Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1900-06-02
#iseellaaeuns Readius.
SOME HISTORIC CORNERS.

SOME HISTORIC CORNERS.
Various Speculators Who Have Bitten on
More Than They Could Chew.
New York Press.
Inasmuch as the failure of Price,
McC cCormick & Co., involves a large
amount of paper profits and paper
losses, the general market remains un-
disturbed. The suspension of the firm
was discounted weeks ago. All oc-
currences in Wall street are discounted
before the general public gets the
slightest inkling of them, therefore,
Wall street is never surprised, while
the public is ever amazed. Three of
the general partners in this house are
men of ordinary means. One is a
millionaire. The special partner, Mr..
George Crocker, is said to have for
tune of $4,000, 900 or 6,000,0 900; but
bis liability is limited to the $500, 900
which he subscribed in cash on the
29th of last November.
The magnitude Of our moneyed in
terests and the stability of our finan-
cial system are we'll illustrated by the
Indifference with which failure for
$13, 100000 is viewed in the street.
Ten years ago the theft of Mr.. Russell
Sage's loan. tickets precipitated the
suspension of Messrs. Decker, Howell
& Co., one-of the largest firms in this
city, for $11, 100000. Through the
efficient Offices of Mr.. William Nelson
Cromwell, the creditors of this firm
were paid in full, and the lawyer was
handsomely rewarded in money and
plate. 1t is noteworthy that this gen.
tleman has been engaged to straighten
out the affairs of Price, Mccormick &
Co.
Corners in grain and stocks are dan
gerous things to toy with. Mr.. "Dea-
con White" had experience of that on
more than one occasion. His greatest
burden was corn. Young Mr.. Joseph
Letters experience came later and was
more disastrous. His attempt In
wheat cost his father numerous mill
lions. Still later came the corner in
Tennessee coal and iron, which, how
ever, proved Improbable only to the
non-members of the pool. Two healthy
corners collapsed in 1sS7-the coffee
corner and the Chicago corner in
wheat-the latter causing the failure of
the Fidelity National bank Of Cincin-
natl. In 1880 81 Mr.. James R. Keene
undertook, in connection with large
operators in this city and Chicago, to
corner wheat; but his allies failed to
sustain him, and his losses involved
him in financial wreck, wiping out an
interest in railroad stocks that would
have cleared profit Of from $7,000,-
900 to $1O,O00,000.
Mr.. Jay Gould's attempt to corner
gold in 1869 caused the panic of "Black
Friday" which carried down thou
sands of firms throughout the country.
The price of the precious metal was
forced up to 1921; then the govern
ment stepped in, became seller and
saved what was left of the day.
1t was the corner in Pacific Mail that
ruined Mr.. Lawrence Jerome, who in
vested bis last dollar in it under the
belief that the stock would 60 to 1000.
1t fell to 25 while he was touring Italy
and carried away his fortune. The
Harlem railroad corner at the begin
ming of the war ruined many. The
shares were forced up to 2S5. There
recently died in this city man who
undertook many years ago to corner
the Virginia peanut crop. He met
with disaster and remained poor
privilege trader on the curb till the
day of his death.
With little more help it is possible
that Mr.. Price could have cornered the
cotton crop of the universe. But help
of the right sort is always lacking at
the critical moment. No one man or
firm can operate successful corner
while there are hundreds and thou
sands of able bears ''gunning" for him
or it. And there were many "gun-
ming" for Price, the boldest cotton
plunger of the day.