Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-12-01
THE SITUATION IN CORN.
Review of the Recent Great Operations In
Grain.

| - 49, esSSosss Sss~Ss ORos0&AOoo IN
Grain.
After the closing Of the produce exchange in
New York yesterday well-known Chicago
grain operator briefly reviewed the corn situa-
ton. He said: "The whole facts OF the case
are just these: There has been big demand
for corn for export during the last thirty days
and the White corner caused the supplies Of old
corn, which is the only corn that November
contracts could be filed with. to fall short.
Owing to the high price at which Mr.. White
put corn in the Chicago market when the price
broke the corn shipped to New York was
shipped abroad. The remaining corn in Chi
cago fell in the hands of . few buyers there,
who shipped it as fast as possible to ill the New
England demand. The consequence was il left
the Chicago market short OF corn The STOCK
had been run down to 300. 900 bushels. The de-
mand continued, the market WAS heavily over
sold and the holders Of cash corn became
holders OF options well. ..rs
There was no manipulation in the matter at
all. 1t was just q natural corner and the three
or four people who held the corn discovered
each other and made a combine.
The jump corn made In the market today
was due to the blockade in Buffalo. Some Of
the western shippers had sold corn down here
FOR November delivery, but owing to the lnrge
amounts Of grain in transit on the lakes there
are 10, O0O0 600 bushels of grain OF all sorts for
The Chicago Ecening Journal says,
The wind-up OF the November corn deal
would seem to prove the assertion that the
Chicago end was nothing but Il side show to q
big corner in New York. There are some who
favor the belief that Cudahys heavy shipments
of corn to New York to cover his contracts there
| was the cause OF the advance here. The ad-
| vance in the price to Ito in New York against
rs cents In Chicago is also evidence that some
| persons were having the screws turned on them
|
speculation was rife as to the fortunate and un-
| fortunate parties. The receipts today were 761
cars. mostly new corn. only 1856 cars inspecting as
contract grades. The cash grain was in splendid
demand to fill contracts. The manipulators OF
| the corner" had to buy. too, IN order to keep
| UP the price, 72n74c. being the range. Taken
| in all, it has been very quiet but very strong
| corner, speedily manipulated by parties here
| totoro unsupported OF ability to successfully
carry out a pinching scheme, but that they
| were favored by circumstances every one ac-
| knowledges. 1t is not improbable that the
| courts may be called upon to adiudicate the
differences of some parties to the deal. as it is
rumorcd that several operators on the wrong
| side have defaulted on their contracts.
One hundred thousand bushels OF November
| corn were defaulted yesterday afternoon at the
| end OF the session on the board of trade. Z. j.
Ryan d Co. are defaulters to the extent Of
| GO, 900 bushels and it is rumored that Blum and
Eggieston are among the firms making up the
other 40 900 bushels. The reason that Ryan q
Co. are defaulters is an injunction issued by
Judge Tuley restraining them from filing the
order OF Harry d. SchlOss. Mr.. Schloss con-
tracted to deliver November corn when the
price was 491s. He did not have the corn
| stored and when it became necessary for him
| to pay rs cents bushel for the 10000 bushels
he brought an injunction suit on the grounds
| that q combination had been formed and the
price advanced to an unlawful figure. The
corn was contracted to Lamson Bros. and in
turn sold by them. They expect to pay this
shortage and bring suit against +. J. Ryan
are: Bartlett, Frazier & Co., who are credited
with being the engineers, C. NJ. Armstrong E.
Andrews and Coster Il Martin, the New York
house