The sun., 1893-03-30
WHEAT BOBS UP AND DOWN.
A DAP OF GREAT BxCTTEMENf ON
THE CHICAGO BOARD ys,S

The Market Forced Up 60 so IL Cents -
Breaks In y JiTy 60 10 3-A-Twenty NH
lion Bu.hei. offered at once-A Few Men
Make n Lot of Money, hut Many saAm
Spccuintor. nre Neatly Shaken OsA
CHICAGO March 2o-one OF the biggest dekis
OF tho year was carried out In the wheat plt OF
the Board OF Trade to-day. BY clever workpn
the part Of clique. OF which John and
Michael Cudahy are supposed to be the heads.
wheat was forced up to S2A cents. At this
price the other traders were eager to secure
It. and while they wore wildly buying nll thRe
was offered. the brokers OF the cliaue unloads
ed between 100000 and 100000 buehSass
When this was discovered. the traders were
as crazy to sell as they had been TO
buy. and in q few minutes the price broke y
cents. falling by successive movements efl
cent to 75ia cents where 1t closed. By thed
deal It Is said that tho members Of the clique
cleared over 100000. At the high price Of
the day Cudahy. who Ia the boss OF the bull
clique. doled out 1.0UO. 900 bushels to Orr. An<.l
other 1.0O0.000 to Phillips. and about 2Q00<f,
600 to Pardridge. giving 1t to the hunRrY-
shorts" in lots of 100000 to 100000 bushels
After this the market broke In thirty minutes
to S0t4 cents. and then took rest.
Shortly after the noon hour the bulls again
began to offer whent, and they offered IL 80
rapidly and In such quantities through dozen
or. more brokers that the market could NOT
take care Of It. From SOs cents It went e
81 Of os sa"o ordsTs hnt S
uncovered This movo was engineered by'thQ
bull elia9e to shake Gnt the "ta!lers on" and
scores Of the small speculators were wiped
out without change for heir white alley.
market mari REBOUND. Which It did with as m much
rapidity as 4 went down, and within Ave min:
utes from the time OF the break wheat was
back to 10 cents. =
re 1000. 900, bushels, Of contract wheat in
S5 shes in mSfh bau ha as0Pe s Eo. Ees
anea sre % c
tor owners are emptyng the bin, bins % oI corn; pats,
N In thu their rHeT 10 into tho
more wheat. they are also charterine vessets
in Milwaukee and elsewhere to come down
Ii rddns W sV' o Mhess ean 6 Be @
in Toledo y cents per bushel lower than May
bushei. il Minneapolis for Il cents less. and
is s cents per bushei below the price MAY
These are the inducements which are spuf:
ring Up the elevator proprietors to get RID os
s sed oapssy tssR hss
about 30.OOO.0C0 bushels. The present deal
is the most gigantic one eyer attempted tp
and mighty forces and accumulations OF caps
ital are arrayed against each other.
Not since the famous Kershaw deal some
years ago the collapse OF which drove o SCORE
OF firms into bankruptcy. has there been SUCH
n sensational scene on tho Board Twenty
million bushels were offered at once. The
The market hroke in two minutes from SOk
was an outpourng of long wheat. Stop loss
orders at 80 cents were executed at 76 cents.
Instantly the clique brok ers changed front. and
under the lead OF George and Henry Parker
took all offerings In a few minutes the clique
had bought back all the wheat 1t had sold to
more to its holdings so that at the close Of
business It looked as II 1t might stand in
in the excitement n great intermediate inter.
est had been violently eliminated. 4
The fight from now out II such proves to bO
the case. will be direct between tho principals
of each end Of the deal The shakeout wss
one OF the best executed plays OF the kind
seen since the days when Armour was active
as q wheat manipulation