St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-09-30
HUNTEDBY old HUTCH
Shorts Ground Under the
Iron Heel Of the Old
Dictator.
Under His influence Septem-
Der Wheat Touches The
81 Point.
having Turned His Corner the
Cid Man Collars De-
cembeP.
The backbone Of More Than
One Dealer Seriously
Fractured.

CHICAGO. Sept. 29.-There was a lit
lie less excitement on the board this
morning. 1t was so near the end OF the
September deal that there was a grow
ng feeling Of relief apparent. ''Hutch'
sat in his accustomed place, and to all
nuuirers for the September article he
replied that he had none Tor sale. but
that he could supply some at 3. Billy
Linn. it is said. offered some at $3.50,
but later on several in the cash crowd
bid s1.6O without getting any. Both
holders and shorts were holding OF TIL
1880 o'clock. the hour for cash wheat,
when the receipts would be known.
December opened active and stronger
at 9935c, and ran UP 10 995Sc. IL fell on
again to 99c, and again TO 9S$l9965sc,
but advanced a peg or two once more.
1t was thought by many to be a ripe
time at which to take profits IN antici-
patton OF a slump after the September
deal was finished. at which time it may
be purchased back several cents
cheaper. There was a good deal realiz-
Ing on this assumption.
When the market was sufficiently low,
Hutchinson stepped in and bought
heavily. The crowd tailed in and forced
the price up to Sl.OO15. In spite of this
fact there were plenty Of men who adj
vised selling short and taking the
chances to
RECOVER ON A FUTURE BREAK.
7. II. Seymour picked up what Sep
tember wheat he could find for sale.
lie bought a good deal at Sl.+5. The
''0ld man's'' selling price was 3, but no
trades were made at that figure during
the morning. 1t was said that forty
cars OF wheat came in this morning on
the Illinois Central, and that the inter-
ested parties had distributed cham
pagne literally among the inspectors in
order to have it passed in time for de-
livery.
Il don't know as many have thought
Gf il. but this wheat can be delivered on
Monday. and viii have to be accepted"
said q scaIper. You see, Sunday is the
last day of the month and therefore
Mondays deliveries will count for Sun
day. This has been decided by the
courts" If the market opened dull
and heavy the ''Old man" gave the boys
no reason to complain Of dullness after
he became warmed up. What with his
peddling out cash wheat at top notch
prices and buying December he
LED THE CROWD A LIVELY CHASE.
With 4 very short intermissiOn old
Hutch bought continually Of December
all day. As a natural consequence the
market went up on him. and Ream and
some others went in and helped to boost
1t Just on purpose. When the price
neared Sl.O1 the market went wild. The
gallery audience leaned far over the
rail to sean the pit and the clocks. The
floor was crowded with friends of the
members. Retired traders who have
not been on Change for years were
noticed on the floor. Intense interest
prevailed everywhere. 1t was equally
divided between the cash crowd, the
''Old man" and the pit. At the latter
place the trading never tagged. The
price took frightful jumps. 1t reached
and passed S1.O1. Itreached and passed
S1.02. 1t reached and passed S1.OS, and
still &" Hutch bought greedily. He took
it in the pit and out. His brokers
scrambled for il, fighting each sc
advance. Every time December broke
q point his brokers took all they could
get, and at last they opened their cards
and took the wheat without scarcely
disputing the price. 1t is needless to
say that the price continued TO advance.
By 1850 it had sold at S1.O455. The De-
eember market was finally quoted at
sl.O5, but it only stayed there a second,
and fell rapidly away, and closed finally
at $1.0315. As its lowest point was
$3.50, the fluctuations of the day COW
cred a range Of &c. The other options
are now at a discount as regards De-
cember.
THE SCRAMBLE FOR SEPTEMBER
finally eliminated in bidding the price
up to s.. When this was done rush
was made to the cash crowd. and Tom
Seymour was carried OF his feet and his
fat body forced up into the air by the
opposed forces OF the crushers. He
never lost his presence Of mind, but
continued in that position to buy wheat
at Sl.50 and sell it at -. 1t is said that
Monday morning viii show the life
squeezed out Of more than one house.
"They talk about puts and calls and
then allow this" said the janitor who
swept the floor.
The movement of inspected grain
Into the city yesterday was as follows:
$50 cars winter wheat. 216 spring, 693
corn, 322 oats, At rye, SO barley; total.
LAZY. Shipped: 56S bushels winter,
R,414 spring, 322, I'D corn, I,250 barley.
SOUEATTNG SHORTS