New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-01-30
TIE BEARS ELEPHANT IN CHICAGO.
WHEAT, com AND PROVISIONS DOWN-ENrBAoE-
DINARY RECEIPTS OF CORN.
ICY TELEGRAPH TO THE TRIBUNE.

CHICAGO, Jan. 29.-Ine movements Of prices
were erradc and incomprehen3blo. Wheat no first
weak and dropped fuIl cent until The May option, in
which all the speculation is done, selling at 9sc.
Then without any apparent reason and without any big
buying It bobbed up to 99c. again. Then dOwn it went
again az low as ever II closed at 9S Is 9Slic, nearly
cent undcr last nights figures. Ole trader said: al
think that is going lower than before but am
leaving &c entirely alone. II sold short, aud il
went up would not have the courage to stand in it,
Roche the principal buyer OF wheat to-day, making
an offer on the call" for 100000 bushels 81 any
part Of IT, showing By the character Of his offer that nc
was making no bluff but really wanted to get the grain
Nobody took up the bid, a whole, but hundred thou
sand or so bushels were sold him in small lots. During
the day both mat" Jones and " b. Ream were radng
the wheat market depressing the prices by all the tactics
known TO the pit, but not selling any large quantity Of
wheat Il Is the opinion here that both, and especially
Jones' are heavily short wheat and provisions.
The story current is that pork last week was sent - $40
by the packers who had bought up the big scalper FOR
the special purpose Of slueezn; him. and that whenever
he entered the pit the prices bill up. is the p0pu
lar theory too. that wien pork was allowed 10
20 OF last week, It merely to encourage
Jones TO put ont more shorts, AMI
that he did take the rope allowed Him, and sold Now lo
not selling provisions, but is believed to be bearing
wheat without selling very much Of IT, in order to pto5
that product Its part Of the gossip Of che pit that M
Alerton believe pork 20 he nj gh enough for The present
and thai today ne sold against every pound otpr'll't
hrrel,in his packing h'J5a lh5 hoIso hD|oyct, IS q
small one and its stock cuts blJ small figure Among
The other braglsh Influences to-day Che public cables,
which pronounced Whclt coaster" and corn d1lL'
Then the receipts Of wheat were larger while tho re-
CENTS OF corn were disappointment % all the bulls in the
corn nit There were $50 OF the gram received over
n ucr cent OF which graded No. ,. Where does
Inc corn como from is common question
In December said that growers the whOl" West
over were -riuiug themselves 30 down" the January
corn CLIQUE But clique hur5ed thirty days Jack
st,,r,-es pqil h. losses month ago. Then 1t said
t59f the com which had been headed this because Of
INC cfortil.le price ruling here late December and
o.. Nv January. lad been delayed, and was only inst
time 10 clean their tracks These explanations are no
Lancer accented month ago the receipts, although no
or.er Than the present admitted by the corn bulls
10 he large and 10 call for explanation 0n those WuO'
i'm the face tlcu. still preached an udi Iute IN prices
me grain must De coming IN 1ecut7rpap nave WnO
are willing 20 sell t 1T present ARES Ile grading Is
hieh not because shippers making ,rir cclon5 any
more carefully but because there more good corn IN the
country this err than twelve months ago;
much more th5u those Who talked az 6jcrnt corn lew
weeks ago dreamed there Was 10 IS getting TO ne ne
eved that there haA been huge bVndcrm made ~ nSung
on this crop this year welino"n raider saId Mohlh
ago "This January deal win obscure the rear merits OF
corn fOl six months"