New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-04-08
CHICAGO BULLS" ALARAED
An ADVANCE ~ PRICES FOLLOWED ~ = REAc
IloN-HEAvY PURCHASES By LESTER & CO.

fBT TELEGRAPH TO THE raI8CyE.,
CHICAGO. April 7.-"IIas the market turnedi'
Il the aabssraing question tonight Nay wheat for
moment sold az ZOE cents, May no 4-7- cen and
May pork no SIS 60 Then followed sharp reaction.
Is 10 pemauentt" "a question that Ia answered in
many ways Captain Piips. OF Cairo d welI-knowa
shipper and trader said to-hzht that Gay IL going
TO a. cents Young Mccormick Of S. Louis was Of the
same opinion and sAd be knows where there Is 100000
bushels Of good corn in CRIB, and has a man sitting
on H. While this conversation among these bears
going on At one end Of Lasaest great crowd OF other
bears was gathered Testers office. the other end
OF the street breskE prices down from the cures which
tn ed on the call IN this crowd wheat f3r Nay sell
Ing as low - q and May going at 80
cents and the that PTces II The weather pleas
ant. viii be lower than ever tomorrow Tee circulars,
however. as rule are conservative tonight
There was unquesdonaby GOod buying OF
wheat corn and provisions today. William
Young & Co. and Dwight & Gillette took between
them probably several million bushels Of wheat Lester
Co. large buyers OF corn al the bottom figures
All the best provision people were buyers OF provisons
The market is uRquesuonably largely O7ersoid The
opinion tonight the best posted traders is that
bear panic is likely to happen now than bulP
failure and thar failures more 10 he feared from
too sharp upmrn than from any nrtaer depreciation
There has been so great breas IN salnrdays
curb prices, May corn getting down 10
SOC and May wheat TO slc that the opening this
forenoon was Wild Wheat opened STAG, better than
was expected and May about Soc bat there were
no good bidders The buyers were all "shorts' The
temper was unquestonsbly alarming Finally after the
market had little settled itself aud the crowds IN the
different pits able get pretty clearly ne situation,
the figures began u break of Corn suffered the most.
The Nav option broke 10 49I2c. and held
there for a while. Then came q load on the market
from some Of the commission houses which
had failed to get their margins and the figures broke al
to pieces May corn sold low 7sc the selling QUO
Of g. a q
reported failed. being the last hutter TO overload
me buyers At the bottom prices Lester Co. began buy
ING on great SCALE taking lots OF less than $4,000
bushels and buying up above 49L2c y ne tiaolhg III
wheat was without special incident The big traders
we're evidently sellers. Among the buyers there were
PROVISIONS we're weak. May pork getting down under
sI eav m The morning The large receipts of hogs at
the yards and the fact that after giving tte temporary
support the large buyers absolutely withdrew rom inc
market, were the reasons after the knoppf failure:
which was significant simply because l. va seI o"n -
the precursor OF other and worse ones e arses Nero
at their weakest II at this moment mat MAY PORK
10 4s7s cents. These however were Ihe Dot0n
figures for the day. There followed sharp reaeuon
st sent prices highest notch iOr the day "heat
IN hour nearly cents hu'he ana corn te"s
pork advanced = cents barrel and lard \ cent per
But tins advance was accomplished only aer vast u~i
o. Co. we're large buyers 81 corn Bangs bought
himself and put traders In the ring. The amount 81 mo
firms purchases is varO9sly estimated some putting
The purchase. were mainly for July. In whea7
there appeared 10 be concerted buyng Indeed the
dNN duCt I'D tIl1 -ldII vas SN - 80 "'e-
About noon a snow storm made us appearance: Ibls
doubtless had something to do wh the cnangr OF tone
II does not need" said prominent trader mucn OF
an ~ ba had The shorts. however,
when they tried 20 get back sales found more
sellers There has been some good Duy"
ing but nor enough % change the course
OF the market unless the bottom has been reached
think IL has dent believe that May wheat viii sell u-
dar 80 cents nor that May corn Will 20 lower ts year
than il did TAI. fOreaOan" The packers were all buyers
Of provisions tue bottom prices but aer ne ray ns
trade sank into IL old grove. There was tfe done us-
t1er than chan from May TO June, or from June 10
July.
The unsettled condition OF the Chicago markets
had an effect on the New-York Produce Exchange yes
tercay Wheat opened from 10 . cents bushel lower
than the close Of Saturday, bur subsequently rallied.
Corn opened from TO Ia cents bGshe lower after
ward advancing from TO l3s cents bu,hel higher than
on Saturday. The decline in grain has cause an increase
n the sDo int Of margins deposit IN the several banks,
and the deposits larger than ever before The PRO-
ducs Exchange Bank has the largest amount O97