Daily globe., 1882-09-27

that it is done by individuals, not combi-
nations. man may be dissatisfied with
the price and default. By so doing he
forces several others to do the same thing,
while they themselves would prefer to
close their contracts. The rule should be
hurled out of existence, and traders on the
board of trade be made to understand that
when they enter into contract there, they
are bound to fulfill it,
''What do outsiders think of this mat
teri"
"A member of a large firm in
New England told me lately
he could send us lots of business but peo-
pie were afraid to trade here, and sent
their orders elsewhere. This is common
remark
where are they trading ?"
''In New York, st. Louis and other cities.
I am told that the grain business in New
York alone has increased 200 to 300 per
cent. within a short time. Much of this
custom formerly came here, but has for
saken US on account of loss of confidence.
There has not been time for years when
money has been as plenty or the public so
eager to engage in legitimate speculation
as there is to- day. In the face of this fact
the board of trade complains of the dull
ness of business. The fault is in itself.
Reputation has driven the best class of
trade we ever had away from us, and other
cities are growing up boards of
trade at our expense. With all this we
are te have new building, and now comes
the foolish effort to raise the price of
membership to $4,000"
'Do you think this proposed rule will
pass?"
Il do not know. I am doing very little
on the board, and seldom go on the floor"
It is possible that had Mr.. Hobbs been
chosen president of the board at its last
election the repudiation rule would not
have come into being. 1t was remarked
yesterday that no one but genuine phil
antropist would ship wheat at present
prices,when he could make to cents per
bushel more by selling it on the Chicago
market. Perhaps SO; but then, if it were
sold here it might depress the price to
point where it would interfere
with the success of another operation
which is of more Importance than the loss
OF few cents per bushel on few cargoes
of wheat. 1t now looks as if the receipts
will be large during this week, as a great
many holders are anxious to reap the ad-
vantage offered by the parties who are
paying big September premium. The
difference amounted to very nearly 1Oc
per bushel on Change yesterday.
THE INJUNCTION SUITS.
The arguments on the motion to dissolve
the injunctions in the numerous suits
growing out of the July wheat deal were
set for this morning, before Judge Gardner.
By agreement of the lawyers, however,
Mr.. M. W. Fuller, one of the counsel, being
absent, the arguments were postponed un-
til Thursday, when they will be heard be-
fore the same judge
BUCKET SHOP BUSTED.
A Baltimore dispatch states that a
clerk of the bucket shop of that city,
known as the Chicago & New York Stock
Exchange, which was run by Leo Gran
lick, L. T. Morrison and M. " Taffner. of
Chicago, and Frank Wallin, of Pittsburgh.
ON arriving at the office found the safe
open and all the books missing. Inquiries
showed that all the members of the firm
had fed the city. It is said that their Gus
toners will lose nearly $4,000. Corn
did it.
Twelve ears of corn, aggregating a
weight of twenty six pounds, were received
from Nashville by Mathews & Balla. The
sender says Tennessee will have 5O,OOO,OOO
bushels of corn to sell off this crop, and
that plenty of it will be ready to grade by
the middle of October.
NOT FAILURE.
Mr.. III. Hanks, who was represented
rather fooled the boys. He swiftly closed
up his trades and paid his creditors 100
cents on the dollar, and started trading for
himself. He is now worth more money
than he ever was.
RYE FOR ANTWERP.
A cargo of 16,OO0bush. rye was sold here
on Saturday afternoon for direct shipment
to Antwerp. The price paid is not stated,
but is understood to have been very close to
the basis of $3.50 per bushels in store here
Frank E. Barnard and J. W. Finley
posted application for the transfer of
membership and Charles M. Henderson
and Thomas S. Norton for membership on
the board of trade.