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Story
November 7, 1903
The Butte Inter Mountain
Butte, Silver Bow County, Montana
What is this article about?
St. Louis financiers plot to corner December wheat market by over-insuring elevator capacity, blocking short sellers from storage and delivery to force them out. Leaders: Spencer, Milliken, Akin, Kuehn. Began September; reported Nov. 7.
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OCR Quality
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Full Text
TO MURDER SHORTS ST. LOUIS STOCK MEN WILL FREEZE THEM OUT BY CORNERING WHEAT ELEVATORS.
BY ASSOCIATED PRESS.
St. Louis, Mo., Nov. 7.-A plan to corner the December St. Louis market by the buying of all possible insurance on the wheat in elevators, both on the east side and in this city, is outlined in information given to the Republic by insurance men. Corwin H. Spencer, John T. Milliken, Thomas Akin and Herman Kuehn are mentioned as the leaders in a movement which was begun last September, which makes it seem probable that it will be absolutely impossible for outsiders to store their December wheat in St. Louis elevators.
The supply of wheat, it is said, is greater than the bulls anticipated, and to prevent delivery on the December deal they have cornered the insurance market on wheat.
Of the 120 insurance companies taking business in St. Louis it is said that every one of them has written policies on St. Louis and East St. Louis elevators, aggregating about $3,500,000.
The insurance far exceeds the visible supply in the elevators, but by taking out insurance for the full capacity of the warehouses at the marginal price of wheat, the bulls hope to make it impossible for outsiders to store their grain, which would preclude the insuring of it, and necessarily prevent the borrowing of money on the part of shorts, who would practically be frozen out of the market.
BY ASSOCIATED PRESS.
St. Louis, Mo., Nov. 7.-A plan to corner the December St. Louis market by the buying of all possible insurance on the wheat in elevators, both on the east side and in this city, is outlined in information given to the Republic by insurance men. Corwin H. Spencer, John T. Milliken, Thomas Akin and Herman Kuehn are mentioned as the leaders in a movement which was begun last September, which makes it seem probable that it will be absolutely impossible for outsiders to store their December wheat in St. Louis elevators.
The supply of wheat, it is said, is greater than the bulls anticipated, and to prevent delivery on the December deal they have cornered the insurance market on wheat.
Of the 120 insurance companies taking business in St. Louis it is said that every one of them has written policies on St. Louis and East St. Louis elevators, aggregating about $3,500,000.
The insurance far exceeds the visible supply in the elevators, but by taking out insurance for the full capacity of the warehouses at the marginal price of wheat, the bulls hope to make it impossible for outsiders to store their grain, which would preclude the insuring of it, and necessarily prevent the borrowing of money on the part of shorts, who would practically be frozen out of the market.
What sub-type of article is it?
Deception Fraud
Historical Event
Crime Story
What themes does it cover?
Deception
Fortune Reversal
Triumph
What keywords are associated?
Wheat Corner
Insurance Scheme
St Louis Market
Short Sellers
Elevator Insurance
What entities or persons were involved?
Corwin H. Spencer
John T. Milliken
Thomas Akin
Herman Kuehn
Where did it happen?
St. Louis, Mo., East St. Louis
Story Details
Key Persons
Corwin H. Spencer
John T. Milliken
Thomas Akin
Herman Kuehn
Location
St. Louis, Mo., East St. Louis
Event Date
Nov. 7, Last September
Story Details
St. Louis stock men led by Corwin H. Spencer, John T. Milliken, Thomas Akin, and Herman Kuehn plan to corner the December wheat market by insuring all wheat in elevators for $3,500,000, exceeding supply to prevent shorts from storing and delivering grain, freezing them out.