Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-10-02
M'GEOCH'S GRIP.
1t Was Relaxed from the Threats Of the
Wheat Shorts Saturday.
A SETTLEMENT FORCED AT $1.OS.
How He Maintains the Price by Sheer
Nerve and Audacity.
HOW HIS VICTIMS TAKE 1T.
Quiet Markets ALI Around Predicted
for October.
BARLEY CORNER IN MILWAUKEE.
Saturdays Stock Speculation on Wall
Street.
How He Maintains the Price by Sheer
Nerve and Audacity.
HOW HIS VICTIMS TAKE 1T.
Quiet Markets ALI Around Predicted
for October.
ABARLEY CORNER IN MILWAUKEE.
Saturdays Stock Speculation on Wall
Street.
McGEOCH'S VICTIMS.
Especial Telegram to the Globe.


CHICAGO. Oct. 1.-The furry and excite
ment in the alley yesterday testified to the
ending of the McGeoch September wheat
deal. and was the cause of great deal of
talk. 1t was thought early in the day that
the offerings of cash wheat would be much
larger than they were. but up to delivering
time the clique had only taken in about
100000 bushels of wheat. for which about
S1O615 was paid. and this was turned
over to shorts on settlement by the clique
at $1.O7. Thus they came out
about even. The total tenders
of wheat for Friday and Saturday
were set at about 100000 bushels. The
deal ended yesterday, as it was the last day
of the month, though shorts have until
Monday at II o'clock to settle on Septem-
Der contracts.
1t was currently reported that there was
a short line of over 100000 bushels out.
but two reliable gentlemen who are con-
versant with the deal gave as their opinion
last night to GLOBE reporter that there
was hardly 100000 bushels short yester-
day. and they thought that there was not
over 100000 bushels defaulted upon last
night, and that this would nearly
all be Strengthened out to-mor-
row. The clique are not supposed
to have made any very great money cut of
the deal They had to buy in so much
cash at $1.O7 bushel and q good deal of
which they will carry over. Cash wheat
will hardly be worth 81 bushel to-mor
row night It was corner that seemed
to be carried for glory by Mr.. HcGeoch.
There is little doubt that some arbitration
may result from the corner, but it is not a
certainty by any manner of means. Mem
bers of the board, who were interviewed
yesterday, thought that another defaulting
and its attendant appeal for a committee,
coupled with late July trouble, would work
grievous injury to the Chicago board of
trade. There is a feeling that a vote
calling for a repeal of the rule designated
BY all as the corner rule" will be made
this week.
The McGeoch crowd have about run the
Chicago markets. they assert, ever since
the starting in of the April deal last
spring, and they must be put down in
some way. Deliveries were heavy yester-
day, and the highest price made for Sep
TENDER wheat by the clique was $1.0s. The
deal was commenced about six weeks ago.
when September wheat was selling at
about 81 cents bushel, and there was at
one time line of a good many million
bushels of short wheat out for that month.
but it was mainly settled The deal has
been engineered in the Office of McGeoch.
Everingham & Co., but the principals are
mot known certainly. Full particulars have
been published from time to time, and ii
was recognized as CORNER" right along.
The matter has ended now, however. with.
out its memory is perpetuated in a COM
mittee to fix settling price for the shorts.