The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1868-10-30
From the Chicago Tribune Of October /.
The Corner. or Corn,

For the information of the general read.
er, we may state that the corner is usual
ly operated in this wise A clique of oper.
ators go into the market and buy, from all
who will sell, large quantity of grain fol
future delivery, the seller agreeing to
deliver it at the end of the month. The
clique also buy up all the grain that comes
into the city, or SO much Of it as is necessa-
ry to keep the control of the market in their
own hands. The sellers, or s'shorts," defer
deliver, till the end of the month in order
to save the cost of storage, and are then
obliged to buy from the clique, at exorbi-
tant prices, grain which must be re-deliv-
cred to them. A large majority of the OPP
orators being in the habit of buying and
selling these options" both on their own
account and for parties outside, who hope
to make money on the turn of the markets
it is possible for the clique to buy million
bushels or even more, before the scheme is
discovered, and the corner" combination
can then afford to sustain loss of several
cents per bushel on the grain left on. hand
after the ''corner" has matured, the differ
ence being more than made up by the pre-
vious gain. D .'.5gr egE
Ofcourse, the profit comes from the sud-
den pressure of buyers. The operator who
undertook to deliver grain yesterday can
not defer it till to-day without losing his
standing in the Board, or in other words,
failing. The credit is run up by the fact
that SO many people are obliged to buy
at the same instant. To obviate the posi-
bility of similar pressures in the gold mar
ket, the Board of Gold Brokers' in New
York City, adopted rule some three years
ago, which has been found to work well,
allowing ''short sellers to defer the time
of delivery in such cases, on payment of q
small per centage for each day of delay
The Board of Trade of this city have now
under consideration proposal to adopt
the same rule to our grain markets, making
the forfeiture q quarter of q cent on each
per bushel per day. The adoption of the
rule would undoubtedly be great obstacle
if not an effectual preventive, to corner
combinations in the future but it might
seriously impair the obligation ofcontracts
by putting it into the power Of the seller
to hold back grain after the buyer had
made arrangements to send it away, It is
the opinion of some of our leading opera
tors that the forfeiture ought not to be less
than one cent on a bushel per day, as the
market will often fuctuate by that amount
from legitimate causes, and no rule ought
to be adopted which will shield the seller
from ordinary risks to the detriment of the
man who has bought in good faith ia
An unusual share of attention has been
attracted to this subject on the part of our
business men, from the fact that the Presi-
dent of the Board, -E. V. Robbins, ESQ.,, a
gentleman of well-known .probity = has
been obliged to succumb to the pressure Of
the corner on corn, The firm Of which he
is the senior partner has failed, the liabili-
ties being estimated at about 100000. Mr..
Robbins yesterday rendered his resignation
as President ofthe Board. His resignation
had not been accepted, Mr.. Robbins being
in common with Others, a victim to what
may be called Conspiracy" 1~