St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-10-01
The Scene on the Chicago Board OF
Trade One of the Widest in
Its History.
Simmons, of Kenosha, and Jay Gould the
Powers that Have All This Time Been
Sustaining the Clique.
Wheat Steady and in Good Demand-Pro-
visions Quiet-Hogs Continue
Moving Downward.
-More Actiutty In H7dU Street, and Stocks
Close Quite Firm the Whole List
Through.
CHICAGO.
Especial Telegram to the Globe. :

sented wild and excited scene to day, the
clique of manipulators keeping up a bold
front to the last and forcing prices for the
September option up to close of 81. The
course of the mysterious and gigantic corner
has been unparalleled. Only twenty days ago
/ September corn sold at this market at sac, so
that the total advance since that time has
been 46c, or at an average of 2Tc a day.
Never in the history of the Chicago board of
trade has there been such clever manipula-
ton. The corner which was brought to
successful issue to-day is, 1t is claimed, only
the beginning of series Of corners in corn
which will cease when the receipts of the new
crop render further manipulation impossi-
BILE. AT the tap of the bell on 'change this
morning, there was rush for the corn pit.
Billy McHenry, the leading broker for
the corn clique, was on hand, and
standing around him with hands
in their pockets was the same crowd of hun
| CRY shorts that has hung upon the outskirts
of the corn pit watching prices as they were
manipulated upward during the past two
weeks. There were Abe Pool, Gyp Adams,
Wheeler & Gregory, Pope, Congressman
/
others, who claimed that they
''wERE NOT SHORT BUsHEL."
A popularity of the corner was the fact
that no one was willing to confess that he
was short. Every man seemed to think that
the charge of being short of September corn
was an imputation on his business judgment
| ''I'll give S5c for cash corn" said Billy
| tha hon a.
which the shorts had to dance attendance.
There was no purchaser, though it was evil
dent that there were a good many in the
crowd who wanted the corn. The receipts of
corn this morning aggregated 927 cars, 557 of
which were of contract grade.
The clique took in this amount at about soc
About IL 80 panic struck the shorts. Billy
McHenry had stood on the edge of the corn
pit all the morning, Offering to buy or sell,
in quantities to suit, seller the month, at
S5c. A. G. Low was taking in the car lots.
There was no sign of weakness, and with
the prospect that prices would be forced up
to 90c or more at the last moment of the ses-
sion the shorts grew deperate aud began to
settle at S5c. They crowded on McHenry,
taking in their stuff in lots of 5000 and TO-
900 bushels. In the course of half an hour
at least
500, 900 BUSHELS CHANGED HANDS.
As the close of the morning session ap-
preached the excitement became intense.
The crowd surged to and fro, while Nc
Henry bid the price ~, and in other
parts of the hall business entirely
ceased, and members mounted on the tables
to watch the climax of the celebrated corner
P. B. Weare stood to the left of McHenry
and glanced anxiously around. The crowd
increased and the jam became unbearable.
Someone started rush and McHenry and
Weare were borne almost off their feet but
they stood sturdily against the menacing at
titude of the crowd. The excitement at
length grew into
A PANDEMoNIUM.
The crowd shrieked and yelled and pushed
and ragged. Finally the bell struck O'Clock.
'I'll bid 9Oc for any part of a quarter mil
lion," said Billy McHenry. This was the
last bid and the closing price OF the morning
board. Among the amusing features of the
corn deal brought out just before the bell
struck O'Clock was the difference between car
lots Of No. 2 corn and the September option.
At the same moment that McHenry was call
ing out 90c. for 500, 600 bushels OF any part
thereof, half dozen operators were Yelling
car lots of No. for sale at 5gc. A good
many receivers, too, got left in attempting to
sell their stuff at the topmost crest of the
wave Of price, owing TO the fact that they
lad only old quantities of corn while the
shorts usually wanted lots of 5000 or 10. OOO
| bushels and no more or less. 1t Is estimated
that
TIE SHORT INTEREST
represents between 1000, 600 and 5000, 900
bushels. The clique must have taken in
during the last two weeks at least 4. 600. OoO
bushels of corn at 75c and better necessita-
ting an outlay Of g, 600, 900. As the Octo-
Der option is selling at about SIC the net
loss per bushel must be in the vicinity Of
zoe making the total loss on account
Of receipts about $500, 900. This loss, how
ever. will be more than made up by the
shorts, who must settle at 81, or at an ad-
vance Of about Acc per bushel. At the open
ing Of the afternoon session cash corn sold
at SIC with very few traders. From this
point it
JUMPED TO ONE DOLLAR,
MeHenry being the bidder, but no sales
were made at that figure. 1t is. however,
the close Of the September corner aud the
unfortunate shorts yet out and it is believed
that the outstanding interest is still enor-
nous, aggregstiug from 1900, 600 to 1000,
600 bushels. They will have to walk up 10
the captains Office and settle on a basis o.
81 per bushel. Il is claimed thzt there was
never a corner run on the Chi
cago board Of trade that bad
such substantial backing as the
last corn deal. 1t is stated that the Septem-
Der option was at one lime short to the ex-
tent Of fully 1l,0OO,O 900 bushels. large
part Of this remains to be settled. The net
losses OF the clique cannot be less than
1000. 600; but as the profits must have
averaged 25c per bushel, as the market was
started at 5O955c and evened up at 1890
the clique must have realized in gross al
least e, 500, 600, leaving 81. 500, 600 net
TIE TRUE TSwARDSEss
OF the deal Is beginning to dawn on the Be
wildered senses Of the Chicago operators, bui
too late TO save them what threatens mach
more severe squeeze in October. II il
acknowledged that P. B. Wesre has been the
head broker Of the deal, and Simmons, o.
KenOsha, the power behind the throne
This mau simmons Is Jsl
Go6sd's right bower. few year
ago he o<ned al the telegraph lines in Wis
cousiu and northern Iowa These he sold Il
the Western Union Telegraph cOmpany
since that time he has frenuentlv been Of