Omaha daily bee., 1909-10-01
Sharp Squeeze Of September Shorts
Disturbs Ennui Of Chicago
Board of Trade.
LIKE BOLT FROM CLEAR SKY
Cleanest Cut Of ANY Corner in Many
Years.
RISE STARTS LATE IN DAY
Clique in Control Suddenly Makes
Itself Felt.
HOLDERS WAIT FOR THE TOP
when Price Is Bid Up TO s1.2O They
Begin DeIiverins Real wheat to
FrenEied shOrts-IdentIty of
ManipuIatOrs I'm Doubt.
HOLDERS WAIT FOR THE TOP

CHICAGO, Sept. 90-The wheat squeeze"
which disturbed the ennui of speculative
routine with a 14-cent advance in the Sep
tember option on the Board Of Trade here
today lacked none Of the features of former
years when old Hutch" Cudahy, Part
ridge and others were wont to explode
bomb shells under the trade.
1t was the cleanest cut Of any corner in
many years. The so-called Patten deal OF
last spring was an 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
a month there had been practically nothing
doing in the option. September closed yes
terday at S1.O6 and sluggishy slept through
most of today's session slightly above
that figure. In a vague sort Of a way there
was known TO be short interest, but that
some particular individual or clique had
secured control Of the long side was un-
dreamed OF by all not in the deal.
The trader of traders in control are said
to have held about 100000 bushels. while
the scattered short interests ran between
5, 900 and 100000 bushels, according to
the average expert guess on the subject,
in the absence of actual figures
Corner Is Compact.
In volume this does not begin to com
pare 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, although
some of the weaker shorts were hard hit
The efforts of some of these to extricate
themselves during the last frenzied half
hour were described by a spectator as
pitiful.
September was at $1.07 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. AS the final moment of
the trading month drew near and the break
| did not materialize, the true condition Of
affairs became apparent.
Market Moves Rapidly.
One long with 5000 bushels to his credit
snatched his profit at $L10 and then
watched what became OF his sale. In the
next thirty minutes 1t changed hands
twenty-eight times an advancing scale,
The last man who secured II paid SL2o
for It.
| One of the most influential traders on
the board waited until the top had been
reached and then delivered the actual
wheat at 312O-1Oo, 900 bu. of It, Little wheat
/ came out until Sl.lb was roached AT Inlh
figure and above a neat profit was gar
nered Deliveries amounted to 615O00 bu.,
going to scattered interests 1t was neces-
sary to extend the delivery period three
times before the last account was squared.
The hour for delivery of actual wheat is
from l:So to D. m. 1t was 3:45 before the
last transfer had been made.
who Gets the PrOfitsf
While several firms are reported to have
profited by the deal. common report cred
tied control of September to an eastern
man. This trader is said to have bought
around a dollar and to have recouped
nicely money lost two years ago in an at
tempted squeeze" which failed. He is
likewise said to have been the man who
made July shorts come to his terms at
New York last summer. In some quarters
It is insisted that the deal which ended
today was manipulated by Chicago in
7 terests. Confirmation of either story is
not obtainabIe.
| A furore in the oats pit monopolized at
tention during the forenoon session, but
it's lustre was dimmed later by the ex-
citement in wheat Covering Of about 2,0OO,-
900 bu of September oats sent the price
of that cereal up to 80 cents, 81 cents
higher than the previous close. At the top
price elevator interests sold heavily and
the market reacted to As cents, where II
| closed.