New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-03-30

Milwaukee, and which involved great many millions
OF bushels of wheat and several millions Of dollars The
| "corner" was made in July, aud . large num-
Der Of the Sellers declaring that there was
manipulated market announced that they would not
deliver the wheat and that they would default and ap.
peal to the protection of the "corner" rule Tie prnc
pal defauiters A. NJ Wright Co, J. 7. Lester d
Co.. w. T. Baker & Co., Smith, Mccormick & Co., and
Adams Bros The amount OF wheat involved was over
100000 bushels, and the operations Of the who
were managing the "corner" were greatly impeded
But despite the most dscouraging circumstances they
carried through their scheme in July and the price Of
wheat sustained On the last day Of the month they
bid 81 35 for all the wheat that offered. Early in
August they applied TO the Board of Trade for com.
mttee OF arbitration demanded that the defaulters
be required to pay penalty upon the basis
OF 81 80 for wheat, and that in the event OF
their refusal they be disciplined. The committee
was appointed and long trial followed. A. NJ Wright
conducted the for the default and George Brine
appeared for Armour and his associates The trial was
continued for more than month, aud then the commit
tee decided against the defauters aud declared that
the true price of wheat for July delivery
was 81 35. An appeal at taken the courts
TO the Board from enforcing the decision Of the
committee. Judge Gardner decided against the de-
faulters and said that had power prohibit tho
Board from enforcing the DEGREES OF Its committee BY
agreement test at taken TO the Supreme
Court, with the result stated above.
This decision exercised for time very publish
influence over the market to-day 1t was known early
In the morning by certain persons aud buyers
entered the market. There O stampede OF the
shorts, who feared the effect OF the news, aud
bought to realize the advance. The influence, how
ever soon passed away and wheat which had advanced
1c a bushel became weak, aud corn, which had adj
vanced &c. began TO fall also Wheat opened IA iac
under the figures Of Wednesday night After advancing
to 81 III for May began TO decline aud did not stop
he nOur n yyh at
wheat closed at 81 i012. Word received from Cali
fornia that there was q panic In the grain
market there. and that wheat had dropped
&C. bushe making the drop in the last two or three
days nearly 15c. bushel The news however had no
effect Wheat is really the influence Of for
the present and toward the close heavy. The
sharp advance In within the past few days has
caused changing Of position among the SPECTATORS
Hobbs, who has been buyer for several days was
seller to-day and many OF the little bulls also took In
their profit Lester & Co.. Dows Co.. aud Kent have
not yet changed their position. May corn opened
today at 57i9c advanced to 5Slsc and then started
downward, closing at 56+c
demand upon them for graincarying ears and OF the
vast quantity Of cIfbbed along their route, but
Ocas OF other railroads say that they are taking ON
The receipts Of corn meanwhile are decreasing
slowly. The receivers here almost unanimously prophecy
that, beginning with next week there VIII De a great
falling of in the recepts The liberal Inspection
still continues and Is regarded the worst menace 20
higher prices or the 327 that arrived to-day l62
allowed to pass NOE.
Provisions were strong TO day, the interest
ring lard. There has been remarkable falling
of in the receipts OF hogs this month Inc number OF
may arrive the next two days to make the receipts for
March 100000. A year ago the receipts Tor
s aS sS Sos Ssd 6Fse so
These figures explain the position OF McGeoch on lara
Of lard for July and the smart traders on the
outside still believe that they detect efors his part
and closed Where it did twenty.foar nous ago Pork
closed 5G7l2 lower than last night.