The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-10-01
Shorts Settle for Millions of Bushels
Paying 92c for Most of Their
Purchase
n. n. WELLS ASKS FOR
A TEMPORARY INJUNCTION
Alleges That He Ordered His Broker
to Sell 25,0oo Bushels in August for
September DeIivery-Asks for Re-
straining Order Because He Would
Have to Settle at a Fictitious Price.
Special to The Globe.

CHICAGO, Sept. 30.-The Armour
wheat spread ended with the Septefn.
Der at 95 cents and December at 68hf
cents. bid. The near future closed at
26A cents over the deferred. When
this operation began the September
was a little under the December. The
size of the operations can be guessed
from the eleventh-hour settlements.
Shorts today took about 1000 900 bush
els in the market and around 1000 900
bushels outside of the pit With set
Elements to the extent of 5000. 900
bushels at almost the last moment in
the course of a transaction which last
ed over two months, it is no exaggera-
ton to assume the Armour line was
about 100000.
The Profit in 1t was About $3,000,000.
When 1t was begun the September
was around 6S cents, just about where
December closed today. The Septem-
ber operations engrossed attention to-
day and the ordinary market factors
were not considered. There was but
one motive in the September price, the
covering of shorts. The Armour cam
paign had been carefully prearranged.
Brokers had orders in advance TO sell
at certain figures. September started
at SS cents and in very short order was
at 80 cents. Slaughter had wheat for
sale at that figure. 1t was the high
for the purpose of deciding whether
that figure would bring in the shorts.
1t did not.
Big Trades Around 90 Cents.
There was an advance from 80 cents
10 30 cents, with hardly any trading,
and then settling back to 92 cents. It
was around 92 cents that the big Sep
tember operations of the day, both in
side the pit and out, were made.
Wrenn had the most wheat for sale
over cents. Meanwhile the important
settlements were made by Commission
people at the Armour table, and with
Valentine, the Armour chief lieutenant.
Those private" settlements were so
numerous and so lacking in privacy the
wheat crowd turned to watch those
who advanced to get the Armour terms.
This Dig trade was at 92 cents. After
the market closed the wheat deliveries
aggregated about 100000 bushels A
half dozen men were at the Armour
table to handle the receipts there
1t was learned early in the day
Judge Chytraus, who had issued the
1njunctionS in the July oats transact
tions, had issued a temporary injunc-
tion In aid of short, who had done his
trading through local stock house.
Inasmuch as this writ was only in aid
Of the Individual who has applied for
it, it had no effect on the market oper-
ations Or on the price. There were
some defaults. about $4,000 bushels.
Appeal by H. H. Wells.
The short who appealed to the courts
was H. Fl. Wells. He obtained a tenn
porary injunction against the Board
of Trade, Armour 8, Co. and j. J.
Townsend a broker. Wells alleges
that he ordered Townsend to sell $4,000
bushels of wheat in August for Sep
tember delivery, and that owing to the
corner in September wheat now being
carried on by Armour & Co., and be-
cause the managers Of the corner have
or control all the wheat in Chicago and
Milwaukee, and all the wheat contract
ed for delivery in Chicago in Septem-
Der, he is unable to purchase any to
fill his contracts. He alleges that ow-
ing to the corner the fictitious price
of SS1a cents is maintained, and that
he will be compelled to settle at that
price unless the restraining order Is
issued. The bill alleges that Wells has
placed with Townsend $4,000 as mar
gins, which Townsend has deposited in
marginal bank, according to the
rules of the Board Of Trade.