New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-01-18
EALING PRICES IN CHICAGO.
ALMOST A PANIC ON THE PRODUCE EXCHANGE
THE BEARS TRIUMPHANT.


THE BEARS TRIUMPHANT.
lBY TELEGRAPH THE TRIBUNE.l
CHICAGO, Jan. Ill looked last night as if
the grain gamblers through selling. were be-
ginning TO buy; but appearances proved deceptive.
There has been time since wheat ceiling 81 09
for May, when the market appeared more thoroughly
demoralzed, the traders nearly panic-sricken
than to-day. The May option twice dropped 96l2c.
Cash wheat all day long under 80 cents and Jan
usry and February below that figure most
of the day The operators who have been
selling for month redoubed apparently, their
selling to-day; having become, It would seem,
only vehement aud radical bears Of the
great recent decline. II there those who have
converted the bear the bull side because Of the ex-
traOinary change IN values they keeping quiet an
tmidy back their opinions. This local crowd have be-
overwhelmingly bearsh that it is now deemed
dangerous 10 ones credit TO advocate advance in
wheat month ago. II a trader had walked about this
crowd to get puts on May wheat at dollar, good
for the year. he could have got the privilege
Of millions OF bushels ridiculousy small
outlay Tonight one concern Lester & Co.. sold abso-
utely within minute 100000 bushels of May wheat at
97lsc Offering 900 bushe lots and selling the prop
ery fast the caller could the names out of his
mouth. Last night May wheat closed 98lsc Tonight
going the curb at 97c, having been down to
96l2c
May corn closed at 5s5sc last night. Tonight it is
selling al $780, having been low as sc number of
times
This market got its first instructions this
morning from New-York. The produce markets there
were reported panicSy, and the stock market worse,
There scarcely here with correspondent
New York which did receive dispatch which read
something like this "Therel be failure on the Street
to-day Particulars later" The writer saw half dozen
dispatches OF this tenor They discouraged the bulls and
embodened the Then everybody said that stocks
had opened weak aud that there had been in pro-
perties sensational leaders The New-York quotation
had been coming q half hour and the wires from there
were heavy with rumors, before this market opened.
1t needed great courage for the bear party here to
raid everythfng and they did. Not the provisions
escaped Pork which hid closed at Sl 779 last night
forced down l5d20 cents The fact that the visible
supply OF wheat had decreased 100000 bushels and OF
corn 80 OOO counted for nothing Bull arguments were
in pad repue. Traders d4red not use them There
buying orders Of course, but the fellows
orders, and then went of somewhere. Tie down
hin movement depressing and on all the
markets. Tonight wheat is i2c lower than last night
corn lsc lower, pork 17l2c, lard l5c., and ribs Sc
There are tonight that tho markets are little
higher abroad Some private cable messages quote
wheat six pence higher in Liverpool This on the of
substantial rally and improved feeling Wall Street
helped TO sustain the markets after 10 O'clock and
bed the bulls TO regain little Of the drop which had
been suffered 1t was also sald-and this had !
some influence about the provision pit--that
shortage OF 100000 in the hog crop. While the selling
lever Is al its height, and the bearshness OF big
ocal traders radical than ever, the CON
'eryative party which Is advising purchases rather
han sales Is increasing in number This market ia likely
IpOn small prOvOcaOn to react rapidly and violently
rs to half ruin the reckless fellows who selling
desperately as they did when the property was
twenty-five per cent higher
The receipts OF continue large. To-day |
here ATS OF corn 215 OF No
;, These largo receipts caused the grain
ecevers say by the banks the country crowdng the
country merchant and these latter in crowdiHg the
arIner Yesterday l49 0O0busbels OF shipped
nd nearly al OF t into Indiana, Wisconsin. Michi-
AN and the other contiguous States which bare Of
orn.