Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-07-02
IRE July CORN DELL
Eastern Crowds Manipulation OF
the Market Causing Distress
to the Shorts
Great Excitement in the Pit
Tuesday = Traders Acted
Like Maniacs.
July Corn at One Time Sold
Several Cents Higher Than
Wheat.

Chicago, July amid scenes of eN-
element, which recalled the days of
odd Hutch" John w, Gates and his
bull clique of eastern Spectators
sent July corn soaring up TO IS cents
yesterday. forcing the price from 7:lg
cents. an advance CT 51a cents on the
day.
At IS cents corn touched the highest
figure since 1890. 1t sold Is cent higher
than wheat and the men, who during
the corn scarce last year, predicted
that before the end of the crop year.
corn would sell above wheat. saw their
prophecy fulfilled.
The advance of 81. cents came to-
ward the close and proved a surprise to
the Shorts, who had been caught naio-
ping by the Gates clique. The market
opened UP at I212 cents and kept going
noon, never going much above 49,
cents. Then the shorts" began to
cover and toward ] o'clock the market
jumped !. cent at q time. In the space
of five minutes 1S cents, the top figure
had been reached.
The corn pit resembled an assem-
blage of maniacs. Men We're yelling
themselves hoarse i'm bidding up the
price. In different parts of The pit the
market varied half cent. Everybody
seemed to want corn, and the Gates
brokers sold it as the price advanced.
When they had filled up the Shorts.
Ware and Leland. started TO sell $1,000
bushels, and the market began to break
The same brokers who a moment be-
fore had been buying started to sell,
and the prices began to go down as fas-
as they had gone up. In another five
corn was being offered at 1879
cents. The closing price was "a cents.
In the space of two weeks corn has
gone up 16 cents Il bushel, and in three
days the advance has been 10 cents.
The Gates crowd started by taking
o.500.000 bushels of cash corn on July
delivery thru their brokers, Harris,
Gates & Co. This delivery was made
to Gates on contracts by the elevato.
people, Armour &, Co. making the heav
lest disposal. 1t included thrce-quar-
ters of the contract corn in store in the
Chicago elevators. the total amount of
which was on hand before the delivery
Icing only 3,451,000 bushels.
Before the opening crowds of brokers
stood about the big weather maps on
the floor and got no comfort out of the
situation. Bad weather was reported in
Kansas and Missouri, where the heavi-
est rains of the season had played
havoc with the crop. Kansas City re-
r,l1 as 4 i,,,,1
With Il storm advancing over the
middle west and the wheat fields of the
Missouri valley and conditions favor
able for more rain thruout Illinois and
Indiana the small shorts began to get
When they jumped into the
pit and began to buy the price Went up.
While John w. Gates is in New York
The entire manipulation of the market
is credited to him and the Wall street
When the market broke
after reaching the highest point, the
Gates crowd, no doubt. gathered hand
some profits on the decline.
While July corn reached IS. the Gates
crowd sold 100000 bushels or more of
around CO cents, and at Ga
cents were again heavy sellers, trying
to break the market
The corn deal has become what trad
ers call fancy deal There is ma
population which is expected to last not
only thru July, but in September The
Wall street contingent are good gam
bers They need no advice from the
western men as to how to manipulate
1t is intimated that the deal
is by no means near an end. Every one
admits they can put the price to 80, and
even higher, if so disposed
There We're rumors yesterday of set
Elements having been made which pre-
cipitated the decline. But the fact was
the shorts were In and the market was
not in a condition to stand any selling.
This was particularly the case in the
rnarket FOR small grains.
All the predictions of 50-cent oats,
lnade by James A. Patten. have beer
realized without any manipulation. but
on an urgent cash demand. New July
sold at that price yesterday. and the
No. mixed oats brought 80 cents free
on the board. There is less than 100000
bushels of oats in store in Chicago. and
only about 100000 bushels visible in
the United States.
BANKS PROMOTED.