The Minneapolis journal., 1902-07-15
CORN CORNER
HAS ENDED
The Harris-Gates Company
Makes a Settlement
+. With Shorts.
The Price Broke I5c To-
day Closing at
65 I-4c.-.-- -...-G

Chicago. July Is. - General Manager
Scotten, OPS the Harris Gates company,
made a statement to the Evening Post
that shortly before the closing hour to-
day settiemcut was made with shorts N
July corn and that his firm had no fur
ther interest in supporting prices. This
virtually ends the July corner.
Chicago, July 15.-Corn speculators
were stamaeded Immediately upon the
opening of the board of trade to-day.
Bears had the whip hand and drove the
bulls from the support of the so-called
July corner so sharply that prices of July
corn broke 10 cents in the first hour of
trade. Such antics of the yellow cereal
after having reached the fancy price OF
80 cents less than fortnight ago caused
all sorts of gossip, the principal tone of
which was that the Gates crowd had been
| beaten and the much feared corner was
broken.
All natural conditions and influences
| favored lower prices when the opening
gong started business on the floor Of the
| exchange. Almost perfect weather in the
| corn belt for the last four days and more
| Of 1t promised took all the gimp out OF
| the bull following. After being induced
| to drop 6k cents yesterday corn could
| not stand the receipts Of S27 cars which
| showed on the inspection sheets to-day.
| Private :elevat ors that have been abet-
ting the bears in the fight against the
New York bull clique turned out 116 cars
and $4,000 bushels of contract corn to-
day. This amounted to Ala cars and $4,000
bushels Of contract grade stuff on
the market to day. Yesterdays offerings
were over half million. With the last
day for July deliveries still two weeks
off, both bears and bulls argued that at
this rate there would. be enough corn
forced on the market to break any cor
ner -'
July options opened very weak and de-
moraIized, 1c to- &c lower than yester-
days close at soc to 79c. With one or
| two exceptions, every f1uctuation was lc
away from the last previous, one. Sep
tember options were weak, offerings in
that future were free, and the general
| selling on the bearish sentiment preva-
/ lent broke July to 74c in a few moments.
There was a rally to 75e. but the heavy
selling continued the bulls threw up. their
! hands and July shot down TO Zoe, TS-4 -.
& In the meantime September ergwassWeak-
ening. selling from Sic down to 604c.$ :
| While most Of the trade thought the
corner was broken, some Of the supposed
| ly knowing ones 1QClnaI6Q CuaL JOuu W.
Gates and his bull crowd still had some
| cards to play and that probably many
daring traders who go short now will be
caught in trap. The break to-day is
one of 20 cents under the high price dur
ing the rainy season. '... .,.~' -
While the bear interests in the corn pit
| expressed hopes that the turmoil in corn
to- day presaged an end of the July cor
| ner, brokers affiliated with the bull party
stated publicly that the reason the con-
gested option was not being supported by
the Gates-New York clique was that
prices we're too fancy in consideration OF
| the quantity OF stuff being rushed to mar
ket. Practically the only buyers in the
| market have been the bull clique. 1t
has been. somewhat difficult for this party
to. unload all the cash corn which it has
been forced to take in order to support
the corner. With half million bushels
| coming in daily they say the market must
take care of itself. Pursuing this course
they allowed July to make further dip
to SIC before noon. This was a break
of tic under yesterdays high price.
Conservative spectators said that the
trade was really as much in the dark to-
day over the real position of corn as at
any time during the congestion. - 2.
Low Point Was 65A. .
Shortly before noon corn touched 65Ac,
the low point. IL H. ~~~., .4.,l
July corn closed at 651ac, having lost
1870 to-day and 2G14c since yesterday s
high price. - .,'~
September closed weak, 1% @1kc lower
than yesterdays close at 59k @59Bc hav-
ing sold as low at $3.50. f.,
Sharp Practice Alleged. e.
New York, July 14.-The New York
Glucose company is short 100000 bushels
Of corn for July delivery. They have
bought that amount from the Harris
Gates folks in Chicago, and it has been
shipped to Buffalo in eight small schoon-
ers instead of in the regular way by fast
;, boats, presumably to prevent it's deliv-
cry in time for the glucose company tc
deliver it back to corn shorts: This has
been characterized by friends of the glu-
cose company as sharp practice. If the
corn is delivered in Buffalo in time il
will be reshipped Immediately to Chica-
go. II 1t is not delivered in. time the
glucose company will apply to the Chi:
cago board of trade to restrain. John w
Gates from insisting on settlement fol
: the 100000 bushels. a ~