, 1873-06-08
CORNERtNG NO. 2.
Two Million Bushels OF Wheat Bought
3 Up for June Delivery ~..
a Nice Little Speculation by Messrs.
=, Murpney: and Allen.

had been organized, and day before yesterday il
was definitely ascertained that such was the case
and thata great amount Of wheat had beer
bought mp for June delivery. The persons whc
have gone into this business undeterred BY the
failures Of their predecessors, or the prospect Of
much temporary in-uill are B. F. Murphey, best
known as provision broker and packer In this
city, and his partner, B. F. Allen, OF Des Moines,
Iowa, who has recently gone into business here,
and has purchased = place in the vicinity
Of the city, though it is' denied that he
Intends to mako Chicago his residence.
They probably started their operations IS early 81
the beginning OF May, and it Is estimated
that they have about 2,000, 900 bushels CON-
ing to them. 49, Tbs market 1t present
IS very short, thore not being mora than
about hundred Thousand bushels OF No,
q here: The effect upon the market yoster-
day OF this incipient corner wss tbst whest Of
this speculative grads sold yesterday at g. % for
July delivery, aud 81 .281{ for June delivery, in-
dicating an imitation Of about 81 cents.
Messrs Murphev aud Allan thus far scem de-
ternined to fight the thing through. They
called for the putting-up of additional
margins, for the first time, Monday, and
followed it up Tuesday, Friday af-
.ternoon, and yesterday They have
also refused to make any settlements. Many Of
those who had sold short. offered Friday. and re~
newed the offer yesterday, to settle With them at
tho market price, to turn over THAR contracts
with other men, and to pay the difference, which
refused. It has always been customary for per-
sons running these corners to accept SETTLE
menta whenever tendered, but in this case thero
is a5. no Inclination to do anything OF the kind.
1k1A 41AA
seems to be to vex aud wrong those whom they
are fighting, They called about $250,oo0 in
margins upon these trades, which they refuse
to settle, though in some cases the market MAS
80 much against them, that they, or their side,
haa 70 pnt 3s cents for every 10 cents put up BY
There is always much i1~wi]l against the |
getters-up Of corner, but. in this case, it il !
intensified by Mr: Aliens connection With it.
bought into the Cook County National Bank
and succeeded IN getting elected it's President. |
thereby dissatisfying many OF the stockholders. |
It is alleged, but denied, that he is using the
money Of the bank and Of the depoaitors and |
i also an officer in the Rock Island and
Pacific Road. and Director Of the Chicago
Northwestern, and, possibly, this is the only
5ass 1as Tor the charge generally made on
Change and which seemed to be believed
influence with those two roads to prevent wheat
rom coming in and it has been claimed that FL
lay he diverted several carloads on the North i
vestern; True or false, this is what specially IT.
1tates the speculators, and they denounce this
4neged manipulation Of the railroads as shame
ees piece Of business Wheat Of all grades is
loW coming in at the rate Of 100, 900 buahels
ay, but some Of it is consigned to the East, and
hero are also other contracts to be dl!ed besides
hose with Allen. II the railroads can
q controlled, md the combination holds
rm. tho other side may be seriously
urt. Still, when it Was known yester-
ay afternoon that the papers were going
o expose tho matter, the market fell about ~
ents, and there WAS an impression that Murphey
; Allen would not be able to carry things
trough. This is only tho beginning Of tie
orner, and it may be several days before it's full
1mensons become apparent.
II the corner holds,- and the farmers feel III
lined to ecnd in their wheat: and get the in
reased price, they should be careful to take one
.usht them, and that is, il they sell grain be-
ire it arrives. to insist upon having margins
ut up to insure the carrying ont of the contrac.
i'd the receiving OF the whoat whom it does ar !
ye so that whatever befal1s others they at {
ast will lose nothing.