The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-03-30
Widest PANIC In WHEAT
The Powerful Bull Clique Precipitates
q Slump OF Z Lac in Chicago. :
At One Time 20. OOO.O 900 Bushels of May Wheat
We're offered, and After the Great shake
Out" the Clique Bought Back Its Grain.
TRADING AT CHICAGO.
Corn, Oats and Provisions Weak and Lower,
Influenced by Whenf

Corn, Oats and Provisions Weak and Lower,
Influenced by Wheat
CHICAGO. March 29.-Not since the IA
nous kershaw deal. the collapse of which
drove score of firms into bankruptcy, has
there been such a sensational scene on the
Chicago Board of Trade as took place to-
day. The price of wheat for May delivery
broke 7l4c. causing a craze of exciIementIn
the pit. The ''tailers." if not the principals.
In perhaps the biggest corner ever at
tempted in Chicago. were cruelty dumped.
and the outcome OF the affair will perhaps
affect for some time TO come the course o.
the grain markets the world over. The
confusion and panic were so great as to
make II almost impossible to
trade. Brokers tumbled over one
another in their esgerness TO execute
orders. fought their way into the crowded
pit il eternal salvation depended on
their getting there. and. after pushing,
pulling and almost suffocating IN the
crowd that filled it to it's utmost capacity.
emerged five minutss afterward apparent
physical wrecks. Pie snddenness of the
break was the most alarming feature.
W heat opened at about sic this morning.
when the market fell off, but reacted, and
seemed strong. 1t advanced steadily, after
the opening. TO S254c. when some big shorts.
like Arthur Orr, Captain Phillips and Ed
Partridge. concluded To cover a pOr-
ton OF their loss; At the high prices, of
Ly many as the king of the bull clique.
dotted out IL COCO bushels to Orr. another
million TO Phillips and about 1000 600 to
Partridge. giving IL to the hungry shorts
In lots of loo. 600 TO 200, 900 bushels. The or
ferIngs came rapidly and In such unusual
quantity that with the big shorts ont of
the way the market fell like lead. Five
minutes later the Dit swarmed with clique
brokers. Barrett, LampsOn, Parker,
Schwartz Dupee. Kenneth. Hopkins u Com
pany, opened the Hood gates Twenty mil
lion bushels where offered at once. The
market broke III two minutes from SOHO TO
75aa and at the bottom there, was an out.
pouring of long wheat, stop loss orders at
SOC were executed at 76c Instantly the
clique brokers changed front. and in few
minutes the clique had bought back all the
wheat it sold to break the market and
added many millions more to it's
1t may be regarded. was one of
the best executed plays of the kind seen
since the days hen Armour was active as
a wheat manipulation. May wheat closed
days close and about Sc above the bottom
price touched on the morning break.
July wheat sold within a range of about 1c
and leaves of at s4c under yesterday. 1t
is asserted that the cliques open intere st in
May is still 25.O00.0C0 to 300O0.000 bushels
besides the cash wheat it is carrying. On
the curb after the close of the big maui up-
stairs nothing was talked of but the sup
posed generalship of Cudshy and the mag
nitude of the deal George NJ. Pullman.
j. w. Doane and other financi lights were
men toned as probably associated with
him for flyer. Meanwhile there were
lively doings in puts and calls. although
theoretically this class of transactlons is
tabooed. Puts in May sold at 16076L4 @ for
tomorrow and calls at S0OS015c. July
puts " ere 721D 7224 G, and calls. 73lD13lsc.
The opening for May was about the same
as yesterdays closing TO lsc lower. and
with slight fluctuations. prices advanced
lac, and then declined lrregularlv 2&c
and when prices broke through soc for May
became panicky. and declined very sud-
denly 4Ac more.
Corn shorts showed less inclination to
cover than yesterday, and there was some
selling on the part of those who hadpres
vlously bought for n quick turn. this Great
| ing an easier tone. The close was at inside
prices with net decline of sc from last
! night.
Oats followed corn. The close was Il GD5s Q
| below yesterdays final quotations.
Provisions were demoralized by the
| slump In wheat. The result of the days
| operations was decline of 2712c In May
| pork .57l9c In May lard, and 500 in May
| ribs. The last quotations were the lowest
| of the day.
Estimated receipts for tomorrow are:
Wheat. $50 oars: corn. 153 cars; oats, 145
cars: hogs. 5000. The leading futures
| ranged as follows: