Daily globe., 1882-10-07

back. You know that a month or more
ago, rancis Whittakecaof St.kIcuis and
JAS. Eorrison were cutting a pretty big
figure on the bull side Of the hog product.
Whitaker has, however, am convinced
''sturk on.' Old Hutch neverwins cor
ner. My impression is that he has been in
and out Of pork good many times
since Francis Whitaker took hold.
I doubt not that Whitaker
wiz have to take HutcIdnson's loaa again.
jusS as he has already a numbe Of times
Concerning wheat, I thirik thatsa great
lot Of it was bought for November by the
rich men in the market some weeks ago,
when it was selling at 9s@93c. They will
hold it until they've made profit of 10,
perhaps l5c bushei, then drop it. Three-
quarters of the wheat coming in nDw is
the winter trade, and sells for 81 @9S cents
cash. When delivery day comes around
three-xuarters of the What that Dryers
get on regular contracts is win
ter wheat. Don't yon see that
there is big profit in
buying regular wheat at CSC or even s96c
per bushel."
AN IMPORTANT DEc1sfoN.
The case of Lyman Everingham against
Patrick H. Meeghar. which was instituted
in the Milwa ukee circuit cours to rscove.,
a balance claimed to be due on a grain
contract, and decided in favor ef the plain
tiff, was carried to the supreme court in
an appeal, and that tribunal has just re-
Mersed the decision Of the lower court and
Femanded the case for new trial. The
case is one OF great interest to the men,
bers of the chamber of commerce and COM
mission men in general, and the decision
of the supreme court has been awaited
with anxiety. In 1873, Meeghar,
a Cresco, Iowa, grain dealer
who had previously done business with
Eyetingham, then of Milwaukee, bu; 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 deais
were referred to in the correspondence BE-
tween the two parties as 'iscalping deals"
"options," 'specuiating DEALS" etc. The
specializing 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.1s79, and during which time an oc-
casionai scalping was effected. At that
time there was balance of $4,000 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 plain::;:Ga, 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 we're 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 'chanpe
to discuss the proposed amendment raising
the price of membership to $4,000. Mr..
Counselman moved that the proposition be
disapproved, The vote was mixed in the
opinion of Mr. Dunham, and he called for
Il Division of the house, which resulted in
tie vas, majority takiag the negative side
OF lie ball, 4 motion to approve was car.
risd. Friends of the proposed amend.
| ment say the big firms are opposed to it
because memberships will be &c
high they can't afford to buy
them for their country customers
as they have been doing in order to get q
large business from them at low rate
members of the board being permitted BY
the rules to trade for each other for one
eighth of per cent. instead of one-quar
ter. The posted rule will be ballotted fol
on Saturday. Yesterday membership
were quoted quiet at $500.
COMMITTEE ON APPEALS.
| Mr.. A. Eddy has been appointed to fill
the vacancy in the committee of appeals
on grain inspection caused by the suddel