Savannah morning news. [volume] (Savannah) 1868-1887, 1882-05-04
CHICAGO APRIL WHEAT CORNER
Profits of she Combination EstImat-
ed at n Cool MiIliOn-BeIief that
AnOther Twist VIII be Given Ihe
Screw in July. and Possibly In
June.
Chicago special to Cincinnati Enquirer.


Chicago special to Cincinnati Enquirer.
The April wheat corner eliminated to.
day. The clique offered to settle at 81 40,
and, as final effort to force. the shorts in,
bid the price up to 81 A. The April short
have settled rather freely within the last few
days, and the line standing out to-day is un-
derstood to have been comparatively email.
The quantity defaulted was estim ated at
something less than $50, 600 to 400 900 bush
els, which is supposed to be only about one
seventy-tifth Of the entire volume of trad
ing done in April.
The deal was big one, and rumor says
the McGeoch combination has made a mint
of money. A cool $1,000, 600, the gossips
declare, is fair estimate. The wheat was
bought at from 81 II to 81 40, the average
price being probably considerably below
81 u. The clique had everything their own
way. They bought up all the No. 2 wheat
IN store here, say 5000 bushels, and the
daily receipts have been next to nothing.
Then they worked the other futures at a
profit, and some say extended their opera
tions into corn.
The boys were on the gus sivs to know to.
day what the clique insended doing with
the cash property. 1t was given out that
they would ship it, and had commenced by
loading cargo Of 10000 bushels. Others
said the whole or at least part Of the stock
would be dumped on the market Monday,
In the form of deliveries on May contracts;
and in anticipation of such an event seller
May dropped suddenly about llc. The
defaulters have until eleven O'Clock Mon
day in which to settle up their April trades,
and it is quite likely the clique WON'T do
anything with the cash property till they
see how many of these delinquents square
up and make 1t unnecessary to call the COM
mittee to fix the settling price.
Mr.. McGeoch has been looked upon gen
orally as the boss of the April deal, and the
head of a strong clique of Scottish chiefs
who reside in Milwaukee, when they are
not in Chicago. 1t is understood, however,
that Uncle PETERS Washington street firm
has been the figure head merely, and a
rather diminutive one, too, considering the
bluster, while powerful local capitalists
have quietly conducted the deal, and will as
quietly pocket the profits, the bulk Of which
goes into purse that was already very long
and had to be spliced out for this specia!
occasion. This Is the story.
The boys think the conductors of this deal
have control of the wheat market for July,
and will run big corner In that month, and
perhaps IN June. 1t is expected they will
let the boys run away with June for awhile,
in order to restore confidence in the market
and entice the crowd to get on the short
side. The line of shorts out for the follow
ing months is supposed to be considerable
now, but hardly so large as the alleged
CLIQUE desire it should be.
There is very good reason to believe that
the quantity "defaulted" is something less
than 400, 900 bushels, which is not much out
of deal that has involved trading In fully
10000, 600 bushels. 1t is understood that
large proportion of the defaults are by par
ties who had the wheat coming 20 then, and
expected up to the last moment but failed
to receive IL, and hence did not deliver A
great deal Of settling In the Office occurred
during the last three days, and compare
lively little on Change.
The receipts of the speculative grade dur
ing the month have been but about 100 600
bushels, where many expected over 1,0O0,-
600 bushels, and some fancied it would
double that quantity. 1t is understood that
about 10 per cent. of the defaults come
thrnuoh the omen hoard