The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-07-12
Two Members of the Kansas City
Beard of Trade Settled
Big Deal.
SQUEEZE FAILED TO WORK.
ST. Louis Man Bought a Large Lot
for July Delivery and Can
Get More Than He
Wants.

REPU UBI.IC SPECIAL
Kansas City. Mo. July 1.-Two mem
beTs Of the Kansas City Board OF Trade to-
day settled 4 corn deal in the St Louis
market that tied Up. for a time. one-half
millions dollars and broke an inoipient cor
ner in St. Louis July corn. The man
! who broke the corner made big profit out
OF the transaction
Some weeks ago. leading Kansas City
grain firm decided that the prices were
out Of line. and sold .O00O OOO bushels Of July
corn in ST. Louis. and bought the same
quantity for July delivery in Kansas city.
In addition. this firm sold several hundred
thousand bushels Of July corn in ST Louis
as hedge" against cash corn
starts Corner
About the same time, big speculator in
the ST. Louis market conceived the idea OF
running a corner In July corn there. lie
calculated that ST. Louis would not get
much corn. with manipulation on a large
scale. going on in the Chicago market
Consequently he bought big lot OF corn
for July delivery with the expectation or
exacting a high price for settlement from
those traders who contracted to deliver
corn in July and should find themselves un-
able TO do so.
The ST. Louis man thought he had every
thing going smoothly until a few days ago.
Then he suddenly discovered that he would
get a million bushels or more delivered on
July contracts. He did not want the corn.
He wanted a chance to force the market
up and compel a settlement at high prices
by the distressed shorts. The St. Louis
pluuger sought out the man who threatened
to deliver TO him a few hundred thousand
bushels.
His broker was c. F. OrthweIn's Sons
Commission Company, OF which c. C Orth-
vein of Kansas City is the chief man. II
b. al -Na--a ha- L mute
market was dominated by two Kansas
City men. c. c. OrthweIn. representing
the st. Louis plunger. had the long end
of the deal. The short" end was held by
the Harroun Commission Company. Of
which A L. Harroun IS the head. in Kan
sas City.
Special Trains Chartered.
A. L. Harroun has been the biggest fac
tor in the Kansas City corn market for
many months. When he saw that the St
he arranged for special trains TO rush corn
down there from his elevators here and at
81. Joseph, and his firm bought a big line
of No. 2 corn from Harris. Gates * Co.
who are running the July corner IN Chi-
ca1o. and started 10 ship corn from chi
cayo to st. Louis
Harris. Gates & Co. were glad TO get nd
~ a few hundred thousand bushels OF the
grain that had been delivered 10 them on
1uIy contracts. and that end OF the deal
was easily arranged -
on,o 0O0 bushels OF the Hsrroun July sales
al about G. cents. That much corn the 81
Ionfs buIls will escape taking. The rest.
amounting TO about 100000 bushels VIII
he delivered. and the st. Louis trader VINO
s,,r,s5 :o corner July corn, will have a lot
OF grain ,
In the rnea ltirne the Harroun Commis-
sion Company has about one-half million
bushels of corn bought in Kansas City ior
July delivery. and will be able to dictate
the nrice at which shorts will have 10
settle Corn has suddenly become very
scarce here because Of the movement be
ing turned to St Louis and Chicago.