Rensselaer Republican, Volume 25, Number 32, Rensselaer, Jasper County, 6 April 1893 — A CHICAGO “SHAKE-OUT." [ARTICLE]

A CHICAGO “SHAKE-OUT."

An Attempted WHeat Comer Results, in a Panic. Price Falls to "3 3-B—Sensational Scene in (lie Pits. Not sir.m the famous Kershaw deal, the coKp.fiFf* rrf which drove a seoreof firms into bankruptcy, lias thcro been such a . sensational seed'd on: the Chicago Board of Trade a« loots" place Wednesday. The pi ice of wheat i'ur May delivery broke V : ,o. causing craze of excitement in the nit. The vtatters,” if not the principals, in perhaps the biggest corner ever att- mpt.’d in Chicago were cruelly dumped, and the outcome of the affair will perhaps affect for sonic time to come the course oi tlio grain market* the world over-. The suddenness : of the. break was the most alarming feature. Wheat opened at about *>lcJn the morning, when the market fell off, but reacted and s»emedstrong. It advanced steadily after the opening to Ki%c, when some big shorts concluded to cover a portion of their loss. At the high prices of the day, Cudahy, who is regarded byrnany as the king of the bull clique, dotted out 1 JAP,OOO bushels to Orr. another million to Phillips and about 2.000.0 X) to Uardridge. giving it to the hungry shorts in lots of 100.000 to 200.000 bushels. The offerings came so rapidlymnd in such unusual quantity that with the big shorts out of the way the market fell like lead. Five minutes later the pit swarmed with clique lackers. Twenty million bushels were offered at once. The market broke in two minutes, from to 75%e, and at file bottom there was an outpouring of lung wheat. slop loss orders at 80c were executed at 70c. Instantly the clique brokers changed front, and in a few minutes the clique had bought back all the wheat it sold to break the market, and added many millions more to it-, holdings. The “shake-out,” if such it may be regarded, was. one of the best executed plays of tho kind seen since tire days when Armour was active as a wheat manipulator. May wheat dosed at 75%e.