The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-03-15

CHICAGO. March 1O-Thsre was Wild
scene on the board Of trade today. In twenty
minutes Nay wheat bul9ed nearly cents
bushel. The shorts became panic stricken and
fell over each other in their anxiety to cover.
Traders yelled themselves hOarse. and for
time the tumult double discounted anything
seen in Chicago in a zoos while. Ii vas EN-
phasized By the fact that while May vhsat vas
kiting into the blue empyrean, July presented
the phenomena OF dropping at al alarming
rate.
The extraordinary gyTstion IN prices re-
moved much of the doubt that great corner
Is beng run in May wheat, aud the subject OF
discussion was mostly ss to the identity Of the
cornerer.
May closed last night at 76c and July at 74o,
the lowest price for the week, and when the
trading began this morning sales were made at
552l@76c for May and July remained at the
Last figures Of yesterday. The market vas in
nervous and spprehensive condition. Iester-
days trading left the local crowd short on the
break OF 8 cent, and 70 all appearances Il was
anybody's game on this mornings OpeninG.
Midsummer lisilessness characterized the lrst
few minutes Every body vas the strain 20
see how she cat would jump. but that cautious
animal gave no sign Of displaying her agility
until Milnime, Bodmsn & Co. Baldwin * Far
nun aad other big brokers' who are known TO
handle heavy Northwest trade started IN 10
buy Nay in heavy amounts. presumably 20
cover big lines OF shorts put Out in the North
west
Naturally the price began TO climb and local
shorts came 10 cover with such a rush that IN
four or fue minutes il seemed as II sheOl had
broken away from its fastenings. Then the
retrOgrsde movement In July beVan. which
added TO the din. and it was noticed that many
OF the buyers OF May participated in the heavy
selling of the later option.
The market was ike a powder mine, which
only needed a match to touch IL of, aud the ire
Was supplied by the representatives OF the
Northwestern milling Interests. After the big
bulge general decline took place. until AZ
coon May sold ~ re and July ~ 1870. But
The market Was nervous aud IN a state OF sup
pressed excitement until the close. Ruesses
20 the government figures on reserve wheat
VaIying a the way from S5,O0O,OJO TO 10000
po0 bushels.
Eegleston the cash wheat magnate, IL quoted
rs having declared that the market today
demorBliZed IS a result of the report of a
sor-er in May By James K. keene 10 which
the after hopes 20 recOup hiInsel
for the skiuning he received a. the
bands OF Chicago spectators fourteen years
SgO. when he LETT about S6.OO00C0 here as a
souvenir OF his experience with the board o.
trade. MI EZglesiOu Claims that this morn-
Ing's aouOn caused by orders 10 i've lead
ing firms from Duluth parties to buy 1.O0J,OOO
bushels OF May aud sell like amount OF July
TO cover big strad lie made IN this market
yome time ago. But there are other operators
who laugh 81 this and say that Ar. keene is
selling July with the same rapidity with which
be il taxing on his load OF May, so az 10 have a
dumping ground ready when the shorts have
trpDsd no 70 the cOun.eF and settled with the
cashier.
dispatch rom New York. saying Kesns
Jtstes mat he has no interest directly or Jointly
~ produce. taken with considerable salt.
twas recalled that Harper o. glorious men,
DRY. fatty denied that he was dong thing 10
wheat until ne under Indictment and
"O.d Hutch" always disclamed any intent ton
b corner. Ii = JUST fourteen years ago today
that kesne's famous message to Archie Foster
was received. Inst-uctIng him to purchase
100000 bushels Of wheat There was mis-
take made sOmeW here, and Instead OF buying
Fischer sold the 100000. This broke the
market and Nay declined from 90 cents TO 81
cents. IL Was the climax OF the great corner
and from that day keene IL is said has been
carefully nursing his wrath.