Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-10-11

ON July wheat, who were not named In the
injunction suits dissolved BY Judge Gard
ner. These delinquent shorts are under
stood to be amenable to the rules of the
board, and it will fall within the province
of the directors to enforce the rules if they
refuse to settle. The discipline in this case
is expulsion. This view of the case does
not apply to those who enjoined the board.
While their suits are pending it is under
stood the directors will not consider COM
plants against them. IF the discipline is
enforced, and a member is expelled then
there will be an opportunity to COM
mence suit of supersedure. which
would bring up the question
of the legality of the appointment OF the
committee and of the interpretation of the
rule, and probably of the rule itself. This
course would probably prolong the case
through another year. Members of the
syndicate think the decision dissolving tn e
injunction disposed of the July wheat
cases. They expected the appeal, and sup
pose the suits will be carried to the SUI
preme court, but think the shorts have
nothing to gain by carrying them
along. Contrary to the opinion
of other members of the
board that the court decided only that
the case was outside its jurisdiction.
They claim that the decision practically
decided the wants of the case,as they have
boon decided time after time before.
Yesterday the syndicate sent bills around
to the delinquent July shorts asking them
to pay up. Several did. In fact it was
stated last evening that a good many July
deals were squared Up, and that
more probably would be as soon
as the brokers could hear from their
principals. Some of the delinquents ap-
peared to think that the case had been
carried far enough, and others wished to
avoid the delay resulting from continued
litigation.
Many of the shorts, who are willing to
settle, are, unfortunately, involved in trade
with those who defaulted and commenced
the injunction suits. The shorts thus
caught in the gap will probably have to
wait while before the deals standing open
with those in the suits are closed up. The
bulk of the unsettled trades in July
wheat are supposed to be with the parties
who caused the enjunction to be as such,
the quality outside of that being COM
paratively small, with good portion of
it coming from one house. It was stated
that nearly 100000 bushels more of the
short wheat was settled yesterday at the
regular S1.35 price, according to the de-
cision of the court. A prominent member
of the board stated Yestesday that he had
refused to pay the price demanded hereto
fore, as he considered it extremely unjust,
but since the decision of the court he had
resolved to pay, as it showed him how
foolish. it was to have board of trade
with rules and regulations and not live mp
to them.
In st. Louis yesterday, the board OF di-
rectors of the merchants exchange,
adopted modified rules on option trading.
They resembIed those of the Chicago
board and give the boardsss of directors
power to fix the market value when
asked to do SO, but only for marginal pur-
poses.
c. q. Dyer, G. L. Hoagland and Charles
II. Omltn nave posted applIcatlon for
transfer of membership on the board of
trade, and R. T. Green, Austin Gunnison,
Jas. G. Darling and Hiram Higgins for
The death of VIM. Small, an old member
Of the board of trade, and for many years
with the provision interest, was
on change to-day, and aspro-
pirate resolutions of respect adopted.
General opinion favors the proposed
to the rules of the board of
trade, making legal all tenders of either
red winter or spring wheat of equal grades
on contract. that specify No. 2 regular
wheat.
The new board of trade building is pro-
crossing finely. 1t is now built to level
with the street, and the foundations are
simply magnificent.
There is now displayed on change
block of the Fox island granite that is to
be used in the construction of the new
board of trade building.