Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-09-07
The Chicago Bears Continuing Their
Gr0Wls About the July Deal.
MORE iyJUNCTIONs SUED GUT IN COURT
Opinions Of Prominent Operators on
Both Sides.
MARKETS. GENERALLY WEAK AND Low
The New York Stock Market ali at Sea
Over Conflicting Rumors.
Especial Telegram to the Globe. |

the prevailing topic of discussion was the
decision of the July wheat commission, and
the probable outcome of the injunctions
which have been served restraining the
president and board of directors of the
board of trade from endorsing down Oh
margins. or taking any action whatever
under the decision of the commission.
The injunctions are temporary, and their
performance Will be decided at the Octo-
Der term of the court. The shorts say they
Will carry the matter to the supreme court
and eternally decide the legality of a
corner. Mr.. A. NJ. Wright.who is the brig
adler general of the bear side was seen by a
GLOBE reporter to-day and he said that
when the matter comes into the courts
it will open the whole case of sthe
formation of the arbitration committee.
and even the legality of the rule of the
board under which the committee was
created. Mr.. Wright has samples Of spring
and red winter wheat taken from each of
the elevators in Chicago on the 31st of
July which he intends to offer in evidence
to establish the allegation that red winter
was worth more than spring wheat, Mr..
Armour says that the bears have not the
shadow of q chance of winning the case
before court OF law lie stated that 1.1OO.-
600 bushels OF defaulted wheat had been
settled for to-day and yesterday. He thinks
all will settle on the basis established of
S1.35 except what he terms the small fol-
lowing Of Messrs. Wright & Barbour. More
injunctions were issued to-day in favor of
j. l.. Lester d Co., j. B. Reame 81 Co..
Smith & Mccormick and j. l.. Adams.
Others will be sued tomorrow. Along with
Testers bills are filed affidav!ts from Jas.
McGregor. G. NJ. Howe, T. w. Hal
lam, Lemuel D. Norton, Muir
ray Nelson and VIM. L. Baker
10 the effect that the market was cornered.
The affidavit of Baker says the price was
forced up from S1.05 to S1.36, and that he
well knows one Philip D. Armour, and
that in a conversation between affiant ard
said Armour had on the Goth day of June.
1882, said Armour said to this afiant sub
stantially as follows: That they had tho
deal in July. That there was the biggest
listed; that they were going to shut the
wheat all out, and they would put the mar
ket in such shape that no committee could
decide aga nst them; that when they went
into the business they borrowed money
enough to advance the scheme: that he had
more money borrowed than any one ever
borrowed in Chicago; that he did
not know but some of these
fellows would call ON him for a
couple of million dollars some day, and he
wanted to have it ready to put up. The
prevailing impression seems to be that the
far. If he price had been fixed at about
1.30 the matter would not probably have
gone into the courts.
The markets have been firm since the
decision of the committee. Early in the
day wheat was firm, large line of local
shorts covering, which was largely increased
on the news of sight receipts. After II
O'Clock there were few buyers of wheat.
The offerings were heavy, however, and this
served to produce a decline in all the
futures, except September, which was
maintained at a stiff price by McGeoch,
who has all along been looking after this
option. It is thought. however, that he is
preparing to unload on favorable oppor-
tunity. No. 3 is quoted at SSc, and No.
spring at 9S15, a difference of 1O15c, when
in reality the difference should not be
more than 4c, clearly indicating that
No . spring is hell up by some one
McGeogh and his men are credited with
being at the bottom of the manipulation
They have been free buyers of the grade
all along, to-day taking all that was offered
on the market.
The corn market opened firm, but in a
short time became excited and advanced
under the excessive demand for cash and
fair weather and encouraging crop
reports. The arrival of seventeen cars
of new corn at Kansas City, together
with heavy selling orders from st. Louis
and Kansas City, soon told on the market
and corn declined SC per bushel. 1t reacted
later and closed 15c C frmer on the curb. Oats
fell in sympathy with the other markets
Speculation in this product continue:
DrlSk, WIN no Tears Oh any pulaClOn
Barley declined slightly. Speculation il
this product is very dull as yet. The re
ceipts continue to increase, but the quality
is poor. Pork and lard declined sharply
A prominent Cincinnati dealer is quoted al
saying that a further define may be ex
pected. The cash demand is good ant
stock small. The packing houses here ar,
running on small capacity.
Complaints are being made against th'
st. Louis inspection of grain. A numbe
of firms which have bonght heavil,
of No. 2 winter wheat in st. Loui
have found that on arrival here it grade
No. or 4, and sometimes even rejected
According to the rules of inspection
adopted by the st. Louis board, the grad
should be slightly higher instead of lower
1t is openly charged that st. Louis in
spectors are tampered with, and severa
firms here have stopped buying in the 81
Louis market entirely, although the cas-
market in St. Louis has not shown it vel
There is said to be irst-class demand fo
corn. This demand comes from the Eas
and it is claimed will take all the No. of
fered here at present prices. 1t is under
4