Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-03-30
A GREAT DEAL IN WHEAT.

shake-out.
CHICAGO. March 29.-Not since the
famous Kershaw deal, the collapse OF
which drove a score of firms into bank
ruptcy, has there been such sensa-
tional scene on the Chicago Board OF
Trade as took place to-day. The price
of wheat for May delivery broke ~
cents in about that many minutes, cauS-
ing a craze of excitement in the trading
pit. The confusion and panic was so
great as TO make it almost impossible 10
trade. Brokers tumbled over one an
other In their eagerness to execute
orders, fought their way into the
crowded pit as II eternal salvation
depend on their getting there. The sud-
denneSs of the break was the most
alarming fear Wheat opened about
Sic this morning when the market fell
off, but reacted and seemed as strong
as Sampson before he yielded TO the
Establishments Of Delilah. 1t advanced
steadily alter the opening to $3.50.
when some Of the big shorts like Arthur
Orr, Captain Phillips and Ed. Par
bridge concluded 10 cover portion OF
their line.
At the high price Of the day Cudahy,
who is regarded by many as the king OF
the bull clique, doled out 100000 bush
els to Orr, anOthep million TO Phillips
and about 1000, 600 to Partridge, giving
it to the hungry shorts in lots OF lO0,-
600 10 200, 900 bushels.
The offerings came so rapidly and In
such unusual quantities that with the
big shorts out Of the way, the mar
ket appeared as If shot through the
heart, and with a convulsiye SILVER.
falling dead in its tracks.
One theory is that the big break in
prices was due in part at least to the
fact the Board Of Trade directors have
decided that storage emergency eX-
lists. Extra emergency houses would
be created as applications are made and
as necessity presents itself. The de-
ciSiOn Of the directors was reached last
night but was not generally known until
shortly before the break came to-day.
The friends Of the bull clique and many
others who were not posing as friends,
scotfed at the idea that the storage de-
cision cut any particular figure in the
days operations.
John and Michael Cudahy, the rich
pork packers, were said to be at the
head of the bull clique, and many other
wealthy Chicago and New York capt.
talists were named as associated with
them. They acquired, II is stated, con-
troll OF the Il, OOO, 900 bushels Of con-
tract wheat in the elevators here, and
were prepared to pay for much more If
Il. 81 M vUh in
apolis, Duluth, ST. Louis and other
places could find storage room for that
amount here. Armour IL Co., and other
elevator owners have been emptying
the bins of corn and oats aud barley in
their houses into the holds of the YES
fels in the river to make room for more
wheat. They were also chartering yes
sells in Milwaukee and elsewhere TO
come down here and receive some OF
the grain they are Kidding themselves
Of.
The storage capacity here ordinarily
is equal TO about 30, 10000 600 bushels. On
the advance during the last few days to
S22ic, the top figure to-day, a vast
amount of short wheat was bought in,
and at the same time the pyramid"
builders bought like mad, piling up all
their brokers would stand. This class
risk profits with reckless enthusiasm,
aud they often become menace to the
successful corner. as was the case when
Harper went broke trying to lug along
a mountainous load of "tailor" and
pyramid" wheat. This is q danger
that experienced "cornerers" guard
against by breaking the market and
shaking out the "taiiOrs."
To-day was an suspicious occasion
for one OF those performances. The
May prices were marked up close to
s3c, at which figure it is claimed that
Partridge made private settlement
direct with Cudahy's brokers for 2,000,-
600 bushels, and private settlements
were also made for an equally large
Quantity for Northwestern account.
CLIQUE brokers supplied the demand,
and the market began to break. Ken
nett, Hopkins 81 Co., unloaded great
blocks. The market went of TO soc,
when il was discovered that Partridge
AID his followers were putting out
fresh lines of short wheat This was
something tae clique did not want to
give the bears a chance TO do until the
price got lower.
Five minutes later the pit swarmed
with clique brokers. Twenty million
bushels were offered at once. The mar
ket broke at once, and at the bottom
there was an overpOwering Of long
wheat. aud stop loss orders at soc were
executed at rs.
Instantly the clique brokers changed
front, and under the lead of George and
Henry Parker, took all offerings. In
few minutes the clique had bought back
all OF the wheat TO break the market
and added many millions more to its
holdings, so that at the close of
the business, II looked as
if it might stand in about
the same position as before except that
in the excitement a great intermediate
interest had been violently eliminated,
The fight from now out, If shuch proves
to be the case, will be direct between
the principals OF each end of the deal.
The shake out, II such ii may be re-
Earded, was one of the best executed
plays of the kind since the days when
Armour was active as a wheat manipu-
lator.
tits asserted that the cliques open In
terest in May is still 95,OOO0OO or 80
COO 600 bushels, besides the cash wheat
il is carrying.
RiddIed with Bullets.