New-York tribune., 1884-01-13
ALMOST a PANIC IN CHICAGO.
AN EXCITING SCENE IN THE WHEAT PrT-PRoyIs-
IONS sTR0NGER-THE BUCKET SHOPS.
IBT TELEGRAPH TO TIE TRIBUNE.l


IBr TELEGRAPH THE TRIBUNE.l
CHICAGO Jan. 12.-Wheat is selling tonight
on the curb 9Sai for May and there more
sellers than buyers at this Last night the figures were
1la cents better 1t was a terribly weak day weak
that the wheat pit narrowly escaped panic. The fail
at NcwYork Of course greatly increased the de-
mOralzaton Coleman Co., whose failure is reported
here as big and bad highly thought Of Things were
reported pancky at New-York change pre-
vented panic here. Jack Cudahy started In
this morning to boom the market little 10
sell on again lie already short a vast quantity
of grain ard gave almost an unlimited order;
directing brokers to stop only after the market had been
rallied enough to sell on SO 23j0,00O bushels were
bought for his account and still the market kept going
down. The buying orders then stopped Tonight,
not wthsandng his immense purchase he is stll short
of wheat and boratng himself because he covered at all
He predicts lower figures for wheat and better for corn
The latter he says is worth the money.
Abe Poole OF Poole. Kent Co., says tonight;
Wheat looked at these figures "a bOtomess as 1t did
wee6 ago. There is good in it, for IT would have
dropped cents bushel further this forenoon II 1t had
not been for the purchases Of local shorts feel
weak on corn as on wheat The receipts large and
likely to larger. The January clique is bewildered
and practically out OF its deal"
Lindblom talks rs bearish Poole. Irwin, Orr g. Co..
Kershaw & Co.. and David Dows & Co., also on the
bear side There are good houses here, Mccormick
substantial firms, with rich customers. who are buying
wheat. Il expect" SAID W. G. Mccormick, to get
100000 bushels long wheat on our books next week
We are advising ybody to buy, and buy down"
There was one little failure, +. H. Johnson & Co.. but
it without significance
It Is almost invariably the that weak Saturday Is
followed by weak Monday, but there are conservatives
tonight who believe that there will be an exception
day after tomorrow.
The weakest feature I'm the pit was the large re-
ceIps 5GS cars over half of which graded No. 3 is
expected that the receipts Monday will be much larger
MAY wheat did not 20 below 5Ss to-day, and closed
at 3slo. This only decline Of l2 cert Grom last
nsnt II looked all day II there was peg In corn at
- cents but those who know say tna the only peg was
the purchases of such men Cuddhy who, "Ide they
are bears in the other grains, predict 20 cents In corn
But while did yield 10 the tremendous Deaf5Dness
which emanate from the wheat pit, provisions actually
advanced and closed 10 o'clock to-day higher than last
the day 7l2 cents but at one time was as low as
SlI TO- February lard closed at $S 90, advance OF
cents February ribs at ~ 3d. Every body was surprised
at the shipments Of meats andlar They were enormous
yesterday and enormous for the week. A rum0r tnat
NEGOTIATIONS favor ably progressing for the aDOtlOn
OF the French prohbOry edct helped to ay the prices
OF provisions.
tant part IN the market sad tna concern closed
out over 2OUO,0OO bushels of long wheat yesterday
when the quotation made ri Fl for May wheat al
though the market really above IT, lt Is charged To-
quotation 0S63 for this option, was pad Tor
by these concerns The principal field which these shops
chosen has been the call board, where IL mas Deen
an easy matter for sharp broker, II protected, 10 IN
iuence prices moment, sometimes as nucn as 4G 2
The best traders chosen ana they are Wen p4ld
The directors OF call board have ordered tine caller
Lencrtorth any VINO sells, buys, away nom
TIC market, and to refuse to cali the trade.