The Superior times. [volume] (Superior, Wis.) 1870-1912, 1892-06-04
CORN OFF SO CENTS.
Total Collapse of the Corner on tho Chi
cage Board.

Total Collapse of the Corner on the Chi
cage Board.
ynrcAGo, H., May 31.-The culmina-
ton Of the corner in May corn to-day
resulted in an extraordinary scene on
the floor of the Board of Trade. A dol
lar 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. Samuel Adams
and other clique brokers were in
cessantly bidding 81, while Baxter and
another set howled offers OF 8.
No such amount of trading at 81
bushel for COIN Is remembered III the
history of the trade in Chicago. In 1884
on the last day of September 81 was Did
for corn, but that was at the last instant
of the session. To-day Kenneth
Hopkins sold 5000 bushels at
Il, Norton-W orthington 5000, and
there were any number OF o,GoO-bushel
lots. The people who were selling 81
the names of the purchasers, and n
every instance "Coster x Martin was
The reply. The receipts of corn here
TO-DAY Included about 400, 600 bushels
pf contract corn, which either went to
satisfy the short interest, or at II
buShei was loaiet on the manlpuia-
tors Of the corner. One short got
in four trains OF corn, and elaborate ar
rangements were made TO rush the ce-
real arriving III the last moment into the
elevators 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, re-Inspect-
ing corn and changing some.
The scramhling WAS not alone with
the ms pcctors and brokers, but also by
those charged to get the receipts
into the registers office and then
to get the receipts delivered by / 30 +.
VI. Fast horses were ueed between the
OUTLYING elevators and in some instances
special engines.
In the midst OF the excitement the
situation suddenly changed. Within
less than two minutes the price dropped
80 cents hushc!. The fall was from
81, the price fixed by the ciigue, 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. however,
and they We're beaten at their own
game. The collapse came shortly be-
tore noon. check in payment for
corn was offered on the Wcare Commits
sion Company. demand that il be
u ,,t tai To MT
! install tiy the market was deluged with
oilers of corn and the cliuue was
swamped.
The refusal TO certify the checks OF
Costcr 4 Martin was quickly followed
by the announcement of their future,
and all firms having contracts with
them made haste to close ont their
trades in the open pit. \ bedlam OF
excitement resulted. The shorts. who,
/ ten minutes before, had been trembling
al tho unprecedented settling figure
ra;sed by the clique, now danced about
in glee and practically made their own
prices. The covering, however, raised
| the quotation 10 cents. Rumors Of other
failures besides that of Coster x Martin
were heard, but none were posted. The
talk was renewed that the unfortunate
! firm had unwittingly caught som" such
whale as Armour III their puny net, and
| in the efforts to land him had pulled
| themselves INTO deep water without so
much as disturbing his serenity.
All sorts of wild estimates were made
as TO the Losses of Coster x Martin. It
was definitely known that in addition
! 10 the capital required 10 carry through
! their deal up 10 to-day they needed this
| morning $500, 900 or upwards to stand up
| under the unexpected large amount OF
! corn that was hurled 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.
! The formal announcement OF Coster
! < Martins suspension etter what
seemed intcrminable delay was issued
+: from Secretary stones office a few
minutes before the huge cong was
runs to close the session and
! end the big deal. Messrs. Costcr u
! Martin are both young men. They
came here from New York about three
wears ago and have been very success
! full until now.
The crowd on the floor at the close
was the largest that has been
| seen III long time, and the
! excitement was intense, though no
/ further disasters were developed.
The final price for May corn was 30
cents bushel even-iust bali a dollar
from the top price of the day, before
/ he corner bro Ike.