The times. [volume] (Richmond, Va.) 1890-1903, 1902-07-16
corn CORNER
BROKEN ||.| Price Down \
Many Million Bushels s Of Shorts
Effect Settlement.
CT R {! STILL ]. Q {: 0 sPosE. OF.
Gates and His Friends Have 5000
600 Bushels Of Cash Corn Which
Must Be Disposed Of Profit Of
About sl,5oo,o 900.
CORPSE S I 0 o 'sP0SE. OF.
nv Associated Press i

4 ~
CHICAGO, ILL.,. July 1.-THE famous
John w. Gates corner in July corn came
tn a abr,lpt termination to-day, when it
became known that shorts to the extent
of good many million bushels had eff
fected private settlements. with Harris,
was at an end. so far as the steel mag
nate was concerned. The July price re-
srcrded to the settlement by a quick drop
of Is ga cents to. IS Ia Later it reccv-
cred fraction and closed at IS -. sub
stsntially the. price Of the cash article.
gust how many bushels were subject to
private settlement will probably never be
Known nor Is there much chance tina t
the identity of the big fellows in the
trade who doubtless contributed literally
to the fortunes 3of Mr.. Gates and the
friends as9ocia ted with him in the deal.
Will ever be positively known.
Is Nc special excitement attended the pre-
mature puncturing of the bubble by the
man whose property it was The trade
has all along admitted that Mr. Gates was
right and also his ability to do what he
5plee sed with corn. Pit trade during the
day was not much over 100000 bushels.
CONJECTUREsAS5 TO TERMS.
Manager Scotton&would rot discuss the
settlement price The consensus of opin-
ion among outsiders was that MIR.
Gates had demanded either 80 or 81 cents
from the people who were foolish enous h
cents up.
The .length' Of the line of July set.
tied for by shorts is also matter Of
more or less conjecture. Mr.. Section said
it was several million bushels" and
that the length Of the line had never been
overestimated. It has been called as high
as o5.OOOOO0 bushels, but more generally
oO.OOO,O 600 bushels. Since it became pos
sible to make deliveries on July con-
tracts, the Harris-Gates people have
taken in and paid for about 100000
bushels This would leave settlements on
some 100000 bushels; It is estimated
that Mr.. Gates profit will not exceed
$1,000, 900.
MUST DISPOSE OF, CORPSE.
This amount will z be- divided up be-
tween ten or dozen millionaires, who
W. interested in the deal. Mr.. Gates
and his friends have between 1000 900
and 100000 bushels Of cash corn, which
they must dispose of before the corner
can be called absolutely settled. This
corn represents the. corpse which. In
every corner. ever, remain the stumbling
block to success. II the average price
Of the Harris Gates hold should prove
well up to the 20 cent point. the clique
has on hand several million bushels Of
corn which cost its holders in excess Of
the present market price. Right here
is the salient point. Will it be necessary
to, market this large holding Of corn
at less than It cost?
The corner at one time promised many
millions of profit and the farmer whose
well-filled cribs line the tracks of nearly
every railroad entering Chicago is held
responsible for the disappointing end of
the corner. There were substantial re-
serves from the bumper crop of 1900 and
the large yield of 1901. This corn has
been held for satisfactory market. The
farmer did not begin to take advantage
of the situation until the price of July
got up In the 70s and when 1t finally
reached 80 cents the Chicago market
was deluged with cash corn. ~ For a
while the Harris-Gates people kept the
market cleaned up. but steadily increas-
ing quantities began coming. and the
prospect of loading up with a lot of 50
cent corn which they might not be. able
later to dispose Of at over so cents be-
came somewhat APPALLING. Without
warning, they withdrew all support. set
tied with the shorts and closed the-
deal