The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-04-05
THE CHICAGO BROKERS HANDLE
WHEAT AS THEY PLEASE.
Bears Grnwl and Bulls Below, But the Big
Fellows Unload at Their Own Price
and Then Placidly Buy Back
at Fine Profit.

price of wheat for May delivery broke
lac in about that many minutes,
causing a craze of excitement in the
trading pit. The tailers if not the
principals in perhaps the biggest
corner ever attempted in Chicago
were irregularly dumped and the out
come of the affair will apparently for
some time to come affect the course of
the grain markets of the world. The
confusion and panic was so great as to
make it almost impossible to trade.
Brokers tumbled over one another
in their eagerness to execute orders,
fought their way into the crowded
pit as if their eternal salvation de-
pended on their getting there, and
after pushing, pulling and almost sui
locating in the crowd that filled it to
its utmost capacity, emerged five
minutes afterwards physical wrecks
apparently, their clothes awry, but.
tons off, hats smashed and bearing in
every lineament indications of the
terrible mental strain they had been
| through. The suddenness of the
break was the most alarming feature.
Wheat opened about SOC this morn
ing, when the market fell off, but re-
acted and seemed strong. 1t advanc-
ed steadily after opening to 50 3-4,
when some of the big shorts like
Arthur Orr, Captain Phillips and Ed
Partridge concluded to cover portion
of their line. At high price OF the day,
Cudahy, who is regarded by many as
king of the bull clique, doled out
100000 to Orr, another 1000, 900 to
Philips and about 100000 to Part
ridge. giving it to the hungry shorts
in lots of 100 to 200. Offerings came
80 rapidly and in such unusual guam
tity that with big shorts out of the
way the market appeared DIS If shot
through the heart, and, with convul-
sive shudder, fallingdead in its tracks.
One theory is that the big break In
prices was due in part at least to the
fact that the board of trade
directors have decided that storage
emergency exists. Extra emergency
houses will now be created as appli-
cations are made and as necessity pre-
sents itself. The decision of the di-
rectors was reached last night but not
generally known until shortly before
the break came today. Friends
of bull clique and many others who
were not posing as friends scoffed at
the idea of the storage decision cutting
any particular figure in the days
operations. Taking this view there
was disposition to picture an extra
ordinary upset in prices as part of
the NapOleonic strategy of the bull
leaders. 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 capitalists were named as
associated with them. They acquir-
ed, it is stated, control OF
II 100000 bushels of contract
wheat in the elevator here and were
prepared to pay for much more if the
people who have wheat in Minneapo-
lis, Duluth, st. Louis and other places
could find storage room for that
amount here.
Armour & Co., and other elevator
owners have been opening bins of corn
oats and barley in their houses into
holds of vessels in the river to make
room for more wheat. They were also
chartering vessels in Milwaukee and
elsewhere to come down here and re-
ceive son of the grain they are rid
ding themselves of.
Wheat can be bought in Toledo &c
lower than May wheat sold in Chicago
this morning. 1t can be bought in st.
Louis 100 less per bushel, in Mime
apolis 17c less, and in Duluth Is l-2c
below Chicago value for May delivery,
Even New York cash wheat is cents
per bushel below the price May wheat
sold at here today. Those were the
inducements squirting up the elevator
proprietors to get rid Of everything
else and make additional space for
wheat.
Pyramid builders today bought like
mad. This risk of profits was with
relentless enthusiasm and often be.
came menace to the successful con-
duct of q corner. This is dangerous
experience for the corners to guard
against against by breaking the mar
ket and shaking out the tailers. To-
day was an suspicious occasion for one
of these performances. May prices
were marked close up to SO cents, at
which figure it is claimed Partridge
made direct with Cudahy brokers for
100000 bushels and private settle
ments were also made for an equally
large amount of for the northwest
ern's recount. Enth lsiastic tailers OF
course knew nothing about this and
continued to buy like drunken
sailors. The clique of brokers supplied
the demand and the market began to
break.
Kenneth Hopkins & Co. led the SELL
ing and unloaded great blocks and
the market worked off tu 80 when ii
was discovered that Partridge and his
followers were putting out fresh lines
of short wheat. THE was something
the clique did not want to give the
bears a chance to do until the price
got lower, Five minutes later the pits
were warmed with the cliques Of
brokers, Barrett, Lampson, Parker
Schwartz, Dupee, Hennett, Hopkins
& Co. and dozen others, opened the
flood gates. 100000 bushels were
offered at once. The market broke in
two minutes from 81 1-3 to 70 ga cents
and at the bottom there was an out
pouring of long wheat. Instantly
the clique of brokers changed from
and under the Leadership 20
George and Henry Parker took all of
| f1 kHa al ton.