The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-09-28
THE w HEN
A TIGHT SQUEEZE IN WHEAT
B. P. Hutchinson Scores Great Success
Where Harper Made Big Failure.
He Corners the Chicago Wheat Market. and
Yesterday Forced the September Option to
$125-A Gloomy Outlook for "Shoris."


pursued by September wheat to-day is the out
come of a corner in that option by B. P Hutch
iuson. who has been buying all Of the Ssptem-
Der wheat offered lately. Only three days re-
mained for the shorts 10 settle their trades IN,
and they went into the pit this morning and
began to bid against each other with the result
that the price mounted rapidly until it reached
81 p. Hutchinson sent the shorts word that
he had little wheat to ssll; they flocksd to his
Office where hs disposed of 325, 900 bushels At
sl.25 in very short time; then, after telling
those. of the shorts who were still willing that
wheat would go to - within week, be went
away to his club. leaving instructions with his
brokers to sell the s'shor,s" all the wheat they
wanted at sl.25. or buy ell they would sell at
sl.24. There is o suspicion that Hutchinson
also he's most of the December wheat, aud in
consequences that option went ND to 81.
The excitement after the adjournment was
even greater than that which prevailed during
the session OF the board. The runners about
what "Old Hutch" would do were too numerous
to trace to authority. He was represented 10 all
shapes and forms, and with every conceivable
purpose. Some OF the spectators caught for
heavy losses were threatening vengeance on the
great bull; but they were reminded that he
pretty thoroughly protected from legal proceed
ings. He had announced to a squad Of shorts
that this not q corner; that it was against
the law of Illinois TO corner grain or provisions;
that he bad carefully studied the statuts. aud
lad been very particular not TO vic.ats Tvs pro-
genuine etuf. and IL the other gentle
men had been selling something they could
not deliver that was their lookout. This condi-
ton OF things Was a genuine revelation 20 the
rb-osn AaalA 81
anxiety to cover. The price was run No with
wonderful rapidity way above the day price
the board. The advance WAS marked by almost
q street bedlam. The price reached 81 so for
September before the sidewalk trading ceased,
and one deal is reported at 81 3l3. There was
vast amount OF brain racking toms ght as to what
the wheat king would do tomorrow. No one,
however, could speak by authority. aud the day
closed with fsversh uncertainty which prom
isee any amount OF excitement and anxiety in
the opening sales tomorrow. Both December
and May wheat were IN sympathy with Septem-
Der wheat in the late trading, and transactions
In the two far-oH options were large and num-
erous.
The Chicago Times tomorrow will sum up
the situation as follows: Last year. Harper. OF
the Fidelity Bank of Cincinnati, tried to boost
wheat above the hundred-cent line, but he only
got 1t to 93sc. That the 7th day of June,
1887. Harper was just year too previous.
What was impossible then is as easy as rolling
OF q log now. Conditions different. and q
different set OF men ara under the market"
Tho deal OF June. last year, was rotten from in
ceptiop to collapse The deal of September,
1858. seems to have been founded on correct
business PRINCIPLES and carried on By men OF
brains and honesty, we'll as money. When
the Harper deal collapsed there was nearly 1885,
100000 bushels of wheat In the Chicago ware
houses, with additional millions pointing this
way. This wheat was carried on shoe-string
margins by desperate esmb blere. At the present
moment. With the September deal ap-
preaching close, there is less than
1900. 900 bushels OF contract wheat in Chicago,
pracucally all of which is held by one man. who
has paid for it with his own money and locked
it ND. And the strangest thing about the whole
business Is the fact that at no time during the
month have receipts been above normal Within
two days of the end of tine month swollen re-
ceipts would naturally be looked for, but the
movement amounts TO only a thin, trickline
stream. Nearly 2. 600 cars Of wheat day poured
10 upon Harper during the last few DAYS of his
calamitous corner-l, 600. 900 bushels every
twenty-four hours. To-dsy's receipts were 49,
600 bushels, and tomorrow the quantity will
not be much. If any. larger. Two business
days yet remain before the month closes
plenty OF time for wheat to break back to 90
Cents or advance to So The course of the mar
ket during the next few days depends
entirely upon the extent OF the
'short' interest yet outstanding, and the diepo-
siton OF the shorts to SETTLE What that in
terest amounts TO, only one man can tell to a
certainty, and he won't That man is 'Oid
Hutch" While no definite statement can bs
made to the yet outstanding short interest
a generally excellent authority puts it at about
5000, 900 bushels. The bulk of this, according
TO apparently the best guessers. is on English
aud other foreign account. Hutchinson's gains
aggregate already. at the lowest estimate, a
clear ST. 500 600. Treble that sum may be nearer
the true figures. How much more will be added
or deducted when the deal ia finally closed can
be better told. perhaps, the first day OF October.
CHATTANOOGA, Tenn, Sept q. 1T has de-
veloped here to-day that a quarter of a million
bushels of Tennessee wheat is held in elevators
here for Chicago parties They have for some
| time been purchasing ali wheat offered.