The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1868-10-03
FINANCIAL AND COMMERCIAL.

Owing to the rain and bad roads, business In
Ottawa during the past week has been rather
dull and the only excitement mas been the
scorner' on corn in the Chicago market, which,
owing to the fact that it originated with the
grain dealers along the canal, and has been such
IN immense thing, causing the failure of some
IF the strongest commission men in Chicago, has
created quite a commotion. In giving little
history of the matter we are forced to so back to
the menth of August. On the first of August
corn was bringing about 90 cents in Chicago,
and during the month it ran up to about Slo4
in Chicago. This rise was thought to be perma-
nont, and was supposed to indicate that corn
would surely bring from $1.10 to SLID in the
month of September, and led all the grain deal
ers along the canal, from Morris to La Salle and
in other towns outside of Chicago, to buy large
" at from 81 cents to Sl0l, for September deliv-
cry. It is estimated that the dealers in Ottawa
alone held 100000 of this corn, and Morris,
Seneca, Marseilles, Utica and La Sale probably
had as much more. But corn failed to advance
from S1Q up to the expected price. On the
contrary, it began TO run down, and on Satur-
day, the Goth of September, corn was worth only
about 81 cents in Chicago and it was near the
end of the month"; and the holders of the million
of bushels Of corn would soon be forced to take
it and pay the contract price of from 80 cents to
$1.04, for which corn, as the market then stood,
they could only get about 81 cents, thereby
losing from 10 to lS cents bushels heavy loss
when the great number of bushels is taken into
consideration. This 10 the way the matter stood
on Saturday lost t which time the dealers in
Seneca thought if oil the holders oil this corn
would unite, and 60 to Chicago and get the as
sistance of some Of the commission men there,
they could buy up quietly one-half OF the 100000
bushels of corn in store at Chicago and ship it
to Buffalo, only leaving some 3OO,O in store at
Chicago for the parties who were to deliver
them this 100000 bushels; and then go on
Change and put up the price of corn from $1O5
to $1l5, and then ask these parties to deliver
the corn; and as there would be only 100000
bushels for them to deliver 1000 600 from, they
would have them ''cornered,' and mako them
settle at the price they had put on corn, (ssy
SLIP J whereby our dealers would make the diff
and the price they had put up corn to, (say
$l.15,) instead Of losing the difference between
cost and 81 cents, the way the market stood on
Saturday. This was certainly a large under
fixing, and required nerve, decision, unity Of
and quickness in action, and, more than all, a
great amount of money Still it was done, and
done successfully. The grain dealers along the
canal united, went to Chicago Monday morning,
got the assistance of their commission houses,
and some eastern parties who were hslding some
100000 and were in the same boat, Joined them ;
they shipped some 10000 bushels of corn put
of Chicago, and out of the way, and ON Wednes-
day of this week, the last day of the month,
they were on change and put up the price Of
corn to s1.15 per bushel, and called for the de-
livery of all corn they held contracts for; and
the parties who had agreed to deliver them this
corn were "cornered." They could not get the
corn to deliver, and were forced to settle their
contracts with corn at s1.12a1.15; whereby our
dealers made the difference between cost say
$101) and the price on Wednesday, instead of
losing the difference between cost and what corn
would have been about 90 cents had they not
"cornered~ the market. We cannot advocate or
recommend CORNERS" in the grain market but
in this case, between country dealers and Chica-
go Spectators wherein the Chicago parties got
''cornered," squeezed and hnrt, and the country
dealers made the profit, we are inclined to think
that it was all right, especially when we see how
it has changed the long faces of last Saturday
Qong because the possessors were eng on corn,
we soppose) into the smiling faces of to-day
Money in Ottawa is a little tight, owing to
the near approach of statement day with the
Nationals. Still all legitimate demands are ac-
commodatcd as far as we were able to ascertain.
Gold is lower-about 139 in New York, and
1877 in Ottawa. Silver 1875.
Exchange on New York and Chicago remains
about the same
Foreign exchange is little cheaper, owing to
the decline in gold.
Government bonds, are still running down.
They are quoted by f. A. Sherwood j. Co. as
follows:
Buying.
l. s cs 1881 ..-.... 40