Daily Kennebec journal., 1874-08-04
4 CHICAGO GRAIN CORNER.

special to the New York Times gives the
following account of the great grain corner in
Chicago on Friday last:
The greatest corner in grain Gin corn
which has ever been known here eliminated
this afternoon, and many are the ELAINE
ducks" now limping around. In the morning
the combination kept quiet, and small operat-
ors presumed they would carry out some plan
to squeeze the shorts. This they did do
eventually, hut not in the way anticipated.
When the board opened it was evident that
dealers were on the tenterhooks of anxiety to
witness the result. They manipulated every
wire within their reach to turn the issue, but
without success. 1t was the last day of the
month, and July deals were due at . O'Clock
p. NJ. Not a moment later would answer
The shorts were feverish for the combination
were felt to be pushing them on every hand
At the oPening the corner crew failed to show
their hands, and this set everything adrift and
entirely demoralized the trade Oats and
wheat were nearly lost sight of in the anxiety
to make profitable corn sales. Cash corn
opened at G7, fell to CO, and by III O'Clock
stood at G2, and no buyers. The dealers
could do no more than wait the posting of the
days receipts in order to ascertain whether
the aggregate amount would be enough to
burst the corner. 1t seemed to many that
now the combination were showing the white
feather, and presently prices went up to 63 l-2,
and then to Gf AT noon it became known
that the corner had contracted for the ship
ment Of l,02l 300 bushels, and this meant
business on the face of 1t. The confusion
and uproar were bewildering Dealers were
beside themselves with excitement. From Ga
the price went to &C, then to 20, and then
Sturees sung out he would pay so cents. The
astonlshment was so great a ceath-like still
ness prevailed for few moments. 1t took
brokers square off their feet" When the
situation was finally taken in confusion again
ran not. Amid frantic ye!s and hoarse
screaming, corn was sold to the combination
by the bears, and was accepted in as large
quantities as offered One firm alone sold
230, 900 bushels at so cents. When the board
closed and the gong sounded the signal for re-
uring, transactions were going on with un-
aoated Jury. It was next to impossible to
stop trafiicking. So infatuated had dealers
become, and so exciting was the game they
were playing, that they held on as drowning
men catching at straws. Five minutes to
O'Clock came, and the dealers who had their
receipts on hand for purchases made were
rapidly vending their way to Sturges' office
in Monroe street, Lasallc street and Wash.
ington street tor two blocks either way were
h'iN" WI" d" 'Atttcu populaCe, messengers
ran here and there Dealers were not less
excited, All were struggling to reach Sturges
office Al this place the excitement was not
less intense. The office and vcstibule was
filled with trembling brokers, each anxious to
make his d, livery and receive his check
Finally the bell strnck 8 o'clock and the doors
were closed, but the crowd of dealers broke
down the door aaG insisted that the clock had
been tampered with. Receipts were bran.
dished tiercely and threatening gesticulations
made, but all to no purpose. The shogts
stood around mopping perspiration from their
brows and easing their minds by good up and
down oaths, then dropped out one by one, and
went back to their Offices to cool off The
damage done to brokers by their failure to
make their deliveries to the combination can
not yet be definitely decided upon. A day or
two will tell the story better, but it is said by
those claiming to know that the amount not
delivered is not short of six hundred thousand
bushels. A great number of small dealers
lose heavily, and will doubtless have to sus-
pend. There were in store yesterday 81
0J9 1872 bushels of corn, held mostly by the
combination. There were 100000 bushels,
deliverable on options. The combinations it
Is estimated have fully 1000, 600 bushels un-
der control, both here and en- route East.
This corner was first prophesied by the Tines
early in June. Then a combination was
formed, extending from Iowa to Liverpool,
aud taking in Chicago and New York. The
object was TO control the market and handle
the balance of the crop of 1873, but there was