The Portland daily press., 1898-07-20

forced prices up to 50 on the last day of
tne month, on which date it is said, there
were less than 300 bushels of cash wheat
IN New YORK: On October | the price
dropped to $l.02, afterward rallying to
| 81. ~, showing there was real merit to tie
sibua9lo3; buG while buying September
he sold DecsInber, which resulted disas-
trously, and from that time on his down
fall was sure.
In 1887, H. E. Harper attemnted a.
corner in June wheat, which resulted in
wrecking one of the beast known banking
institutions in Ohio. and in bringing
about his own incarceration for term of
IA years. Harper lived in Cincinnati.
where he was grain dealer of some
prominence. He owned q small elevator,
and had considerable interest in the
Fidelity bank of that city. The specula-
tive bee began buzzing In his bonnet,
and he started out and bought up 17,00O,-
9oo bushels of the June option. When he
mad laid in this supply, he figured that he
naa control of nearly all the supplies in
the country, and, in fact, had exhausted
1ne crop. 1t is peculiar feature of all
corners that crops prove exceedingly
Geceptlve. This was especially true IN
larpers case, for June wheat kept pour
ing into Chicago from all sources, and
when the bottom fell out of his deal. it
was estimated that there were about 49,
ooo,ouo bushels of cash wheat at that
center.
In trying to stem the tide turning
against MIN Harpe, obtained large sums
from the bank on fictitious names. When
the crash came the bank went under in.
side of 4S hours. 1t was nearly a year
afterward before the principal in the
drama was brought to justice. While
there may be those who looked upon
Harper's effort as corner pure and
simple, the fact remains that he forced
M hirphn fhor
When his end came the brokers threw all
the wheat on the market, and prices
dropped about 30 cents in two days "O1d
hutch took all the cash wheat, thus
practically saving many firyu from alb
1ect ruin. As it was, there were more
Iailures on the Chicago board of trade
IMAM In any other corner in history.
VI recent years the deal engineered by
Cudahy was the most important. This
grew from small beginnings to a pro-
dlglous size, involving stock of specula-
1--WE ana cash wheat yariously estimated
at y, 600. bushels. The year in which
this corner was attempted was 1898, with
the May option as the basis of Operations.
1t was in this deal that Partridge cut a
conspicuous figure, for while Cudahy
was going long to the extent already
mentioned, Partridge was credited with
being something like 1000, coo bushels
short. Cudahy by desperate effort suo-
$4,000 IL PaoAAlS pilCts up Oh UA0 may
future to so cents, compelling about
6, 200, COO bushels of shorts to be covered at
large loss. The financial panic OF that
year played prominent part in wreck
ing the hopes of MIR. Cudahy. The shorts
grew in numbers supplies coming into
the market the prices gave way. AS in
the present case with Letter, Armour
gobbled up all the cash wheat. This
brings to mind the story in circulation at
the time regarding the existing relations
between Armour and his former clerk,
Cudahy. 1t appears that Cudahy had in
Cured the displeasure of Mr.. Armour by
taking the course he did after leaving
Mr.. Armour's employ. So when the
corner was started Mr.. Cudahy found
arrayed against him powerful an
tagonist in the person of Mr.. Armour
1t Is told that during the excitement of
the corner Cudahy made the remark that
before he got through with MIR. Armour
he would have him working for him as
clerk, thus turning the tables around.
However, when Cudahy abandoned the
corner it was Armour who came to the
front and relieved him of the cash wheat
In fact, there are few cases where when
the smoke of battle is over. Mr.. Armour
is not found occupying vantage ground
of widespreadng interest. He is always
in at the finish with a vengeance.