New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-09-28
AGAIN A WHEAT CORNER.
A BIG BULGE IN SEPTEMBER GRAIN
old HUTCH SPRINGS A TRAP ON THE
CHICAGO BEARS.
CASH WHEAT JUMPS TO 81 90 ON THE BOARD
AND 81 81 ON TIE CURB WITH NONE TO
BE HAD-A DAY OF WILD EXCITE
MENT In TILE PIT.
(Br TELEGRAPH TO THE TRrBuNE.l

!
(Br TELEGRAPH TO THE TRrBuNE1
}, Chicago, Sept. 27.-The bears in wheat were let
into double-spring trap last night, and tO-day's
proceedings in the Board have been enlivened with
music from full ursine orchestra. Whether the
bulls took part in selling down prices the late
curb yesterday is an unsettled question, but it is
certain that they held aoof and sbstaned from
giving them the slightest support. They allowed
the bears to assume that the bulge was over and
much lower prices probable to-day.
Depressing cables were sent to foreign houses
last night. and in response the foreigners returned
some equally sick this morning The bulls wore
gloomy expression at the opening, and admitted
that the market might sell off cent or two.
| The bears playful flock Of well-fed
| lambs. They assumed patronizing air, and
hoped that the impending bovine slaughter would
not involve their particular friends The Offer
| ings at the opening would aggregate millions.
| There were no conspicuous buyers, and it looked
as il these would be swamped with the food Of
wheat that poured out from every corner of the
pit. 1t sold quickly to 06 5-8 cents for Decem-
bcr and for a moment was offered IN 90, 900 lots
at that price, with no takers. After little,
when the tumult subsidized sufficiently to ascertain
what was going on, Il was discovered that Hutch
inson's brokers were quietly picking up the round
lot offerings paying no attention to the fvcs
The crowd were at sea. Their minds had been
made up for break, and they were disposed to
believe that the offerings were so large as to fill
up the :" Old MAN. and drive him out of the pit
But his brokers kept on filling up their cards.
and the offerings began to dwindlc down. For
an hour It was hard to tell what would be tho
outcome, but the market crawled up by sixteenths,
reactng weakly at times, until it touched 90 for
n for
time and it seemed as if it would never pass ii,
but when the Rubicon was crossed, it sailed up
cent like a runaway balloon. There was smother
hating spell around 90 cents and an immense
amount Of realizing. 1t took the market perhaps
half an hour to absorb the offerings
September wheat all this time had been bound
ing up cent or two jump until 81 Is was bid,
against close Of 81 04 yesterday.
A panic seized the bears when they saw cash
wheat so rampant. Their bids for December were
so urgent that the price up to dollar in less
time than il takes to read about 1t. This was the
figure set for selling out by numerous bulls, and
such a food of wheat came upon the market that
the price ran down to 90 ga cents in less than
two minutes from the time 1t left % IA cents on
its upward fight. But September cut loose from
everything and kept soaring aloft until 1T touched
81 26. Hutchinson had his favorite seat tilted
back against one of the marble columns, and was
apparently Indifferent to the uproar He chatted
pleasantly with little knot gathered about his
chair, now and then interrupted by some broker
anxiously in search of cash wheat He listened
attentively TO every appeal and If the bid suited
him a nod closed the trade, but if not quick de-
cided shake of the head terminated the interview,
and the old gentleman went on talking with his
friends. lie does not like to dicker and whoever
undertakes this with him generally winds up by
paying more than he would have had to pay at
the outset.
The 22-cent advance shows that the short in
terest in seller the month much greater
than the public have believed possible OF course
this is what gave tue rest of the market its buoy
ancv to-day but the fact that traders would stand
short of SO dangerous a deal as September, when
The receipts of contract wheat have been drop in
the bucket for a month past, is taken as pretty
conclusive evidence that the short interest In op-
lions is greater than the most sangulne bulls
have imagined. II would seem as ii the market
,hould have considerable reaction after SO turl-
Jus q bulge, but the strings are completely In
possession of the bulls that they may pull them
Tor another Jump whenever 1t suits their pleasure
Receipts were lo2 cars, with 100 estimated lor
Friday.
The Daily News" says of the remarkable
course pursued by September wheat to-day that it
IS the outcome of corner in that option by Is. L.
Hutchinson, who has been buying all OF the Sep
,ember wheat offered lately; that, as only three
lays remained for the shorts to settle their trades
ing and and began S to O bid against each other,
18th the result that the price mounted rapidly.
The over-enthusiastlc bears had sold more wheat
than they could deliver Hutchinson has taken
ali of this future that any one would sell Tor
months past and he has also bought all of the
contract grades of cash wheat ne could out
owns nearly all the cash wheat in store in
the city, and also holds the contracts OF large
number of people, to the effect that they VII
deliver to him large quantity more during this
month. This wheat, as a matter OF course, can
not he delivered during the three days which
constitute the balance of this month, and Mr.
Hutchinson is consequently monarch of all ne
surveys.
1t cannot be said of him, however that he
has not given the shorts every opportunity OF
buying in their wheat. They have been reminded
time and again to get in out of the wet" but
with almost incredible obstinacy they have held
off for lower prices, while their own eyes ana
straed that the quantity of contract wheat coming
in was little or nothing. The shorts get niue
sympathy now when they are compelled TO go III
the bit TO bid against each other for something that
is not for sale Hutchinson simply sat back in
his chair and let them bid each other till they
had got the price to 81 25, when he gave It
drew a crowd. Shorts who had small amounts out
like s. 900 or l q, 900 and $4,000 bushel lots got
in line like purchasers of tickets at tn ooA-ofce
and in less than twenty minutes Johnny" Brine,
settled over $4,000 bushels
Il see the boys coming in,' remarked
reporter as he approached the throne.
why shouldn't they said the old man
" Millcrs will pay that for the wheat to grind,
and | can't afford TO sell it for less" -.
Finally Mr. Hutchinson became overcome with
ennui and yawnng, said to " Johnny I've |
got to go over TO the club. Sell all they will take
at 81 25 or buy all they will sell at 81 "a"
lie walked across to the club, stretched his |
legs looked through ield-glass he had and came
back. 4 short" who on the plea that he was |
nc 81 "a was told, IL can't afford il; Eve got TO
to pay interest. insurance, etc, and I've got TO !
make expenses. I'm sorry for the poor widow, just |
the same
Then turning to young broker, who had |
high do you (? I'll just bet you $50 il sells at
50 Saturday
Mr. Hutchinson lhe is not called Old Hutch" |
any more except in quiet Whisper still owns |
the cash wheat OF the city and the operations |
of this may bid fair TO be repeated next month, |
and in the event that wheat fails 10 come more |
freely from the Northwest. IL NAV hapDen |