The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-09
The Shorts Are Forced to Take Their
Medieine-5ut Little Excitement
Prevails, However
LITTLE FELLOWS" AT
THE BOTTOM OF JUMP
Harris-Gates Clique of MiIIionaires
Are Not Responsible AS They Deal
But Little During the Day-Private
Elevators Are Working Overtime
to Make Low Grade Deliveries.
Special to The Globe.


CHICAGO, July 8.-JuIy corn reach
ed 80 cents today on the Board or
Trade, and once more the shorts had
to take their medicine in large allo-
path1c doses. AS a rule they took #
with no more than wry face Little
or no excitement was apparent while
the prices rose to ga cents over the
previous high point made yesterday.
Inc medicine is not being directly
doled out by the Harris Gates CLIQUE
OF millionaire spectators, as is gen
orally supposed. That house took no
hand IN todays proceedings, no brok-
er OF theirs opening his mouth to buy
or sell. 1t was the little fellows" who
were directly at the bottom of the
days jump which broke all records
on the Chicago board. The bull par
ties seem so confident of their position.
so confident that at least 100000 or
100000 bushels of the 10000. 600
bushel line due them from shorts can
not be delivered in real stuff" that
they are calmly awaiting the outcome
and letting the small holders and
shorts have their day. When the
shorts cannot deliver to them they
can set their own terms of settlement.
Today there were about 500, 600 bush
els of July corn covered by shorts.
! or this the biggest part was taken in
by Ware & Leland for customers. and
according to an authoritative state
ment, that house has only about 5O,-
O00 bushels more of short corn on it's
books. Other buyers were E. w. Bal
ley, Wanzer & Co., Counselman &
Co. and the Weare Commission COM
pany. Bartlett Frazier was the big
gest seller, a good many of that
firms customers taking handsome
profits No one seems to have an idea
who the big shorts are, or at least no
one will talk" There is undoubtedly
a big short interest, probably several,
but that they are obstinate may be
seen from their refusing to cover with
corn soaring to 80 cents and its wings
seemingly intact.
Working Overtime.
Private elevator houses are still
working overtime to turn as much low
grade corn as possible into quality de-
lVerable on contracts. Today they
turned out siXty-th three cars of contract
Only six cars OF the days receipts of
211 cars, however, We're contract grade.
Most onlookers still lean to the view
that receipts will not increase to a.
marked extent even at this price, and
that shorts will have trouble in finding.
corn to deliver to the Harris-Gates
people. Joe Mcdonald, friend of John
w. Gates since boyhood, when they
played together in little town in this
state, told today of the following con-
VerSation held with Mr.. Gates yester-
day in mis- Lasalle street office. Nc
Donald asked Gates whether if he were
long on a little corn he would advise
him to sell now.
'Fll tell you, joe" said Gates. you
are getting pretty old and stiff in the
knee joints. I'll give you some advice
out of respect for your infirmaties.
While $1.25 isn't too high for corn, I'd
go out before the crowd, if I We're you,
say around 81 or so. You understand
this advice is only because of your age
and infirmities."
Other markets were very little af-
fected by the corn "hurrah." Wheat
started out lower on clear weather
practically all through the wheat belt,
and though temporarily helped later,
turned very weak toward the close.
The immediate demand from corn
shorts seemed to be filed, and with
few offerings in the pit, the July price
sagge>. off to 81 cents and closed there.
Everybody on the curb tonight had the
rumor that the July corn shorts mad
settled privately and that the deal was
over.
IF there have been private settle
ments," said Samuel Scotten, of Harris,
Gates & Co., II have not heard of them.
And if the July operations are all
wound up 1 would have beerr~ taken
into the secret"
Rumors of Doctored Corn.
The deal" in July corn and the dis
nf fyafa
have caused a feeling of nervousness
in Merchants exchange circles, which
cropped out today in the filing of a.
complaint by Thomas Aiken, a well
known broker, concerning the quality
of a large quantity of corn recently
shipped here from Chicago.
Mr.. Aiken charged that two eleva-
tors in East st. Louis were full of
grain, which, although shipped as No.
2, did not come up to contract grade.
The exchange appointed an investi-
eating committee, which found that
there was no truth in the charge. The
incident gave rise to the report that
Harris Gates & Co. were short 100000
bushels Of July in this market. An
other report was that the alleged in
ferior grade had been shipped here to
tighten part of a heavy short line held
by Chicago firms.
A st. Joseph firm is said to be short
ABOUT 1VV,VUU DuSnelS OF July corn In
this market. Brokers for this firm re-
Gently went to Chicago to buy, and the
grain purchased by them was shipped
to Thomas j. Cleag, broker of this
city.
This, it is thought, gave rise to the
reports that the alleged inferior grain
came from Harris Gates & Co., and
that the firm was short in st. Louis.
Mr.. Cleag said tonight that he did not
think Harris, Gates & Co. had any
short interest here.