New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-30
MANIPULATING MAY WHEAT.
GRAIN GAMBLERS HAVE A FIELD DAY.
A SUDDEN DROP OF SEVEN CENTS IN THE MAY
OPTION on THE CHICAGO BOARD OF TRADE
DECLINE IN PORK PRODUCTS.
TsY TELEGRAPH TO THE TRIBuSE.]

tBY TELEGRAPH TO THE TRIBUNE.J
Chicago March 29.-Thc trade to-day had an ex-
ample OF the beauties Of the May manipulation Inc
Northwestern shorts. In cmlpanic for week ana
at work In a desperate way to cover up. got 10
position where they could think and act with little
more compacency. Every interest-Nor'h"es'er"
Southwestern and local--bccame suddenly Impressed
with the idea that the leaders had sold enough OF
late 70 change at least temporarily. the situation
With the shorts, for the moment over their scare ana
with everybody else Of the opinion that the market
had been carefully loaded by the clique. the ouying
Juror suddenly ceased and decline started that con-
tinued until It was checked by new pegging
order from the leaders. May opened at slc touched
81 84c dropped very suddenly to rs 34o and closed
at 75 Csc. There were, OF course. any number OF
sorry victims OF sopOrders, there always are on
such q market ANY amount OF wheat 0dered
stopped at nc for May found no buyer until 'Sc was
reached. These stOp-ordcrs, as Is always the case
on such a smash. had much to do with creating the
extremes.
1t was the pit gossip that local professional Phil
lips took his loss q short line OF 2oO.0Oo
May The surprise came about noon. Wheat had
got dull. Bennett, q clique broker started some
selling around 80 34c for May. At about the same
time Orr started In to do some selling. The price
went all to pieces In a twinkling The stop-order
began to be factor at soc. Almost instantly the
May price was at roc. Brokers and commission men
do business OF any magnitude. At rs 34c for May
the pit was suddenly filled with brokers representing
the leaders -Eggle eton. Parker Boyden and the hers
They bid for 100000 bushel lots and within five
minutes had the price back to 70 cents; that 100,
without really getting much wheat At the first sign
Of support, Offering ceased. The close steady.
After 1t all the wseacres called 1t scoop"
There idea that Partridge came out pretty we'll
With the Quotations wild they the trade
had no eyes for the ordinary news. Even reports
from St. Louis that 10000 bushels had been taken
there on export did not influence anybody. The
ther map showed Kansas to be dry still. The action
Of the Directory in declaring that emergency ex-
listed IN the elevator situation possibly had bear
ish effect, although fully anticipated There
a that wheat had been bought at Toledo and
Detroit TO bring back here.
II provisions had not been overshadowed by
wheat there would have been q big time I'm them.
Every sort Of product suffered severe decline. Tho
drop In lard equal to about 81 so tierce. Pork
lost almost 30 cents barrel ribs, 30 cents a
hundred 1t hard 10 tell what was the mat
ter. There was simply no support and the traders
and stop-0rders found themselves In a bad way In
very perilons market. There We're $1,000 hogs the
estimate for Thursday 1000 head. Hog re-
ceiptS In the West heavy.
Corn was lower, but dull May sold from AZ 1-2
to Al 81 and closed NJ Al 10 cents, sellers. Oats
followed May sold from 81 to 80 3-s, and
Al night on the curb puts" on May wheat were
10 IL cents; calls" 80 cents. II seemed TO be the
opinion the curb that the bull deal by
means over: but that the manpulators would work
dng price. II Is believed that the May clique sold
this week at least 100000 bushels OF It's line.