New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-04-29
FLUCTUATIONS IN WHEAL
A SUDDEN ANXIETY TO sELL-How PRICES WERE
ADVANCED.
Icy rrIrGRArH TO THE TRIBCNF.I

Try TELEGRAPH TO THE TRIBCNF.l
CHICAGO, April 2S.-"The original bulls,
all bears now said "scapet inns nlo'nil'7
who made 10000 in the last fortnight By buying and
doubfDc his "lons" wheat. "The top II
reached for the present" said Deacon Hobbs
"The crowd seems 70 be doing the pulling" Inc
markets started with at an advance OK
l. cent. and wheat at an advance OF lall2 cents
William YOung's name was given up last frday ana
Saturday on not less than 100000 bushels Of wheat and
this the all watching, for it began and has
engineered the deal Gable dispatches came in stronger
than on any day last week This helped along the DOOM
There were 1000 hogs at the yards but provisions
svmpathzed with graz sdhnd opened higher Nnen the
first rush buy lie market exhibited decided
tendency to 20 the wrong way for the bulls Not
vlhstandiny the efforts Of Lester & CO.. who had big
Eastern orders to buy and who took in immense quaut-
ties OF both tie June and July options Of wheat il soon
became apparent that crop Of sellers had suddenly
sprung ND and were feeding out the staff as fast If no
faster than II was wanted. RumOrs were rife That
tneor1nal members Of the bu" clique had disposed Of
III" ;, i H. bi -. -. ts'r 6n 'Cb auge Tor some
time past and who ~hrewdy suspected last week or
Vort ,9pesrr on lie floor ana when the market began
to weak ~ administered hig doses OF Whca il lUoOVg
c cG1s' soon Soon the lca.rs from Gay to day
Joined in selling and the market dropped
West The receipts reported only p cars "I WLes
ard 2g1 OF corn bat tine bulls could not lnaar any head
NJ
93i for May 9Js cents for june and "5 cents
symfafhizlug with wheat. corn took serious tum-
bic. July. which sold at one time tI-s
morning at COS cents Se7L9-ed cer at 5 Phi
55i cents Tba market could not be described ar
a1y time a. genuine "b,ar" market. II Was realz-
inc market the biz longs" tal1- their profits and only
atew "suorr lines either wheat or corn beng pms ont
ON the afternoon call there Was rally ~ prices alt
around June wheat eu al 80 cents, antJuly a, J1's
Tue truth Of this wheat" deal" which has sent May
wheat from 80 mp 20 "a cents and which BIDS iar
send the June option past dollar q said TO Dee TINS
When May wheat touches 40 cents the cram traders ot
Milwaukee were virtually "Du~ttC.' Ltcu " Lltm
Young ~ ca. strapped with tie resi-. A further
big inc would have stranded them. one hall oI Tire
pulls" mad their .rc0uAt. with Alexander Alich. IT,
Two prominent Milwaukee men went 10 Mitchell and
X'3inod the situation he gave pm order 10 William
Young 3 Co. 20 buy Whea. Tie went on ch1n-c At Nil
wauae. "Wny don't You buy whelt3' he said 20 his
friends. IT'S soo4 thihs' we've gos
some" the despdltMS BAsNeF Oh
the men who We're staggering under the loads
BOUGHT az 80 ccuts and above. buy some uOre' was
his answer. az yOu want moro money come 10 the
bank" The Milwaukee crowd was rescued and MchelPs
bank was relieved OF vast load. Tho wheat was bought
Milwaukee too. The wheat pits were say ed
utter decentralization. 1t was no DEAL There Is
squeeze.