New-York tribune., 1909-10-01
SUDDEN WHEAT CORNER
FOURTEEN-CENT ADVANCE
Eastern Nan Said to Haze Re
cOuped Former Losses in Chicago.

Chicago Sept. sO-The wheat .squeeze"' which
disturbed the ennui OF speculative routine with a
14-cent advance IN the September option on the
Board OF Trade here to-day lacked OF the
features Of former years. when "Old Hutch"
Cudahy Partridge and others were wont TO explode
boTnbshelIs under the trade.
1t the cleanest cut OF any corner in many
years. The so-caIled Patten deal Of last spring
open secret long before final delivery day.
but what happened to-day came out of a clear
sky. September wheat had been tagging toward
the end, with every evidence OF ebbing vitality
For month there had been practically nothing
doing in the option. An occasional ignored bid at
slightly above the market price infrequenty de-
veloped traces OF nervousness in the tone but
the general tranquility undisturbed- Septem-
Der closed yesterday at 81 O6. and sIuggshly slept
through most Of to-day's session slightly above that
figure.
In a vague sort OF way there known to be
short interest out. but that some particular ndi-
Idual clique had obtained control OF the long
side undreamed OF by all not in the deal The
trader traders in control said to have held
about 100000 bushels while the scattered short
interest between 100000 and 100000 accord
ing TO the average expert guess the subject. in
the absence OF actual figures. In volume this does
not begin TO compare with some deals which Board
Of Trade history reveals. but in compact efficiency
it is said TO be the peer OF any.
No colossal winnings or losses are involved. al
though some OF the weaker shorts were hard hit.
when ''shoestring'' resources considered. The
efforts of OF these to extricate themselves in
the last frenzied half hour were described by
spectator pitful small sum multiplied into
comparatively heavy losses with distressing
rapidity.
September was at 81 OF when the riot OF the
shorts began Conditions had been bearish and
although September had held sturdily in price
shorts still believed the break would come. Re
ceipts in the Northwest continued heavy and
Europe refused 10 buy-a situation usually fol-
lowed by lower prices. AS the mai moment OF the
trading month drew near and the break did not
materalize the true condition of affairs became
apparent.
One long with five thousand bushels to his credit
snatched his profit at 81 10 and then watched what
became OF his sale In the next thirty minutes il
changed hands twenty-eight times on an advanc-
ing scale The last man who got it paid 81 20 for
it. Before It rested in his hands brokerage com
missions alone the various transfers aggre-
gated $3.50.
One of the most influential traders on the board
waited until the top had been reached and then
delivered the actual wheat at 81 3-lO0OOO bushels
OF It. Little wheat out until 81 Is was
reached. At this figure and above a neat profit
was garnered. Deliveries amounted to $4,000
bushels going to scattered interests II was neces
sary 10 extend the delivery period three times be-
fore the last account was squared The hour for
delivery OF actual wheat is from i3O TO D m
1t was 345 before the last transfer had been made
While several firms reported 10 have prohted
by the deal, common report credited control OF
September to Eastern This trader Is said
10 have bought around dollar and to have re-
coupeda nicely money lost two years ago in an at
tempted squeeze which failed. He is likewise
said % have been the who made July shorts
come TO his terms at New York last summer In
some quarters II Is insisted that the deal which
ended to-day was manipulated by Chicago inter
ests Confirmation Of either story is not obtain
able.
A furor in the oats pit monopolzed attention
during the forenoon session. but its lustre WAS
diumed later by the excitement in wheat Cover
ing Of about two million bushels OF September oats
sent the price up 80 cents So cents higher than
the previous close At the top price elevator inter
ests sold vy and the market reacted to IS cents
where II closed.