Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-09-06
THE LATTER APPEAL TO THE COURTS.
a BULL DAY In NEW Y0Rk STOCKS.
CHICAGO.
Tspecial Telegram to the Globe.

the appointment of committee to fix a
settling price for defaulted No. spring
wheat for July delivery, and to adjust the
differences between the defaulting shorts
and the alleged corner The option closed
on the 31st, at $1.36 bid The commit
tee has been in session about
three weeks and heard an immedse amount
of testimony, but the rulings of the COM
mite from the very start soon created the
impression that it would fix price but
little if any below S1.36. The witnesses
before it testified variously that the wheat
was worth from 95c to S1.45 per bushel
There was
NOT MUCH SURPRISE
this morning when the committe made the
report printed below. The bulls, were of
course, delighted and the bears depressed.
Almost before the reading of the report was
finished there was rush made for the wheat
pit. and Immediately after the market
showed more strength all around, notice
ably in September wheat. Following is
THE REPORT.
The undersigned committee appointed
to fix the price for No. 2 spring wheat on
the 31st day of July last, beg to report
that after q long and patient hearing of
evidence as it has been presented to the
committee by parties in interest, and in
view of all the facts and having references
to the duty of the seller to specifically full
fill his contract, do determine the settle
ment price of No. , spring wheat to be
S1.35 per bUshel on the 31st of July. 1882.
a full report of the testimony taken dur
ing the investigation is presented here
with. Respectfully submitted.
Z. BUCKINGHAM, Chairman.
W. II. GooDNow,
H. BAUsHER, Jr.,
PORTEUs B. WEARE
FRED S. JAMES.
The report was the leading topic of con
Tersation on the board and in speculative
circles. As it gave the clique and the
tailers all they wanted, they
SHOWED THEIR HAPPY FEELINGS
by their looks, and did not do so very much
talking. The bears who got left did the
talking, and great deal of it. They de-
nounced the appointment of the committee
and the committee itself, said the latter
was composed of bulls or friends of the
clique, and had fixed upon the price even
before any evidence was taken. The rul-
ings of the committee from the very start
were cited as proofs of its partiality. and it
was said that Armour, Kershaw 6 Co.
might just as well have acted as their own
committee. They denounced the price
fixed as pure robbery, and referred to
the fact that better wheat was selling on
the board on the last of the month for
thirty cents less than the committee price.
The bears insisted that the market was
cOrnered to the extent of thirty cents or
so, and that it was against the laws of the
state and of the board to let the clique go
unpunished. and that allowing them to bag
their booty was as illegal and outrageous
as to allow any highwayman to carry off
plunder which he had obtained contrary
to law and justice.
THE BULLS CHIEF ARGUMENT
was that it was good enough for them
they ought uot to have sold what they did
not have forgetting the fact that the bulls
bought more than they had or could get
and they knew it-at the time)
You want to know if there is much
feeling il this matter" said a prominent
board of trade man this afternoon. refer
ring to the question of fixing the settling
prices by the committee on July wheat
>'Well I should say there was. and plenty OF
it, and no hesitation about showing it.
either
What do the shorts think about it:''
why, they characterize it as
AN OUT AND OUT STEAL.
and doa't intend to submit gracefully and
bow TO the decision of the committee
which they argue was made clearly in the
interests of corners. The fun has barely
commenced. The shorts have absolutely
refused to settle at the committees price
and viii 60 to law about it at once. Yor
see A. NJ. Wright. He can give you all th'
points on the subject. He il
busy to-day marshaling the
forces of the shorts, preparatory to taking
action. There are about fifty of then
gathered together, and with the assist
ance OF lawyers are getting their appli
cations prepared for injunctions restrain
ing the directors of the board of trade
from enforcing the corner rule, or from
suspending them for refusing to obey it
THE PRINCIPAL OPERATORS
on the short side are A. N. Wright & Co.
VIM. F. Baker & Co., Culver d Co. anl
McDermit, Russ d Co. Their claim tha
July spring wheat at $1.35 is too higl
seems reasonable enough when winte
wheat is worth only about dollar
bushel, and it looks very probable that the
superior courts will take similar view
when the arguments on the applications fo
injunctions are heard. These application
will most likely be heard some tim,
this week. As l said before, the hardes
times are yet to come.
INJUNCTIONS APPLIED FOB.
The bears in the July deal have appeale,
to the courts for a settlement of thei