New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-07-17
IS CORN CORNER CLOSED /?
MAY BE MORE PYROTECHNICS BEFORE
SHORT LINE is ALL COVERED.

Chicago, July 16.-Everything was uncertain
in the corn market to-day. In spite OF the an
nouncement yesterday by the Gates New York
clique that far it was concerned support
of the July product at end, the rank and
file of the trade looked askance at the market
and expressed the opinion that after ali the
July DEAF might not be off.
Certain 1t is that there is still large short
line out which it may not be possible to cover
without more pyrotechnics. Interest centred
around the group of steel magnates that worked
the corner, and gossip differed materially as to
whether the crowd would have profits to divide
or losses to stand.
The Daily News learned from trustworthy
sources to-day that S150OO0000 was behind
the DEAL which was engineered by Samuel c.
Scotch. of the Harris-Gates firm. The princi-
pal hacker according to The News" was
Dalien Reid, the tinplate magnate. who put up
half the cash for the corner
The other reputed members Of the clique were
James H. Moore, William H. Moore. John Lam
bert, John w. Gates. John Dupee, Isaac Eliwood'
]. F. Harris, Charles Gates and Henry C. FLICK.
From the same source came the information
that most Of the immense line of corn, estimat-
ed at 100000 to 25,000,000 bushels. was taken
at 62 cents under.
Yesterdays prominent elevator interests set
but how much of the big short lines were COW
cred is not known.
Conservative SPECTATORS and commission men
pointed to the action of the corn pit to-day as
Indicative that the corner was not broken. They
said that plenty of July corn was on tap put
that the bull clique buying sparingly and
supporting the market. Otherwise July, instead
of hanging firmly near yesterdays closing price
would have slumped to a discount under sep
TENDER options.
Cash receipts continued to arrive here to-day
in
els of contract stuff was on the market again
Spectators said such arrivals simply justified
the judgment of the bull clique In letting the
price drop off. for the corner surely would have
been disrupted and the members OF the pool
would have lost heavily had the mountain OF
grain headed toward Chicago been taken on at
around So cents.
With such gossip floating, many operators
were inclined to believe that the next two weeks
would yet show queer business in the corn pit
Whether or not John w Gates and his asso-
ciates have made heavy profit on their July
deal is a question which was discussed
with interest yesterday in Wall Street and on
the Produce Exchange. The prevailing opinion
is that the Gates party came out substantially
"ahead of the game" With corn pouring into
Chicago in vast volume, IL is easy 10 under
stand, say local grain men, why the Gates peo-
pie were willing to close the corner. but II is
not so easy to see why the shorts would have
been willing to settle at this time, with nearly
two weeks left them in which to accumulate
and deliver corn. except upon the theory that
they were not altogether sure that receipts at
Chicago would continue in the present large
volume. Mr. Gates still in this city yester-
day having postponed his trip to Chicago. he
was found yesterday afternoon in the office OF
Harris Gates Co. chatting with Colonel
Isaac L. Ellwood, who, like himself is a spe-
ciel mariner in that firm Asked to make some
statement about the outcome of the corn corner
Mr. Gates responded Neither the colonel nor
/ have ever seen the books. The members or the
Arm have strict orders not to show them To
us"
1t was said in some quarters that another
corner in spot corn might occur before the END
of the month and also that indications pointed
10 the possibility of a corner being worked IN
September.