Evening star. [volume] (Washington, D.C.) 1854-1972, 1892-05-31
EXCITING SCENES ON CHANGE.
Manipulators in Corn Are Caught and 9
Big Failure Results.


Big Failure Results
CHICAGO, May 31-The elimination Of the
corner in May corn resulted in an extraordinary
scene on the board Of trade today. A dollar a
bushel was the price demanded by the clique
that had secured control Of nearly the
entire supply available in this market
The crowd Of traders in the corn pit occupied
every inch of room and far exceeded the wheat
crowd In dimensions, to say nothing of lung
power. Sam Adams and other clique brokers
were incessantly bidding 81, while Baxter and
another set howled offers at g. No such
amount Of trading at 81 a bushel for corn is re-
membered in the history of the trade in Chicago.
In 1884 on the last day Of September 81 was
bid for corn, but that was at the last instant of
the session. Today KeIrnett Hopkins sold 1000
bushels at FL. Norton Worfhington. $500 and
there were any number of 5000 bushel lots.
The people who we're selling 81
corn to the clique brokers de
handed the names of the purchasers and
in every instance .'Coster & Martin" was the
reply. The receipts of corn here today included
about 400. 900 bushels Of contract corn, which
either went to satisfy the short interest or at
81 bushel was loaded on to the manipulators
Of the corner.
One short got in four trains Of corn and elab-
crate arrangements were made to rush the
cereal arriving at the last moment into the ele-
vators and to issue receipts in time for delivery
at the close of the days trading. Elevators
throughout the city were reported working at
full speed The appeals committee was said to
be out on the tracks in the rain reinspecting
corn and changing some.
The scrambling was not alone with the in
spectors and brokers, but also by those charged
to get the receipts into the registers Office and
then to get the receipts delivered by 100 pm.
Fast horses were used between the outlying
elevators, and, in some instances, special en-
gines-
In the midst Of the excitement the situation
suddenly changed. Within less than two min
utes the price dropped 50 cents n bushel. The
fall was from the II price fixed by the clique.
and at which they had 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, how
ever, and they were beaten at their own game.
The collapse came shortly before noon. A
check in payment for the corn was offered on
the Weare Commission Company. demand
that it be certified was not acceded to promptly.
Instantly the market was deluged with offers OF
corn and the clique was swsmped.
The refusal to certify to the checks of Coster
= Martin at one Of the banks was quickly fol-
lowed by the announcement of their failure
and all firms having contracts with
them made haste to close out the trades
in the open pit. A bedlam 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 practically made their own
prices. Tho covering, however, raised the
quotation to Is. Rumors of other failures
besides thai Of Coster 4 Martin were heard,
but none we're posted.
Ebs talk was renewed that the unfortunate
frm had unGttingly caught some such whale
- Armour IN their puny nets. and in the ef-
FORTS to land him had pulled themselves into
deep water without 20 much as disturbing his