Daily globe., 1882-05-29
BULLS AND BEARS.

The Former Very Mad and the Latter
Quite Happy-An Because the April
Settling Price Was Fixed at $1.31.
fChicago Tribune, 2Sth.]
The April wheat committee, who have been
investigating the late squeeze in April in order
to reach settling price for the defaulted
trades in that future, came TO decision
Thursday afternoon, which was formally an
nounced on Change yesterday. 1t will be re-
membered that the settling price of seller
April on the last day Of that month was
LAO, while the price of cash or May wheat
the next day was Sl.2SQl.29. The April
shorts defaulted to the amount OF about
500, ,0U0 bushels, which was subsequently cut
down to 400,0 900, and the committees price is
supposed to be the settling figure for about
$50, 900 bushels.
BEDLAM ON THE BOARD.
About noon the president of the board and
Mr.. Smith of the committee ascended the
platform, and the former was with difficulty
permitted to read as follows:
CHICAGO, May 26.-To r.. w. Dunham,
President Of the Chicago Board Of Trade.
The committee [cries of ''give us the figures ]
appointed to determine roo, hurry"] the just
and true value of No. 2 spring wheat on the
last day of April E''wish I had not bought
mine inf have, upon careful hearing of the
evidence ["hurry, hurry"] ['Less noise gen.
tlemen. or can't go on''] submitted to them
In the prosecution of the investigation, found
["ah, ah! hear! hear! $t.40, Sl.30''] that
one dollar ['ah-oh, oh''] and thirty
["whew"] one cents [deafening hurrahsJ
per bushel was the just and
true value of No. 2 spring wheat on the last
day OF April, and they have therefore de-
termined that said price of Sl.31 per bushel is
the true measure Of damages to be assessed
for non-delivery of wheat on contracts for
No. 2 spring wheat that matured on the last
day of April. A further report to the board
of directors, accompanied by the evidence in
the case, is herewith submitted.
A. NJ WRIGHT, Chairman.
The committee agreed on this price after
ballOting once. 1t varied less than one
eighth of cent from the average of the five
prices marked on the ballots. AS nearly as
can be learned; the lowest figure named was
about $l.29, and the highest abont $l.33H or
S1.S4.
HAPPY BEARS, MAD BULLS.
On Change the reception of the commit
tees verdict may be summed up after this
fashion: The bears were glad and the bulls
were mad.
Members of the committee say the con-
gratulations have been about FIVE times as
numerous as the protests, and that several
parties have paid them the high compliment
that stheirs was the first committee that had
thoroughly sifted such cases and rendered an
intelligent decision. The bulls own evidence
is said to have killed their case. The commit
tee feel that they have performed their work
faithfully and ia accordance with the rule and
the evidence. Some of them are disposed to
view the rule with much favor. They think
some penalty should be provided for cases in
which operators default On contracts.
nowL1NG MILwAUKEEANs.
The Milwaukee crowd were bowling mad at
the decision They thought it shameful, and
dscredit to the board. One stated that the
effect of such ruling would be that buyers
would desert this market because they would
have no assurance that parties selling property
here would fulfill their contracts. A member
of the alleged clique thought 81. 34@135
would have been fair settling price. Another
Milwaukeean was very bitter In his dennncia-
tion Of the committee, claiming that the de-
cision was contrary to evidence and altogether
idiotic, In fact, he was ashamed of it. A
leading packer also declared it disgraceful.
Among those who were particularly
unhappy over the affair were
the shorts who vert round to the captains
office and settled at Si.40. They feel sad now
because they did not default, though they
seem equally free to denounce those who did,
arguing that, when man enters into con-
tract, he ought to live up to it. The slow
settling price" also falls heavily on those who
had sold the wheat at profit, and it did not
come to them so they could deliver j. The
ruling wiped out their profits, and some OF
them scratched their trades.
Others on the board took the opposite view
of the matter, and were loud in their ex-
pressiors of praise for the committee, who,
they believed, had reached
JUST DECISION
after long and careful investigation. They
looked upon the work as a hard blow at cor
ners,l and thought there was at last a
prospect Tor Legitimate trade"
1t was reported that the late combination
would appeal to the directors. According to
the rule, the decision of the committee is final.
The matter might be taken into the courts,
but it is not likely to be.
BIG BREAK.
The reading of the report was followed by a
big break in the price of grain. The boys
seemed to think the era for manipulations was
passed, and rushed into the markets to depress
and slaughter. July wheat fell suddenly three
and one-half cents from the highest
point. The opening was sl.25N, the
top $l.26I, and the low
est price 81 .22M. On the call it rallied to
81 "a Corn broKe two cents, selling from
20 down to 6S for June, and in the afternoon
at 67S4. Oats aud provisions were also lower.
The bears were more numerous on the board
than for many months past. They impI owed
the opportunity, and forced great many
tailers on the bull side to sell out The call
for margins was something great, but the
strong longs were ready with the money, and
it was understood last evening that Milwau-
kee went through the storm with large
sack of wheat on her back, which she in
tended tn reddIe ont tn mijIers at prices that