St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-06-01
RUINED TWO MINUTES.
COster & Martin Were Short of
Wealth.

CHICAGO May 31.-Coster & Martin made
voluntarily assignment in the county court
today. The firm is composed of Charles Cos
ter. William II. Martin. and Alfred Martin
and David j. Jackson, and carried on eX-
tensive operations on the beard of trade.
Morris Hagle was appointed assignee, but no
schedule OF assets or liabilities was made.
The firms attorney declined to make any
statement today regarding the firms financial
condition. 1t was even said that the senior
member of the firm did not know the exact
amount of the liabilities, but that an effort
would be made to satisfy all creditors as far
as possible.
The elimination of the corner in Nav
corn today resulted in an extraordinary
scene on the floor of the board of trade. A
dollar bushel was the price demanded by
the clique that had secured control of nearly
the entire supply az ailable in this market.
The crowd of traders in the corn pit occu-
pied every inch Of room, and far exceeded
the wheat crowd in dimensions, to say moth
ing of lung power. Samuel Adams and
other clique brokers were necessarily bidding
ST. while Baxter and another set hoWled Of
ferS at S1.02.
No sucn amount of trading at 81 a bushel
for corn is remembered in the history of the
trade in Chicago. In 1854, on the last day Of
September, 81 was bid for corn, but that was
at the last instant of the session. Today
Kennett-Hopkins, sold $4,000 at 81, Norton.
Worthington 35,00O and there were any num-
Der of 5000 bushel lots. The people who
were SelllnS Sl corn 10 the cirque brokers' de-
manded the names of the purchasers, and in
every instance "Coster d Martin was The,
reply.
In the midst of the excitement the situation
suddenly changed. Within less than two
minutes the price dropped 80 cents bushel
The fall was from the 81 price fixed by the
CLIQUE and ut which they bad given the tip
they would settle with any and everybody,
The amount that was crowded upon the
clique at that price had proved too much for
their resources. however, and they were
beaten at their own game. The collapse
came shortly before noon. A check Ill pay
ment for the corn was offered on the Weare
Commission company. demand that it be
certified was not acceded to promptly. In
stantly the market was deluged with offers of
corn and the clique was swamped. ~
The refusal to certify to the checks of Cos
ter Il Martin was quickly followed by the an.
nouncement of their failure, and all firms
having contracts with them made haste 10
close out the trades in the open pit. A bed
lam of excitement ensued. The shorts. who
ten minutes before had been trembling at the
unprecedented settling figure raised by the
clique. now danced about in glee, and prac-
tically mace their own prices. The covering,
however, raised the quotation &c to 55c Ku.
mors of other failures besides Coster q Mar
tin were heard, but none were posted.
All sorts of wild estimates were out as to
the losses sustained by Coster q Martin. 1t
was definitely known that in addition to the
capital required to carry through their deal
up to today they needed $500. 00J or upwards
to stand up under the Unexpectedly large
amount of corn that was hurried into the
city in one way or another almost at the last
minute They did not have the ready cash
to do it and down they went, ruined in two
minutes.