The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1893-03-31
GAMBLING IN WHEAT
Great Confusion and Panic in the Chi.
cagO Board Of Trade Yes
ter'lay.
The Bulls Plan a "ShakeOut" That
Takes the Breath Away from
the Shorts and TaiIers.

CHICAGO, March 29.-Not since the
famous Kershaw deal, the collapse
of which drove q score of firms into bank
ruptcy, has there been such sensation
al scene on the Chicago board of trade
as took place today. The price Of wheat
for May delivery broke 71sc in about
that many minutes. causing crash of
excitement in the trading pit The tail
ers, if not the principals in perhaps the
biggest corner ever attempted in Chica-
60, were cruelty dumped and the out
come of the affair apparently made des-
perate uncertainty, perhaps affecting for
some time to come the course Of the
grain markets the world over
The confusion and panic was so great
as to make il almost impossible to trade
Brokers tumbled over one another in
their eagerness to execute orders: fought
their way into the crowded PIT as if
eternal salvation depended on their get
ting there, and after pushing, pulling
and almost suffocating in the crowd that
| filled it to its utmost capacity. emerged
five minutes afterward physical wrecks
apparently, their clothes awry. buttons
off, hats smashed and bearing in every
lineament indications of the terrific
mental strain they had been through.
The euddenncss OF the break was the
most alarming feature. Wheat opened
about 81 cents this morning, when the
market fell off, but revived and seemed
as strong as Samson before he yielded 10
the Establishments Of Deilah. 1t adj
I cta ~ an 10,
cents, when some Of the big shorts. like
Arthur Orr, Captain Phillips and f.
Pardridge concluded to cover portion
of thei' line. At the rIgh price Of the
d Cudahy, who is regarded by many
as the king Of the bull clique, dolcd out
100000 bushels to Orr, another million
to Phillips and about 100000 to Par
bridge, giving it to the hungry shorts il
lots of 100000 to 100000 bushels. OF
ferings came SD rapidly and at such un
usual quantities that with the big shorts
out Of the way, that the market appear
ed is if shot through the heart, ant
with convusi7e shiver falling dead il
its tracks.
One theory is that the big break il
prices was due in part at least 10 tn,
fact that the board of trade director.
|
exists. Extra emergency houses will nov
) byC,eated as applications are made anC
as necessity presents itself. The decis
, ion of the directors was reached las
night, but was not generally known un
til shortly before the break came today
; The friends of the bull clique and man
others who were not posing as friend:
: scoifed at the idea that the storage de
CO.. ,,,t NJ. n. !,
days operations. Taking this view ther
was disposition to picture the extra
ordinary upset in prices as part of tn
3 Napoleonic strategy of the bull leaders
! John and Michael Cudahy. the rich porl
= packers, were said to be at the head @
the bull clique. and many other wealth
Chicago and New York capitalists wer
named as associated with them. The
acquired, it is stated, control Of 1l.OOO
900 bushels Of contract wheat in elev5
tors here and were prepared to pay fo
= as much more if the people who hav
I wheat in Minneapolis. Duluth. st. Loui
and other places cpuld lind storage ROOT
for thar amount. Armour ~ Co. an
I other elevator owners have been empty
L ing the bins of corn, oats and barley i
n their houses, in holds Of Vessels in tn
, They were also charterlng vessels in Mi
] waukee and elsewhere to cOme dow
G here and receive some of the grain the
= were ridding themselves Of.
/, Wheat can he bought in Toledo
To- cents per bushel lower than wheat sol
{ al in Chicago this morning. 1t can b
T. bought in st. Louis for Is cents less pc
e bushel. in Minneapolis for II cents les
aud in Duluth 49,, cents below the CHI
cago value for May delivery. Even Ney
York cash wheat is cents per bushe
, below the price May wheat sold at today
, Those were the inducements spurrin
i up the elevator proprietors to get rid G
2 everything else and make additiona
S space for wheat.
0 The 'shaleout,' if such it may be r.
= garied, was one of the best execute
plays of the kind seen since the day
e when Armour was active as whea
manipulation. Indeed the action Of tn
| market reminded the trade wildly c
, one of Armour's celebrated "ehakeouts
and but for the fact that Armour is CON
monty believed to be leading the ''shorts
at the present time. hundreds of opera
tors would be almost ready to swear tina
his was the guiding hand in today's dea
May wheat closed at 1924 cents whic
Is about cents below yesterdays clos
and about 3 cents above the bottom
price touched on the morning break
July wheat sold within a range of abou
t cont and leaves Off only >, under yes
terday. 1t is asserted that tho clique
open interest in May is still 100000
to 3O,OO0,OOO besides the cash wheat it i
carrying.
/ On the curb after the close of the bi
hall up stairs, nothing was talked of bu
the supposed generalship of Cudah.
and the magnitude Of the deal.