New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-04-10
4 SHARP ADVANCE IN WHEAT.
REPORTED MILWAUKEE sYNDic ATE TO BUY IT.
PROVISIONS MUCH STRONGER.
IRY TELEGRAPH To raETRIBuSEl


lBY TELEGRAPH raEIRIBUNEl
CHICAGO, April ct is generally believed
tonight that the wheat market in the hands OF
great syndicate formed at Milwaukee, but with at least
two important members here. 1t is believed that the
Milwaukee YOuags, Panknton McGeoch and Kent and
Armour herr have made enormous purchases within the
past three days, and that the shorts be
treated to a quick but squeeze May wheat sold
up cents bushel to-day and closed the curb about
IS cents. May corn simply out OF sympathy
closed at 50a. The provision holders demonstrated
that they still held the fort and amply able, too
hold by advancing pork nearly $50 per barrel and lard
nearly cent per pound The market tonight closed In
furry, with the shorts In the greatest alarm, aud with
the signs all pointing toward further sharp advance
The receipts Of wheat to-day the smallest
in the history OF this trade-only three car
loads. The shipments aggregated nearly 100000
bushels. The public cables this morning
were stronger. The private ones received
said to be weak describing the situation on the
other side as "worse than ever"
The markets opened under the influence OF the public
wheat These publish influences however lasted only
The private advces from Europe soon began TO have
effect Wheat opened az an adyance Of B at s3S cents
price. IL turned and sold down twice rapidly as it
then gave way and fell under o. About IL o'clock tho
Mas option Of wheat sold at S29s cents. IL had made
turn and began 70 advance This time II did no; stop
until the highest prices had reached since the phe
nOmenaly low uRlues OF was
good deal OF buyIhg As trader put 1t The crowd
acted IL certain that prices were now going
straight up again. and II buyers would need TO DO
lively the other fellow would get ali there was" the
Milwaukee crowd doing good deal Of talking and
apparently much buying. William Young millionaire
there. and Alexander Young and other rich OF that
place members OF the bull party. There Is
said to DO Canadian money In the pool.
before the close scramble by everybody
to get wheat The shorts thoroughly alarmed. May
wheat 20 lilo ran up 10 S4acents. with everybody
bnying New-York was reported cent higher. In corn
the feeling strong al the start rOm sympathy with
the bulshness about tho wheat pitt But the sellers were
more anxious than the buyers, and the May option.
which had started above 30 cents, got below this
| figure, and after while became decidedly weak.
Provisions steady, with small trade. The cash
property traders said that the demand good After
ii O'clock they were as strong wheat; u anything,
stronger. Armour began buying aud continued all
| day Pork advanced nearly 81 barrel THE Big
holders OF produce said broker who had stood IN the
pit all the morning appear now 10 complete masters
of the situation BY the big break OF sss week lney
enabled TO get rid Of great lot or their csh prv
ery and at the time TO ako on great ot OF ture
options They squeeze on shorts ana ADVANCE
prices with much less risk 10 themselves Jack Suasny
| aud Planknton out OF the WOODS