St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-04-15
LOWEST IN THE WORLD.
The Chicago Wheat Market Has Dropped
Until it is Considered the Low
est in the World.
Bulls Thoroughly Tired Out Trying tt
Hold it Up, Will They Surrender
Just at the Turn2
A Shrewd Manipulation Engineered
by Cudahy and a Stronger Feel
ing at the Close.
Feeling Slightly Better in Wall Street,
Eut the Market Embarrassing
Minneapolis ~ st. Louis.
~yu.cugo Grain and Provisions.

Syuscugo Grain and Provisions.
Special to the Globe.
CHICAGO, April 14.-The wheat market
s drifting along in q narrow channel De-
tween ''blnd" banks. Speculation remains
in the hands of the professional or under
their control largely. For two years the
country held the Chicago market head and
shoulders above the markets of the whole
world. and the world has been riding IT.
While speculation was bulling the market
for forward delivery, the railroads and the
local elevators have been choking the cash
trade to death-the former by the mainte-
nance of pools which operated against
Chicago and the latter by ex-
pecting higher tranfer and stor-
age charges than rule III other
cities. The tired bulls having laid down
their loads. Chicago has droppedto point
relatively below any other market in the
world, and the bears insist that there are
depths to the ocean lower than any sound
ings have vet disclosed, and that wheat
must get there before the market widens,
and permanent improvement and relief can
be hoped for. Exhausted bulls say that it
is asking too much of them TO require that
they
CRAWL DOWN
through the bottom and then pull the bot
tom after them, but such dismal humor does
not check bear talk, nor convince those who
having been making money for two years
by selling wheat that the policy they have
adhered to for so long is not still the
right one to follow. The market
opened to. day at loss from yesterday af-
ternoon of &c, and not long afterwards
May was quoted at 76$sc. Official figures
give 7615c as the lowest, but trades on stop
orders were made Is cheaper in several
cases, it was said in the pit. ''This is the
lowest point ever reached for the May OPP
ton" said an old trader stepping out of
the crowd. At that moment the May quo
tation was &c under New York, S5sc
under st. Louis, and sc under Duluth. 1t
was whispered about that Cudahy had
sold
LARGE LINE OF PUTS
Yesterday with the intention of breaking
the market and having the wheat put to
him to-day. A well grounded impression
that there was something to the gossip
made the crowd very timid about bearing |
prices and later when brokers. supposed to |
be representing the great Speculation, began |
buying the smart ones" were confirmed in |
their suspicious, and from then on the |
market took upon itself firm tone. 1t is |
Cudahy's favorite play to cover his |
shorts in the manner described. |
BY adroit manipulation he succeeds in |
covering enormous lines of wheat |
without disturbing the market in the |
slightest degree. He lets the crowd play |
his hand. 1t covers his wheat for him and |
pays him 500 per 1000 bushels for the |
privilege of doing it. The o'clock closing |
was at the
BEST PRICES OBTAINED
up to that time last trades in May being at |
77@7755c, and June at 7S5s979. Corn and |
oats were 1eatureless, except that corn |
was shade higher, having made a |
gain during the morning from yesterdays |
final figures of B@4c. Trading was on a |
limited scale. Provisions were dull and |
heavy. Prices showed tendency to drop |
away, but the market subsequently gath |
cred itself together somewhat, and quota |
lions underwent no series change from those |
posted on the record at the close of bust |
ness yesterday. The afternoon markets |
were strong. Wheat advanced &c and |
closed firm at 773sc for May. The an
nouncement that so, 600 bushels had been |
worked" by Fleming, Boyden & Co., and |
that more foreign orders are coming in, |
stiffened the market. Provisions firm.
PETER BERKEY. Pres. r. W. ANDERSON, Cashier.
c. w. GRIGGS V. Pres. A. c. ANDERSON, Asst c. |
THE ST. PAUL NATIONAL BANK, |
CAPITAL, 100000.
Corner Fifth and Jackson streetA