St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-11
SCARED THE SHORTS
Wild Scene on the Chicago
Board OF Trade Yes
terday.
May Wheat Bulged Nearly
Three Cents in Twenty
Minutes.
July Presented the Phenom-
enon OF Dropping Almost
as Rapidly.
Operations OF Northwestern
Dealers Cause All the
Disturbance.

CHICAGO, March l0.-There was q
wild scene on the board of trade today.
In twenty minutes May wheat bulged
nearly three cents a bushel. Shorts
became panic-Stricken, and fell over
each other in their anxiety to- cover,
traders yelled themselves hOarse, and
for a time the tumult double discounted
anything seen in Chicago in Il good
while. 1t was emphasized by the fact
that, while May wheat was kiting into
the blue empYrean, July presented the
phenomenon Of dropping at an alarm
ing rate. The extraordinary gyratlon
in prices removed much of the doubt
that great corner is being run in May
wheat, and the subject of discussion
was more as to the identity of the cor
nerer. May closed last night at rs cents,
and July at "a cents, the lowest prices
for the week, and when trading began
this morning. sales were made at 1870
rs cents for May and July remained at
the last figures of yesterday. The mar
ket was in nervous and apprehensive
condition. Yesterdays trading
Left the Local Crowd Short
on the break of a cent, and to all ap-
pearauceS it was anybody's game on this
mornings opening. Midsummer list
lessness characterized the first few
minutes. Everybody was on the strain
to see how the cat would jump, but that
cautious animal gave no sign of display
ing her agility until Mtlmine, Bodman
& Co., Baldwin IL Farnum and other
big brokers who are known TO handle a
heavy Northwestern trade started i'll to
buy May in heavy amounts, presumably
to cover big lines of shorts put out in
the Northwest. Naturally the price be-
gan to climb and local shorts came to
cover with such rush that in four or
five minutes it seemed as if sheol had
broken away from Its fastenlngs. Then
the retrOgrade movement in July began,
which added to the dun and it was no.
ticed that many of the buyers of May
participated in the heavy selling OF the
later option.
The market was like a powder mine,
which only needed match to touch it
off, and the fire was supplied by the
representatives of the Northwestern
milling interests. After the big bulge a
gradual decline took place, until at
noon May sold at II cents and July at
1875 cents, but the market was nervous
ana in state of suppressed excitement
until the close, gueSSeS as to the gov
eminent figures on reserve wheat vary
ing all the way from S5,000,0O0 to 14O,-
900, 600 bushels. EgglestOn, the cash
wheat magnate, is quoted as having de-
clared that
The Market Today
was demOralized as result of the re-
port of corner in May by James Il.
Keene, in which the latter hopes to re-
coup hipself for the skinning he re-
ceived at the hands OF Chicago sp5cu-
latOrS fourteen years ago, when he left
about S6,000,00J here as souvenir OF
his experience with the board of trade.
Mr. EggleSton claims thatthis mornings
action was caused by orders to five lead
ing firms from Duluth parties to buy
LOCO, 900 bu May and sell like amount
of July to cover big Straddle made in
this market some time ago.
But there are other operators who
laugh at this and say that Mr.. keene Is
selling only with the same rapidity that
he is taking on his load of May so as TO
have a dumping ground ready when
| the shorts nave tripped up to the coun-
ter and settled with the cashier. A
dispatch from New York saying Keene
states that he has no interest directly
or Jointly i'll produce was taken with
considerable salt. 1t was recalled
that Harper. of inglorious memory,
fatty denied that he was doing any
thing in wheat until he was under in
dictment, and "Old Hntch' always
| disclaimed any intention to corner. 1t
is just fourteen years ago today that
Keene'S famous message TO Archie
| Fisher was received, instructing him to
purchase 100000 bushels of wheat.
| There was mistake made somewhere,
and. instead of buying, Fisher sold the
| 2,O00,O 900. This broke the market, and
| MAY declined from "a to 81 cents. IL
was the climax of the great corner. and
| from that day Keene, it is said, has been
| carefully nursing his wrath.