St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-01-30
II WAS A SHAKE UUI.
Wild Scenes in the Wheat Pit
at Chicago Yester-
day.
Cudahy Has ga Bad Cold"
and Causes a Wild
Stampede.
Wheat Went Up and Down as
the Crowd Bought and
Sold.
May Pork Reaches the Sensa-
tional Price Of 500 a
Barrel.

CHICAGO, Jan. 2S.-"Is it a shake-out
or a sell out" was the burning ques-
ton today on the board of trade. The
wheat market at the start was excited
and wild on rumors that the big Cudahy
clique was about to dump its big hold
ings. This rumor had its origin in the
story that Cudady brokers had bought
from 100000 to 100000 puts on the
curb last night, and the conclusion was
jumped at that the clique wheat deal
would be for sale today and that the
puts were to limit the losses. Every
body seemed to have wheat for sale at
the tap of the bell; longs made haste
to unload before the bottom went
out, and short sellers were frantic
to get out line abefore the great
break was on. In the excitement the
market went off &c from the close last
night, when the liquidation having been
very thorough there was halt and the
painting traders stopped to take breath
and the sellers we're CONTEMPLATING one
another on having got rid of their wheat,
but their self-complacency got sudden
shock when nearly dozen Well-knoWn
brokers of the clique jumped into the
pit and began to take all the wheat that
was offered. The revulSion III sentl-
ment was instantaneous. Men looked
at each other in bewilderment and
shouting "tricked again" rushed to buy
back what they had so recklessly
sold bat few minutes before. There
was another scene of wild confusion and
Of ttlJ
throughout the day. Sentiment fluc-
tuating with each new rumor, and at
the close the crowd was still in doubt
whether it had been the victim of a
sell out" or ''shake out" Some de-
clare that it was scurvy trick Oh the
part of the clique to create panic and
to enable it to buy another big line OF
cheap wheat, as it had sold out the large
part of its holdings OIL yesterdays
bulge. A financial story was current
purporting to explain the whole secret.
Cudahy got back from Cincinnati yester-
day with very bad cold according to
this tale. He was fearful OF pneumonia,
and having large amount of wheat lie
protected it by puts. Today he felt bet
ter, and his bull instincts are now up
permOSt. In the last hour of trading,
Partridge took the lead i'll the trading
ana offered Wneat in Sucl enormous
quantities that the spirit of the crowd
was again broken. The market ruled
feverish and irregular towards
the close, leaving Off &c from
bottom, or nc under the price
itlclosea at yesterday. Corn and oats
averaged strong but quiet within mar
row range, and wound up sc under
their respective closing values
Friday. Provisions, after an early de-
cline, started up and closed strong; May
pork reached the sensational price of
S2D a barrel. That May pork would
touch the record-breaking $50 figure
, was not unexpected at the close yester-
day, but the general trade got thrown
of the track by an easier market this
morning. Although hogs at the yards fell
short of 10000 for the day, prices for
some reason were not marked up at the
Yards. This started a great many longs
to taking profits. An equal amount OF
selling was done by those who were
| willing to go short for reaction. Tue
result was that pork sold 1712c Off to
! $3.50. and made only a moderate rally
| to $3.50 before midday.
The Lending futures ranged as follows: