bushels,
and it may not be closed right away.
The Cincinnati clique that was is now I'M
derstood. by parties who claim to be informed,
TO be out of the market Of course, they are
not entirely out as they have trades yet to
close up, but the belief is that the old clique
intend to settle up, retire from the trade, and
put their money where it will do them the
most good. They are said to have found
Chicago just what it was represented to be-a
very healthful and pleasant summer resort,
and after sojournlng here during the season
when all the outside world has been melted by
heat and wilted bydrouth, they have decided
to take short rest in some secluded, rustic
retreat where they can
DIVIDE THEIR BOOTY
out of the sight and hearing of the crowd of
noisy fellows who live on the board of trade.
perhaps they viii return III the late autumn to
help the boys put wheat at price that will
represent rccurately what they call its merits
The above are the 'tpoiDters" that were told
yesterday by some of tie cosby clique brok-
ers.
The crowd takes these reports with an in
crednlOus smile. They declare that the
CLIQUE brokers" were selling wheat from
early morn till dewy eve yesterday, and think
they are actually short on the market. They
laugh, but, because wheat advanced yesterday
in the face of big deliveries of cash property
and alleged "clique sellng," and say it has
gone against the Buckeye crowd this time
sure. To all of this gossip the ''clique'!'
might have replied, IN the language of Shakes
peare, Zone lion may, when many asses dQ''
Wheat opened at $l.21, seller September,
weakened to $1.20A, rallied later, touching
$1.22h and closed at about $1.21%, or X
cents higher than on Wednesday evening.
October closed about cents up, at S1.26X @
1.27, the lowest figure of the day being
$1.24H at the opening. The crowd appeared
to be rather surprised at the up turn of prices
in the face of big deliveries of cash wheat by
the clique. Those who sold short on the day
before, in anticipation of big break, fastened
to fill in, and thus helped the bull element to
elevate quotations. Some thought new pool
had taken hold, and others imagined they
could see the handiwork of packer of high
reputation in the market. Corn also advanced,
touching Is for October delivery, and closing
at about 64as The leading markets weakened
some on the call board, but soon recovered
under spirited bidding by lot of brokers,
who, one would suppose, had taken a course
of lessons in noise making of the bowling
dervishes of the Orient.
The Offices of the board of trade men were
again brilliantly lighted last evening, and La
Sale street presented the appearance of being
illuminated for some unusual occasion. The
business houses put in another night at the
work of squaring up and getting affairs into
shape. They declare they are
COMPLETELY TAGGED OUT,
and begin to sigh for little let-up to the
trade, which has been so enormous in volume
for the past few weeks as to make it quite
impossible to keep up with it, notwithstand-
ing the fact that extra forces of men have
been put on, and the services of experts at
figures have been secured at what in ordinary
times would be regarded as extravagant sa]a-
ries. l4
The great speculation in grain has been a
bonanza to the board of trade firms and their
employees, and many of them will probably
feel, when the time comes, very much like
SUBSCRIBING OF lOaDlng money lot Inc new
building enterprise which the board is soon to
undertake. ~
The story comes all the way from a little
town in western Iowa that party out there
who has been working by the month for his
bread and butter, drew 100000 out of the
markets as his share of the gains.
1t is said that the immense amount of
money which is alleged to have been made out
of the August wheat deal by the Cincinnati
clique will have to be dividdd up among SO
many people that no one of them will receive
any very big pile. The whole length of Third
street, Cincinnati, is understood to have par
ticipated in the deal All the old merchants
who were loaded down with money bags took
hand and, when they fousd their money