Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-07-16
THAI BIG CORN DEAL
History OF the Attempt at Corner.
ing the July Corn
Market.
The Corner Was Broken. But
the Men Back OF the Deal
Made Money.
Opinion as to the Profits OF
the Gates Coterie Differ
Widely.

Chicago, July 10 Nearly all of the
corn bought by the bulls before the fact
OF their operations in the gram became
generally known was taken ON below 81
cents. a week ago on July S. July corn
sold at 90 cents Until yesterday it did
not again sell below S0i2 cents. and dur
ing most of the last week ranged be-
tween 81 cents and sc cents. Yesterday
it opened at so cents. dropped to COS
and closed at 65la cents.
The deal was remarkable in many
ways Its real principals and the profits
that have been made Will probably
never be accurately known outside of
the Harris. Gates & Co. establishment.
L; is universally conceded, however.
that the richest principals included
Elwood. John Lambert. c. III. Spencer
and possibly John and Michael cudahy.
Kumors connecting John Dupees name
With the deal are positively denied by
hum. and probably grew out OF his con-
Iection as a special partner in the Har-
ris, Gates 4, Co. firm. The rumors con-
Meeting w. b. Leeds and the Moores
with the deal in an important capacity
also probably grew out of the intimacy
between them and the members of the
coterie which was active in the forma-
ton of the United States Steel Cor
roration and many of its subsidiary
companies.
With the wealth of the bull syndicate
had at its command the battle was half
won before it was begun. The syndi-
cate, however, also had available most
accurate knowledge of supplies in the
country and their location. Il system of
grain warehouses and the technical
knowledge necessary To their successful
operation, and it was said to also have
a strong representative on the state
warehouse board to see that nothing
but honest grain should be delivered
In its familiarity with all of the appor-
tunities and advantages of speculation
its principals We're also counted past
masters.
Before the purchases for syndicate
account We're begun a township canvas
of the states of Illinois and Iowa was
made, and the location of every impor-
tant bunch of merchantable corn as
certained. No attention was paid to
other states, and the accuracy of this
premise was found in the recent move
ment of the grain to market. Nearly
all of the corn sold here during the last
week has come from Illinois. including
the industrial supplies at Peoria. Out
side of the commercial supplies at st.
Louis scarcely any corn has come from
west of the Missouri river and less
than was expected has come from Iowa.
At the beginning of the present
month there were 100000 bushels OF
cash corn delivered to the syndicate on
July contracts. This was promptly
taken in and paid for and has been
steadily shipped out since 1t sale IN
the east, While at prices showing sub
stantial profit above the original pur-
chase price. We're nevertheless at hs-
ures so much below the current figures
for July delivery here as to arouse talk
of an injunction on the score of manip-
uIation. Nevertheless this method of
forcing the corn into consumption by
selling it below the speculative price
has ben so successful that despite de-
lveries ranging around 100000 bushels
daily all last week there was an accu-
mutation here In that period oil only
24,S00 bushels of contract grade corn.
Monday of this week. however the
quantity of contract corn made ready
for the bulls was $4,000 bushels and
another lot of the same size was made
available yesterday. lAltho today's re-
cepts We're estimated at only 4lO cars,
the advices from the interior Indicated
such a general activity on tie part of
the corn shelters that it Was thought
advisable to abandon the deal.
One of the advantages of accurate
speculative knowledge in the handling
OF the big deal has been shown in the
method with which the syndicate has
sburied its corpse" as 1t went along. us
sales of September delivery corn have
been almost co-eNtensive with It's pur-
chase OF July. The demand for the lat
ter has for several weeks been so brisk
that the bulls We're able to sell tor that
month at very nearly the prices paid
originally for July. The difference.
added to the cost of carrying from July
TO September, represents the cost of
lnsuring the deal against loss The syn
Gicates sales of the September have at
times been so large as to raise fears
that they would themselves be cornered
in September The immense quantity
of corn now headed toward Chicago,
however, disposes of any such fears. MIR.
Scotch last night reported the exist
ence of 100000 bushels of cash corn
in twelve counties in Illinois. The loca
ton of this corn had been known to the
firm for the last fifty days.
LIVE STOCK AGENTS MEET.