Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-03-13
Details Of the april Deel.
[Chicago Tribune, 10th.]

The April deal in wheat was the subject OF
the tslk on change yesterday. The price adj
vanaed from $l2S to 81 90, then fell back to
81. %, rose to 81. 29as !, aud closed at Sl.2SX,
or one cent above the latest Wednesday even
ing. April was about six cents above seller
May, which sold at $l.21 & @1.2Ss and closed
at St22H. The April shorts were very much
exercised over the deal, and many of them ap-
peared to be desperate enough to do almost
anything that wonld help them out of tight
place. They denounced corners in vigorous
language, aud declared the business of the
board and the northwest was nearly paralyzed
by the operations of the clique, which made
everybody afraid to trade, and caused commits
sion merchants to refuse to execute orders.
The shorts finally reached the conclusion that
the best they COLD do would be to call the
committee to fix up a marginal price, ard
force the clique to put up 10 or ~ cents IN
margins, IN order to
PROTECT THE SHORT INTEREST
against a possible collapse. Some of the "cry
babies" even went farther than this, it was
said, and swore they would have Mr.. MeGeoch
before the grand jury for running corner.
But these s.wild- flyers" cooled down before
the call without committing any serious
damage, and concluded to accept the action
of the directors as sufficient safeguard 10
their interests, though they were little dis
appointed st the sequel, Is they expected the
marginal price would be about Sl.lU or $ll5
It was generally believed that the S. Indicate
had been reduced to tue Mil~aukee set, with
Mr. McGeoch at the helm. DOUBT was eX-
pressed about their ability to run the deal sue
cessfuliy, though the crowd were Informed
quietly that ail the Scotch mll!ionaires Ia the
city OF cream colored bricks We're protecting
their engineer. 1t WAS given out late as q
| fact that nearly ,0G0, 900 Bushels April wheat
were settled by the clique yesterday, aud be-
| lieved that they would be very glad to close
up several more big jags..
The veteran broker thus expressed his opin-
lon Of the cry-babies;
"The shorts are the real authors of this
squeeze. They have sold what they did not
have, and row, when they find themselves In
box, they are mad and desperate enough to
do anything. The buyer had perfect right
| to purchase property, and If he owns all the
cash wheat he has
RIGHT TO DEMAND his PRICE FOR IT.
| He bought the stuff, and now is blamed for
asking what he thinks 1t is worth. These
people sold, and sold wheat which they did
not own and never expect to, and Cid 1t all
when they received timely warning that CON-
| bination OF strong men was buying everything
offered. Talk about q marginal price as a
protection All they are working for is to
break up the corner, as they call 1t, and get out
| of the box they got themselves into, without
losing money. I have no sympathy for them.
Let them get their deserts.''
The directors of the board met at 8 O'Clock
at the usual place. The door OF the ante
room was closed and two policeman were sta
| toned at the foot of.the stairs which lead to
| the.dlrectors' room, TO protect that immacu-
| late body from the incursiOns of reporters. A
| large crowd of members of the board attended
| the meeting. It is understood that the call
| for an enforcement of the "corner rIle'' was
made by j. Dupee and B. F. Stauffer. Millers,
receivers, shippers, and exporters were called
upon to give evidence as TO the actual value OF
wheat
Uncle Pete McGeoch was present, and made
| "the greatest effort of his life"-in speech
making. Heis reported as saying to the
| meeting that this call to fix price on which
/ to call margins was made by
ALoT OF "COwARDLY wHELPs"
who were trying to crawl out of the ceal. He
announced, with a grand gesture. that he was
prepared to put up whatever margins were de-
| manded, which statement evidently relieved
some OF those who had been crying for pro
ton. The irate Milwaukeean then went into
| a lengthy argument to show that wheat was
no higher than it ought 10 be.
| Other speeches were made, some OF them
rather warm, and the directors were finally
left alone. An hour later they returned "a
verdict Following is the resolutions:
! ResoIued, Thit the board construe the OBJ
| ject of the Iu!es, under which these proceed
| ings are had,sis int nded to secure full bro
lection to both buyer aud seller, rather than
to undertake 10 determine actual values for
| final settlement. With this view, and not de-
string to be misunderstood, the board decide
that members of the board, under the rules,
shall have the right to call margins or con-
tracts for No 2spring wheat for delivery in
April on the basis of 81 %, as the value OF
| No. spring wheat for marginal purposes
only.
Those who profess to know, say the Mil.
waukee crowd is all Scotch grit, and will not
only put up the additional margins demanded
BY the action of. the directors, but will also
put the clamps on the boys harder than ever,
and call them back for margins till their
| heads swim.
L