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Commercial
July 13, 1902
The Morning Astorian
Astoria, Clatsop County, Oregon
What is this article about?
On July 12 in Chicago, a petition was handed to the Board of Trade's Secretary Stone requesting directors fix a fair 'margined price' for July corn cornered by John W. Gates' group, based on unmanipulated markets—a step not taken in 20 years. Harris, Gates & Co. manager Samuel Scotten dismissed concerns, noting impacts only on illegitimate trades.
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ASK FOR MARGINED PRICE.
Petition That Directors Fix a Fair
Price of Corn.
CHICAGO. July 12.-A petition was
handed to Secretary Stone of the
Board of Trade today asking that a
"margined price" be fixed on July
corn, which had been cornered by the
party headed by John W. Gates. The
meaning of the petition is that the
directors proceed to fix a fair price of
corn, based on the selling price of
cereals in the markets where the sup-
ply is not manipulated. Such a step,
it is said, has not been taken in 20
years.
Manager Samuel Scotten, of Harris.
Gates & Co. said:
"It's a nice idea; if they win, all
right; if they lose they act baby. What
we have done with the corn hurts no
one who had made legitimate trades.
The people who have sold us corn can
get the money when they deliver the
goods. If a lot of fellows have sold
wind, let them take the consequences."
Petition That Directors Fix a Fair
Price of Corn.
CHICAGO. July 12.-A petition was
handed to Secretary Stone of the
Board of Trade today asking that a
"margined price" be fixed on July
corn, which had been cornered by the
party headed by John W. Gates. The
meaning of the petition is that the
directors proceed to fix a fair price of
corn, based on the selling price of
cereals in the markets where the sup-
ply is not manipulated. Such a step,
it is said, has not been taken in 20
years.
Manager Samuel Scotten, of Harris.
Gates & Co. said:
"It's a nice idea; if they win, all
right; if they lose they act baby. What
we have done with the corn hurts no
one who had made legitimate trades.
The people who have sold us corn can
get the money when they deliver the
goods. If a lot of fellows have sold
wind, let them take the consequences."
What sub-type of article is it?
Prices
Market Condition
Monopoly Or Cartel
What keywords are associated?
Corn Petition
Price Fixing
Market Corner
Chicago Board Of Trade
John W Gates
Margined Price
Corn Supply Manipulation
What entities or persons were involved?
John W. Gates
Harris, Gates & Co.
Samuel Scotten
Board Of Trade
Secretary Stone
Where did it happen?
Chicago
Commercial Details
Location
Chicago
Event Date
July 12
Commodities
Corn
Key Figures
John W. Gates
Harris, Gates & Co.
Samuel Scotten
Board Of Trade
Secretary Stone
Notable Details
Petition For Margined Price On July Corn
Corn Cornered By Party Headed By John W. Gates
Fix Fair Price Based On Unmanipulated Markets
Such Step Not Taken In 20 Years
Scotten's Comment On Legitimate Trades And Consequences