Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-03-12
UeGGitS Of ,ae -ApriG DeHt.
[Chicago Tribune, 10th.]

The April deal in wheat was the subject Of
the talk on change yesterday. The price ad-
vanced from Sl2S to 81 .29, then fell back to
$l.2S, rose to 81 29g and closed at Sl.2SX,
or one cent above the latest Wednesday even
ing. April was about six cents above seller
May, which sold at S1.21 e @1.23h , and closed
at Sl231. The April shorts were very much
exercised over the deal, and many of them ap-
peared to be desperate enough to do almost
anything that wonld help them out of tight
place. They denounced corners in vigorous
language, and declared the business of the
board and the northwest was nearly paralyzed
by the operations of the clique, which made
everybody afraid to trade, and caused commits
sion merchants to refuse TO execute orders.
The shorts finally reached the conclusion that
the best they COLD do would be to call the
committee to fix up marginal price, ard
force the CLIQUE to put up Is or 20 cents in
margins, IN order to
PROTECT THE Snort INTEREST
against possible collapse. Some of the Gerry
babies' even went farther than this, it was
said, and swore they would have Mr.. MeGeoch
before the grand jury for running a corner.
But these wild hyers' cooled down before
the call without committing any serious
damage, and concluded to accept the action
of the directors as sufficient safeguard to
their interests, though they were little dis
appointed at the sequel, as they expected the
marginal price would be about Sl.lG or S1.l5
II was generally believed that the syndicate
had been reduced TO the Milwaukee set, with
MIR. McGeoch at the helm. Doubt was ex-
pressed about their ability to run the deal sue
cessfully, though the crowd were informed
@lo%o Al 141G
city of cream cOloreG bricks were protecting
their engineer. 1t was given out late as a
fact that nearly 1,O00, 900 bushels april wheat
were settled by the clique yesterday, and be-
lieved that they would be very glad to close
up several more big jags.
The veteran broker thus expresse ed his opin-
ion Of the cry-babies:
"The shorts are the real authors of this
squeeze. They have sold what they did not
have, and now, when they find themselves in
a box, they are mad and desperate enough to
do anything. The buyer had perfect right
to purchase property, and if he owns all the
cash wheat he has
RIGHT TO DEMAND HIS PRICE FOR IT.
He bought the stuff, and now is blamed for
asking what he thinks it is worth. These
people sold, and sold wheat which they did
not own and never expect to, and Cid it all
when they received timely warning that a COM
binatiOn of strong men was buying every thing
offered. Talk about marginal price as a
protection Ali they are working for is to
break up the corner, as they call it, and get out
of the box they got themselves into, without
losing money. have no sympathy for them.
Let them get their deserts
The directors of the board met at 8 O'Clock
at the usual place. The door of the ante
room was closed aud two policeman were sta.
Of fbaf ro - ha or HI 1oo
the. directors room, to protect that immacu-
late body from the incursiOns of reporters. a
large crowd of members of the board attended
the meeting It is understood that the call
for an enforcement of the 'scorner rule" was
made by ]. Dupee and B F. Stauffer. Millers,
receivers, shippers, and exporters were called
upon to give evidence as to the actual value of
wheat.
Uncle Pete McGeoch was present, and made
''the greatest effort of his life''-in speech
making. He is reported as saying to the
meeting that this call to fix price on which
to call margins was made.by
A LOT OF 'oowARDLY wHELPs'
who were trying to crawl out of the deal. He
announced, with grand gesture, that he was
prepared to put up whatever margins were de-
manded, which statement evidently relieved
some of those who had been crying for pro
tlOu. uG UGlc ullW duhCcdE Gucn W 6Ib luGO
a lengthy argument to show that wheat was
no higher than it ought to be.
Other speeches were made, some of them
rather warm, and the directors were finally
left alone. An hour slater they returned a
verdict Following is the resolution:
RESOLVED, That the board construe the OBJ
ject of the rules, under which these proceed
ings are had, is intended to secure full pro-
lection to both buyer aud seller, rather than
to undertake to determine actual values for
final settlement. With this view, and not de-
string to b. misunderstood, the board decide
that members of the board, under the rules,
| shall have the right to call margins OF con-
tracts for No spring wheat for delivery in
April on the basis of 81 %, as the value of
No. 2 spring wheat for marginal purposes
only
Those who profess to know, say the Mil
waukee crowd is all Scotch grit, and will not
only put up the additional margins demanded
by the action of the directors, but will also
put the clamps On the boys harder than ever,
| and call them back for margins TIL their
heads swim.
Killed In a wind Storm.