GOVERNMENT: Corner in Rye?

In the old days, cornering a market in commodities or stocks was a favorite pastime among the wizards of Wall Street and the giants of the grain pits. But now, making a corner is illegal, unless it is done accidentally; in recent years the feat has been accomplished only rarely. Last week there was a growing belief that a combine of speculators had cornered the July futures market in rye—and made a big killing.

The evidence of a corner was strong. From July 2 to July 20, rye for delivery that month had jumped 37¢ a bushel to $2.15½; in...

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