Daily globe., 1882-10-07

with the long g-berried red also Injuries that
for milling, and lessons its price. It was
stated that if this hard wheat be given a
distinct grade and kept separate from the
others, market for it woald start here
and draw the article to the city. The
commissioners took the matter under ad-
visement, and will probably create a
grade to be called s'turkey red," which is
the name by which the wheat is generally
known. It was also suggested to them that
the grade known as amber wheat be
dropped from the inspection, as very little
of this wheat is coming here, and it is be-
lieved it will do no harm to run it in with
the red w:..sEf. WIFI The commissioners will
decide the matter in few days.
THE FUTURE OF PROVISIONS.
provisions" said gentleman connect
ed with a very prominent Cincinnati
house, ''are getting very high. don't be-
lieve it would be safe to sell them for Oc-
tober; it is getting so near the end
of the month. But for November
1 believe that both pork and
lard are good sale. Of course it might
be necessary to stand little loss, but even
if lard advanced 80 or SOC per 100, the
man who beared them and stuck by them
would, I'm pretty sure, get his money
back. You know that a month or more
ago, Francis Whitaker of st. Louis and
Jas. Morrison were cutting pretty big
figure on the bull side of the hog product
Whitaker has, however, am convinced
''stuck on" Old Hutch never wins a cor
ner. My impression is that he has been in
and out of pork good many times
since Francis Whitaker took hold.
L doubt not that Whitaker
will have to take Hutchinson's load again.
just as he has already mum Der of times"
WHEAT.
concerning wheat, think that great
lot of it was bought for November by the
rich men in the market some weeks ago,
when it was selling at 92@9 CSC. They will
hold it until they've made profit of 10.
perhaps l5c bushel, then drop it. Three
quarters of the wheat coming in now is
the winter trade, and sells for 97@9S cents
cash. When delivery day comes around
three-xuarters of the wheat that buyers
get on regular contracts is win
ter wheat. Don't you see that
there is a big profit in
buying regular wheat at 99c or even 96c
per bushel.'
AN IMPORTANT DECISION.
The case of Lyman Everingham against
Patrick a. Meeghar, which was Instituted
in the Milwa ukee circuit court to recover
a balance claimed to be due on a grain
contract, and decided in favor of the plain
tiff, was carried to the supreme court in
an appeal, and that tribunal has just re-
versed the decision of the lower court and
remanded the case for new trial. The
case is one of great interest to the mem
bsrs of the chamber of commerce and COM
mission men in general, and the decision
of the supreme court has been awaited
with anxiety. In 1878, Meeghar,
Cresco, Iowa, grain dealer
who had previously done business with
Everingham, then of Milwaukee, but now
of this city, employed the latter to buy
and sell grain for him, in form for future
delivery. and account for the profits, which
were kept in separate books. These deals
were referred to in the correspondence be-
tween the two parties as ''scalping DEALS"
"options," ''speculating DEALS" etc. The
speculating transactions having resulted
disastrously, an action was brought by
Everingham against his customer to re-
cover $2,1O9.64, the amount claim ed to
have been lost while speculating in his be-
half.
The regular business between
the parties in the shipment and
sales off produce was continued
until..1879, and during which time an oc-
casional scalping was effected. At that
time there was balance of $799.O2 with
interest on both accounts, against Meegh-
an, for the recovery of which the action
was brought. The defendant claimed that
the business was gambling transaction
between him and the plaintiff, by which
the plaintiff was to buy and sell grain for
him without receiving delivering any
such grain. Meeghan also claimed that
all pretended losses upon the gambling
transactions were incurred by the plaintiff
by his failure and refusal to comply with
his instructions in regard to the time and
manner of purchasing and selling the
grain under the gambling contract.
The supreme court is of the opinion that
the defendant clearly and positively
proved the allegations in his answer relat-
ing to the transactions of the parties in
the purchase and sale of grain in the city
of Milwaukee and at the chamber of COM
merce, and makes the contract Of the
plaintiff for such purchase and sale of
grain gambling contracts. and the en-
ployment of the plaintiff by the defendant
for that purpose gambling transaction,
and that the testimony of the plaintiff
rather corroborates than denies the testi-
timony of the defendant in this respect.
The court concluded that the transac-
tion out of which these pretended
losses arise, and in which they
were incurred according to the testimony
of the defendant was not only illegal and
void, but criminal,
THE MEMBERSHIP FEES.
The board met yesterday after change