The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1909-10-01
OLD TINES IN
WHEAT SQUEEZE
Yesterday Lacked None of the
"old Hutch" cudahy and .
Partridge Features

Chicago, Oct. 1.-The wheat
squeeze" which disturbed the ennui
Of speculative routine with a accent
advance in the September option on
the board Of trade here yesterday
lacked none of the features of form
Ter years when "Old Hutch" Cudahy,
Partridge and others were wont to ex-
plode bombs under the trade.
1t was the cleanest cut of any cor.
ner in. many years.
The so-called Patten deal Of last
spring was an open secret long be-
fore tinal delivery day, but what hap
pened yesterday came out of a clear
sky. September wheat had been lag
gtng toward the end with every evi-
dence Of ebbing vitality. For month
there has been practically nothing
doing in the option. An occasional
ignored bid ct or slightly above the
maj price infrequently developed
traces OF nervousness In. the "Tone. .
put the general tranquility was un-
disturbed. September closed Wednes-
day at $1.06 and sluggishly slept
through most of yesterdays session,
slightly above that figure.
In vague sort of way there was
known to be short interest out, but
that some particular individual or
clique had secured control of the long
side was undreamed Of by all not in
the deal.
The trader or traders in control are
said to have held about 100000
bushels while the scattered shorts
ran between 100000 and 10000, 900.
according to the average expert
guess on the subject in the absence
Of actual figures. In volumne this
does not begin to compare with some
deals which board Of trade history re-
veals, but In compact efficiency it is
said to be the peer Of any. No colos-
sal winnings or losses are involved,
although some of the weaker shorts
were hard hit when "Shoe String" re-
sources are considered. The efforts
OF some Of these to extricate them
selves during the last frenzied half
hour were described by a spectator us
pitfful. small sum multiplied into
comparatively heavy losses with DIS
tressing rapidity.
September, was at $1.07 when the
riot Of the shorts began. Conditions
had been bearish and although Sep
tember had held sturdily in price
shorts still believed the break would
come. Receipts in the northwest con-
tinued heavy and Europe refused to
buy, situation usually followed by
lower prices. As the final movement
OF the trading month drew near, and
the break did not materialize, the
through condition Of affairs became
apparent.
One long, with 5000 bushels to his
credit, snatched his profit at $1.10 and
then watched what became of his sale.
In the next thirty minutes 1t changed
hands twenty-eight times on an ad-
vancing scale. The last man who Sc
cured It paid $1.20 for It. Before 1t
rested in his hands brokerage COM
missions alone on the various trans
fers aggregated $3.50.
One Of the most Influential traders
on the board waited until the ton had
been reached, and then delivered the
actual wheat at $1.20. 100000 bushels
OF It. Little wheat came out until
$l.18 was reached. At this figure and
above a neat profit was garnered.
Deliveries amounted to 616,000
bushels. going to scattered interests.
It was necessary to extend the de-
livery period three times before the
last account was squared. The hour
for delivery Of actual wheat is from
1880 to p. m. It was 3:45 before
the last transfer had been made.
While several firms are reported to
have profited by the deal; common re-
port credited control Of September to
an eastern man. This trader is said
to have bought around q dollar, and
to have recouped nicely money lost
two years ago in an attempted
Squeeze" which failed. He is like
wise said to have been the man who
made July shorts come to his terms
ct. New York last summer. In some
quarters It is insisted that the deal
which ended yesterday was manipu-
lated by Chicago interests. Confirma.