CHAPTER XL 



MONOPOLY OF TRADE DEALING IN FUTURES ENORMOUS 



SELLING THE BIG MEN BEAT WHEAT DOWN TO 



SEVENTY-NINE A RALLY AT THE CLOSE 



CORN DROPS ONE CENT AND 



LOOKS SHAKY OATS 



STEADY LARD 



BEARISH. 



THE above very suggestive headings appeared in the 

 St. Louis Republic of June 29th, 1888, above the following 

 article: 



"It became quite plain in the morning that the suspi- 

 cion entertained for several days, that the old bull crowd was 

 getting out of its wheat, was correct. Frank Kennett, of 

 Jones, Kennett & Hopkins, whose buying was the most 

 noticeable for a fortnight, said : ' ' We have given over try- 

 ing to buy wheat up. It is like trying to buy up the 

 atmosphere, and makes absolutely no impression. Those 

 who thought that there were really two sides to the market 

 lost a good deal of money. " 



"There was a good deal of rain through the Southeast- 

 ern States, over an inch in a good many sections, and the 

 crowd confidently expected an advance on the wet harvest 

 news. Enormous selling by Hutchinson and moderate 

 selling by Cudahy and Linn set the price back at once. 

 This, too, was in spite of better cables, and fair clearances. 

 The best buying of the day was by Milmine, Bodman & 

 Co., who took at least 500,000 bushels of presumably long 



