The sun. [volume] (New York [N.Y.]) 1833-1916, 1882-06-11
AT THE MERCY OF A CLIQUE.
TIE VERY GRAVE NATURE OF TIE
CHICAGO PROVISION CORNER
Men with Millions mt Their Command Die
tatinE ms to What Prices Shall he Designs
on tho Next Crop-The Trade Poworiess.

tnting nsto What Prices Shall ue-Designs
on tho Next Crcp-Tho Trade Poworiess.
CHICAGO, juno Tho running OF corners
has become so popular in the West that nearly
everybody with capital has some scheme on
hand. The man who is squeezing the COM
munity on one commodity may be cornerod
himself on q half dozen others. That this
method OF doing business has had q great deal
to do In advancing the prices Of provisions Of
all kinds there can DO no doubt. The shortage
in the crops last year only made the cornering
business little easier. 1t would take crops OF
a magnitude never yet reached In this country
to overwholm the men who now stand ready
to manipulate them. This market is
now thoroughly cornored. and II will remain
80 unless the harvest this year shall be OF d.
mensions larger than anybody dare hope for at
this time. 30 long as Chicago remains the
great grain and provision mart OF tho world.
the people OF all climes who cannot produce
their own food will be affected more or less by
the great deals which take place here. The
wheat syndicate. whose public representative
is Mr.. Peter McGeoch. is composed Of some Of
the wealthlest men OF Chicago and Milwaukee.
some Of them not figuring openly in the trade
at oil. Among these nre Alexander Mitchell.
John Plankinton. N. X. Fairbanks. and Geo. @.
Walker. These men arc worth millions. and they
have behind thom several banks and other
moneyed eorpor rat o They now have from
have had twice as much involved. Their profits
have been enormous. as q matter OF course.
in it for them. They own all the spring. wheat
In this market amounting TO about 100000
Dssny he
Of tho daily receipts. which have now fallen to
tho remarkably low point of twenty or thirty
scarcity OF wheat this fact would settle It.. The
fictitious values prevail ing here do not bring IL
forward. What, there is is here already. and
Nothing will more clearly show tho unnatural
condition Of things existing here than q com
thic chicago St. Louis. and New York markets.
Yesterday, in this city. No. q spring averaged
doSery IN w "a sSd S Rod wntsr s
considered better grain than No. spring by
ess Sen ys S sss No. s spTns
wlntcr sod in New York for q i2s
brought in Chicago with no allowance
made for transportation; The syndicatse have hay,
az w YesS P sipTs s
wheat three cents for tho fun Of tho thing The
proves to be bountiful the clique may be
swampeed at that time by the heavy arrivals
they will make an effort to continue their mo.
nopoy. There will be u decline. of course. at
the SSe 6 the Gt nGY S
to sell the stock OF old wheat ut 4 loss.
Board . OF Of Trade. having tired Of the manipH,
latod deal in the crop Of 1881, commenced sell
ing short on July wheat They sold generally
at 81 OF TO 81; II, and disposed OF l5.oOo.O00 or
10000. 900 bushels on paper. "A not more than
2.6OO60O or 5000. 900 bushels of winter wheat
ht SIN possibly BE- fcl ,Ss
has already been heavily ,oyersold. The
syndicate put up prices on July about three
paral yzcd with fear that tho new crop would
also be manipulated. 1t is too early. o. course.
to predict the outcome Of farm operations this
large yield OF wheat. tho reports from all quar-
tiers being generally satisfactory, =,
The corn in Chicago ia owned by Mr. Kicker
The largest long interest is CONTROLLED nv j, b.
operators. A yoar ngo corn sold in this mar
it was year ago. and farmers are
sending their supplies here in large quantities,
the roads having dried urto some extent but
terprising gentlemen who are Interested in that
staple. and prices remains firm, The, high
price OF corn has moro to 90 with the almost
cause. Having run up the price OF corn
anxiety to reap the benefits, rushed their
with thoir cattle and hogs, which were in poor
condition. Others. who fed corn worth Go TO 10
cents, had to have big money for their stock.
and this helped out tho men who have that
long spell Of cold and wet weather has retarded
corn planting. but If the season from this time
forward should be warm tho crop will probably
be a good one,
The amount OF wheat and corn in store here
to- day and for several years past at correspond
ing dates will be seen in the following table: