Iowa state bystander. [volume] (Des Moines, Iowa) 1894-1916, 1902-07-18
CORNER In CORN is ENDED
LARGE OFFERINGS FORCE GATES
SYNDICATE TO SETTLE.
Price Of July Corn at Once Drops
over Fifteen Cents Per BusheI.

Price OF July Corn at Once Drops
over Fifteen Cents Per Bushel.
Chicago. Ill.,, July 16,-The famous
John w. Gates corner in July corn
came to an abrupt termination yester.
day when it became known that shorts
to the extent OF a good many million
bushels had erected private settle.
ments with Harrls.Gates 4 Co.. and
the deal was at an end SO far as the
steel magnate was concerned. The
July price responded to the settlement
by quick drop Of l5A cents. Later
it recovered fraction and closed at
651s cents, substantially the price of
the cash article.
Just how many" bushels were sub
ject to private settlement will prob
ably never be known, nor Is there
much chance that the identity Of the
big fellows" in the trade, who doubt
less contributed literally to the for
tunes Of Mr.. Gates and the friends as
ISOLATED with him in the deal, will
ever be positively known.
No special excitement attended the
premature puncturing of the bubble by
the men whose property 1t was. The
only unusual thing in the pit prior to
the time at which it became known the
corner was at an end was the I'm.
usual purchasing of July corn in small
lots by various commission houses.
The consensus among the outsiders
was that Mr.. Gates had demanded
either 80 or 81 cents from the people
who were foolish enough to sell him
corn all the way from 50 cents up.
The length" OF the line Of July set.
tied for by shorts is also matter Of
more or less conjecture. 1t has been
called as high as 25,000,000 bushels,
but more generally 2O.Ooo,0O0 1t is
matter of common knowledge that
since it became possible to make de-
liveries on July contracts the Harris
Gates people have taken in and paid
for about 100000 bushels. This
would leave settlements on some H.
100000 bushels.
1t Is estimated by close observers
Of the transaction that Mr.. Gates
profit will not exceed $4,000. This
amount will be divided among ten Or
a dozen millionaires who were inter-
ested in the deal. Mr.. Gates and his
friends have between 100000 and
100000 bushels of cash corn which
they must dispose of before the cor
ner can be called absolutely settled.
This corn represents the corpse"
which in every corner ever run has
been the stumbling block to success.
Even If the average selling price Of
the Harris-Gates holdings should
prove to be we'll up to the 70 cent
point. the clique will have to sell sew
eral million bushels OF corn at less
than it cost. The farmer whose we'll
filed cribs line the tracks OF every
railroad entering Chicago Is held re-
sponsible for the ending Of the corner.
There were substantial reserves from
the bumper" crop of 1900 and the
large yield Of 1901. This corn has
been held for q 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 it finally reached 80 cents the
Chicago market was deluged with cash
corn. For a while the Harris-Gates
people kept tho market cleaned up,
but steadily increasing quantities be-
gan coming and the prospect Of load
ing up with a lot Of 80 cent corn,
which they might not be able to dis
pose of at over 90 cents, became some.
what appalling. Without warning they
withdrew all support. settled with the
shorts and closed the deal.
EDWARD GOES FROM PALACE.
Monarch's Journey to Board the Roy
al Yacht.
London, July liking Edward left
Victoria station at 11:35 yesterday
morning for Portsmouth, where he
will board the royal yacht Victoria
and Albert.
The king was conveyed from Buck
ingham palace to the railway station
in an ambulance drawn by two horses.
The only other occupant of the am
bulance was Queen Alexandra. The
vehicle was drawn at walking pace.
Although there was small crowd at
the station there was no demonstra-
ton, with the expressed wish of the
king.
A party of blue jackets removed his
majesty from the vehicle to a royal
saloon car, formerly used by the late
Queen Victoria. Absolute privacy was
secured by lofty screen of red plush
which surrounded the platform.