The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1881-09-19
VOLUME XXX.--NUMBER 23.
THEBARYACT.
Pathetic PIRiut OEa Chicago LambSh
In . Recent Wheat Deal.

/ - = AttsNAs NaNtAs ANcAAs b.
CHICAGO, September l7.-A robust squeal
was heard to-day from D. G. Brady, Loser
in the August wheat corner, who filed q
bill in the Circuit Court against Gregg, Son
& Co., Culvert & Co., William Young &
Co., William E, McHenry and the Chicago
Board Of Trade, to prevent the payment Of
some margins he had put up, 1t appears
that on the 10th of July he sold five thou
sand bushels Of August Wheat to Culyert
Co, through his agents, Gregg, Son 4
Co., for 81 l9l per bushel, and on the 10th
OF August 5000 bushels more OF the same
valuable commodity to William Young
& Co., tor 81 q! bushel. Wheat took
IN upward turn, and Brady was compelled
to put 81 800 margins, A short time before
this Wm. Young 4 Co, sold to VIM. Il. Nc.
Henry 5000 bushels Of August wheat at
u III and sometime IN July Culver & Co.
sold McHenry 5000 bushels Of August
wheat at 81 lS These two firms now re.
quire, according to the usual practice, that
these debts between them and McHenry
and them aud Brady shall be settled direct
ly with McHenry. Brady, however, com.
plains that MclIenry and his associates
cornered the market on August wheat,
forcing 1t up to 81 IS u bushel, and thus
prevented complainant from filling his con.
tracts except by paying price greatly in
excess OF the true market value, and will,
in fact, cost him about 3, 200. N '
The complainant, in his bill, goes into
the subject OF corners quito exhaustiyely
alleging that the President OF the Board Of
Trade, at the instance Of II, o. Kenyon <
Co., appointed :, II. McCrea, +. S. Phillips
n. L, Plat, f. w. DinsmOre and o. ID,
Allen rs a Committee 10 fix the price for
the settlement OF these contracts, and they.
Us Is claimed, without consulting Brady, Of
allowing him TO call witnesses to prove
there had been corner, fixed il nj 1873,
Brady further clainlsthat McHenry, Young
4 Co, and Culver & Co, have none OF them
elected to declare the contracts forfeited,
nor have they bought In the wheat on the
market to protect themselves, nor required
settlement ut tho average market price on
the day OF maturity OF the contracts, no that
legally he Is not bound To settle at 81 50. The
Arbitration Committee ware only appointed
at the instance OF the cOFnerfng parties.
and made their decision on a Fictitious
claim, without impartially inquiring into
the matter. ltthIs seems that the Board
does not intend 10 prevent corners, but has
continued to defeat the enforcement OF the
statute by ingenious restrictions and re-
quirements, and the committee acted in
accordance with their wishes. This price
ofSl3S was fixed in the face OF the motor.
ious fact that, after the hour OF delivery ON
the 2lst OF August, the same wheat would
not be sold ut over Sl.23 the next morning,
though the day before 1t had been selling
at $l,40. Complainant has offered to settle
ut Sl,30, to avoid litigation; but this has
been refused, and he thinks the eyi,
dence that corner was operated Of which
he was one OF the victims Is so conclusive
that he Is justified in refusing to pay the
rate demanded. He also falls back on the
baby act and asks that the defendants be
from paying over the margins he has put
up,