New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-03-11
AT TIE MERCY OF THE BEARS.
JONES AND REAM CONTROL THE CHICAGO GRAIN
MARKET WHOLLY.


lBY TELEGRAPH To THE TRIBUNE.I
CmcAGo. March lO.-"The wheat pit" said
broker tonight was IA near panic this morning IA
il has been for months" The drop from 96's to 957s
WAS without STOP and sudden as to quite take the
puck ont Of the entire crowd The scapers had loaded
up with both wheat and corn, and when Jones and
Ream and Fraey OF ct. LOUIS, began hammering the
market prices Dropped quickly that they could not
pos.ibly sell out There PERCEPTIONS drop Of cent
with NOT above dozen trades The scapcrs fairy climbed
over each other in their anxiety TO unload their hodn
This further illustrated the complete suoservlency
Of the local crowd of produce traders
10 the influence Of the "bg two" Jones and
Ream had a traders in the pitt and Jones was In
himself offering big and little blocks Of wheat, and knock
Inc down the figures and breaking the courage OF the
buIls The May option began at 07as. and was steadily
hammered until 957s cents reached, aud 9j3 cents
on the call The close 9574 cents sellers option
Fraey representing the bear crowd in ST. Louis, was on
hand.
when McGeoch was in his heyday he was dubbed a
"bulldozer" and execrated because az times he would
swoop down upon this crowd from his home at Mwau-
kee and for week perhaps amontb, stand the pits
here and with his dollars aud his hard Scotch roar send
prices up despite ali other influences natural or artificial
Since McGeOchs failure there have been no SUGGEST III
great dull " manGuyres. Armour, who while infinitely
superior the ScOtchman in his methods and strength
Is, when manipuator, always pun mas not peen
same ik but also superior 10 McGeOch has cut no great
dgurP great bulls out OF the market now Inc
crowd who used heartily 10 execrate them wish they
Up to year ago. with one exception this market never
sufIfred from the operations OF bear" manipuafOrs.
Lack cturces half ruined this market by manipulating
corn for decline. Since hfs fall, until the advent
of the present gigantic bear clique, :" the big
| two" the local crowd has DOT suffered by con
sniracies to unnaturay depress prices. At pres
emf however, tnis market, and OF course indirectly
the uoduce markets OF the whole country, are MIXED
each dav Nv small but rich band OF traders who when
they want prices decline afford TO sell or 10 Ouer so
many million bushels OF wheat or corn that nobody
nm this market and combination In the trade can orl
o take the property and support prices IL Is no e1hg
geraon 10 that threequarters or the trade mere u
locking ongincly toward Philip Arm0urs washington
~ office bOung the only big man left IN this market
able 10 rroteot property come INTO the gram pits,
and match his strength with the gang known AS the Dig
two" With these Peabody and Pope are said TO ne IN
| league The latter managers OF gigantic Ducket
sbop combination which carries on its books often over
600 bushels Of grain. and who, their business
comes altogether from the country and Is all bush can
well Afford sacrifice enormously to manipulate pulls
| doun 10, freeze out the long" trades
Wheat closed al the bottom figures for The day 80 dld
corn the former 7sc, the latter at 557sc bid The
receipts OF corn light 4l8 cars with only n NO =
There were however It reported over 600 cars re-
eeyed al ST Louis OF outside orders there we're very
few There are some reports Of damage and prediction
| ~ had weather but they cut no figure.
| Provisions were weak. dull and lower May PORK
STAMPED az Sl7 72La May lard at 50 42l The curb was
tribe better 96c. for May wheat 5oa o6ec Tor corn