The Forrest City times. [volume] (Forrest City, Ark.) 1871-1919, 1902-07-18
CORN FELL WITH A IHUD. .
The Bears Had the Whip Hard, and
Drove the Bulls From the
July Corner.
SETTLEMENT BY OUTSTANDING SHORTS.
Perfect Weather, and More Prom
ised, III the Corn BELT, Coupled
With Hcnvy Arrivals, BROUGHT
Corn Down to 81 I-2 Cents. n Drop
From the Fancy Price of 90 Cents.

Corn Down to 81 1-2 Cents. n Drop
From the Fancy Price of 90 Cents.
Chicago, July 16.-The famous John
W. Gates corner on July corn came to
an abrupt termination Tuesday when
1T became known that shorts to the
extent of many million bushels had
effected private settlements with Har-
ris, Gates d Co, and that the deal
was at an end so far as the steel
magnatc was concerned. The July
price responded to the settlement by
quick jump of 15A to 65H. Later
it recovered fraction and closed at
6512, substantially the price of the
cash article.
Just how many business deals were
subject to private settlement will
probably never be known, nor is there
much chance that the identity of the
big fellows" in the trade, who doubt
less contributed to the fortunes of
Mr.. Gates and the friends associated
with him in the deal, will ever be pos
itively known. Mr.. Gates is at pres
ent in New York. and Mr.. Scotten.
manager for the Harris-Gates house,
would admit only the fact Of set
tlement by the outstanding shorts.
Even the fact of a termination of the
July deal was left largely to infer
ence. But the trade readily figured
that with the shorts practically all
in nothing in the shape of corner
could exist.
Admit Mr.. Gates Was Right.
No special excitement attended the
premature puncturing of the bubble
by the men whose property it was.
The trade has all along admitted that
Mr.. Gates was right and also his abil-
ity to do what he pleased with the
corner, and if he chose to chose the
deal couple of weeks prior to the
time at which it would have ended by
limitation there was no one 70 say
him nay. The only unusual thing in
the pit prior to the time at which it
became known that the corner was at
an end was the unusual purchasing
of July corn in small lots by various
commission houses. The pit trade
during the day, however, was not
much over 100000 bushels.
Manager Scotten would not discuss
the settlement price. This price. how
ever, was not a matter of decided in
terest to the trade generally. With
the knowledge that Monday nights
closing price was 81 and the opening
Tuesday from 70 TO so. the consensus
of opinion among the outsiders was
that Mr.. Cat ,s has demanded either
SO or 81 cents from the people who
were foolish enougl to sell him corn
all the way FROM co cents up.
The length" of the line of July
settled for by shorts is also matter
of more or less conjecture. Mr.. Scot
ten called it several million bushels" ;"
and said that the length of the line
had never been over estimated. 1t
has been called as high as 25,00o.0o0
bushels, but more generally 20,000,-
900 bushels.
edge that since it became possible to
make deliveries on July contracts
the Harris-Ga,es people have taken in
and paid for about three million
bushels This would leave settlements
on some 100000 bushels.
Profits of the Della.
70 form an estimate of an apparent
profit by the deal would necessitate
a knowledge OF the average price at
which the property was bought. This
can never be known. unless, some
time later, Mr.. Gates chooses to di-
vulge it. 1t is estimated, however. by
close observers of the transaction.
that Mr. Gates profit will not exceed
l,500, 600 This amount Will be di-
yided between ten or a dozen million
aires who were interested in the Teal.
Gates and his friends have between
100000 and 100000 bushels of cash
corn which they must dispose of be-
fore the corner can be called abso-
lutely settled. This corn represents
the corpse" which in every corner
ever run has been the stumbling block
to success. If the average price of
the Harris-Gates holding should
prove well up to the 20 cents point,
the clique has on hand several mil
lion bushels of corn which cost its
holders in excess of the present mar
ket price. Right here is the salient
point. viii it be necessary - market
this large holding of corn at less than
1t cost?
Corner Crowd Lost Its Nerve.