Word: shortly
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Dates: during 1940-1949
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...Russo-Argentine decision to kiss and make up caught Chile's Communists short. The day before the announcement, Santiago's Communist El Siglo damned Argentine "maneuvers to tie Chile to the train of a Nazi-Perón war." The day after, El Siglo praised Perón's democratic action, headlined: RELATIONS WITH RUSSIA WILL HELP ARGENTINA FREE ITSELF FROM IMPERIALISM...
Exchange directors gulped, quickly shifted ground to allow trading in old contracts only at new ceilings. Thus the pinch was put on traders who had sold "short" (i.e., sold grain they didn't own in hopes of buying it at a lower price before the delivery date). They stood to lose an estimated total...
...Court. None of these traders was as powerful as Cargill. But one of them, Chicago's Robert W. Buckley, a well-heeled gentleman farmer and trader who had sold short, decided that he, too, would go to court. He persuaded Federal Judge William H. Holly to convene court nearly 45 minutes early on the day that the second ruling was to take effect, won a temporary restraining order against the Board of Trade...
Instead of opening the exchange, the board went to court itself. It got another federal judge, Elwyn Riley Shaw, to dissolve the Holly order. Said Judge Shaw: "Just because one man is short is no reason for suspending operations of the world's largest grain market...
Finally, at 11:30, the big bell rang. After the delay, trading (in old futures at the new ceilings) was even more lively than usual. By week's end, all grain prices were up to their new ceilings at Chicago and the luckless "shorts" stood to lose their shirts. The Cargill suit was still pending. Robert Buckley (suspended from trading on a technicality) was still fighting mad and might go to court again. Nobody was selling confusion short...