Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-09-18
SPECULATION RIFE.
But Little Legitimate Demand for
Grain Yesterday.
WHEAT FALLS ANOTHER POINT.
Corn Firmer in View Of Rum0rs Of
Further Frosts.
NEW CLEARING HOUSE OPENED.
Y
A Good Demand and Good Buying Of
Northern Paciflcs.
EW CLEARING HOUSE OPENED.
CHICAGO.
Especial Telegram to the Globe. ]

CHICAGO, ept. I7.-Everything opened lower
this morning and the only strength shown dur
ing the day was in corn, which rallied after the
first hour in view of some further frost last
night in southern Iowa and other parts of the
country. The advance, however, was not main
tained, and the close tonight is 7497ac undea
| Saturday. The free selling which has been
going on for the past three da by the bears
maintained to-day, and had the effect of
bringing Adams big line of long corn the
market. Shippers bought libera,ly, and freights
were lower, but the receipts exceeded ll09 cars.
Wheat declined cent as usual, and was weak all
! day. Large receipts to-day and larger antici-
| pated for tomorrow had some influence
On call Ira Holmes sold line OF nearly
half a million bushels December. EIdridge
and his crowd again raided provisions.
Br kers have bought for Cudahy, and Hutchin-
| son bought literally until the call, when he sold
January lard freely. Armour has sold both
pork d lard all day, widening the difference
between Oco ober and January pork to seventy
cents. A good deal of covering was done by
the shorts. At the close trife steadier feeling
was noticeable, but at inside prices. Corn
would have declined further to-day but for the
little fir, st scare. The outlook is for lower fig
ures all around tomorrow, unless the weather
should turn colder.
A long line of clerks and brokers fled up the
steps of the Bruins ick book early to-day to
large room on the second floor, where each step
ped in front of man seated ia chair at the
door, and who took the business cards of every
business firm on change holding tick
cts. It was the first step toward
@bo IL
which already a great deal of discussion is
floating around the board. Most members
find it somwhat hard to gra' the details of its
working plan, aud in consequence there is a
great deal of objection to it. It was the inten-
tion to do away with the old-time system Of
ringing trades, the loose stJl of issuing
checks, and to promote dispatch. The heavier
firms on, change are heartily in favor Of this
new plan, aad according to the managers a
great macy commercial organizations from
abroad are awaiting to sea its working results.
Briefly the clearing house compels every ilrm on
change to turn in trade sheet show
ing tn ir trades OF the Gay with checks
for those they owe balance,
aud they receive checks where any moneys are
due them. These sheets must be posed with
the accom- pany1rg checks at Ii a. The firms
10 whom checks are due can call at 80 for the
same. In case any firm fails on any day to send
into the clearing house their statements and
checks, they are posted on 'ehange and the ef-
feet is about the same as though the notes or
checks of the firm went to protest. This scheme
speedily announces any failure. 1t also makes
q firm do business with oispatch.
Though not generally known outside the Gal
ley'' the open board has clearing house that
has been in operation for over 3 year and the
members are delighted with it. 1t has saved a
good many disastrous failures, as could
trade after being plac, in an embarrassed
position "ver one day
Judge Moran issued an injunction restraining
the firm of W. F. johnson & Go, commission
merchants, from max ng any complaint to the
directors of the board of trade against the firm
of Gerstenberg & Co. represent that July 26,
last they made contract with W. f. johnson
& Co, to buy 5000 bushels of No.2 barley at 76c
bushel for September delivery, but August
IL, the board of railroad and warehouse COM
missioners changed the method of grading bar
ley SO that u der the new grading No. ba riley
ls very inferior article to what it was July 26,
when the contract was made. In September,
johnson & Co. rendered Gerstenberg 5000
bushels of this inferior grade, worth only 60c
bushel, and on their refusal to accept it
made claim against them for &c
bushel, the difference in price amounting
to $500 in all. Gerstenberg & Co. refused to
pay this, or release the $750 margin, which was
in the shape of duplicate check, aud in con-
sequence johnson & Co. threaten to complain to
the directors of the board of trade, of which
institution both plaintiff and defendant are
members.
On the board very fair speculative business
was done in wheat. Foreign advices were
favorable, and the receipts here and at other
points continue free. The market opened 40
~; lower, then rallied 1890, but later ain
took downward course, prices declining under
free speculative offerings influenced by liberal
receipts K below outside prices, fucuuated and
finally closed 1ec lower than Saturday. In the
afternoon prices did not vary materially. A
| large business was done call, a million and a
quarter bushels changing hands.
In corn trading was active and the feeling
was somewhat settled. Early in the day the
market wa. ak and prices declined 36@54c
per bushel, influenced by numerous selling or
ders from outside points and also to the unfa-
vorabl tenor of TO eign advices, which quoted
lower pric IS and dull market. Sa er howev-
er, influenced by more urgent demnnd, prices
rallied t@l 1sc, Shorts bought quite freely at
the early decline, beside which good many
o.tsife buving ordrs wers received, some being
ba-ed,'nthe cooler weather but shortly after noon
the the feeling again became weaker and prices
recsied No finally clos 1s@Hc lower than
Saturday for October, Novem Der and year, md
10 lower for May. Call values were 7s@1o
easier under free offerings.
Oats were very dull. The shipping and local
demand was only moderate, SO that sample lots
were rather slow an prices were also a shade
easier than Saturday. The speculation market
opened easier and declined 4@asc early, but
there was not much pressure to sell and resc-
tion followed, after which the market ruled
quiet aid -tsady. No. 2 cash oats were taken
mainly for delivery in contracts. No. white
oats were xc lower in store. The close for the
futures was about the same as on Saturday. The
charters were for 355, 900 bushels.
Rye was l4c lower for cash and 10 lower for
fuf,1 ,,fo Iorr 4