Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-27
MARKETS BY WIRE.
Rumors of Financial Troubles Cause Early
Weakness in the Grain Pit-A Bulge
Later More Than Regains Lost
-Ilr sic....

fsumorS OF f1nanciiii lrOuDleS Cause Early
Weakness in the Grain Pit-A Bulge
Later More Than Regains Lost
Ground-Provisions Stronger.
CHICAG0-After weakness, dull business
and considerable decline wheat became stronger
and closed 1ac higher than it did yesterday.
Corn was in sympathy with wheat to m oderate
extent, but never entirely recovered the effects
of heavy pounding administered at the OPEN
ing, and closed &c below the price ruling at the
corresponding time yesterday. Oats closed at
slight advance and provisions averaged
stronger.
The wheat market opened under the shadow
of further rumors of financial troubles and a
weaker tone to the advlces from the European
grain markets. May wheat, now almost ex-
clusiyely dealt In, opened nearly 1c lower than it
closed On Tuesday For half an hour after
trading commenced there was a heavy feeling
pervading the pit. December wheat becomes
Increasingly diihcult to trade in. as no one ap-
pears TO want it outside of those who make a
regular business of carrying for the profit they
can get out of that particularly sa e operation.
The difference between December and May
widened to TIC in some of the few transactions
which took place. The bulk of the business
done at the immediate opening was at 81 OO5I
and 81 OOss. following which there was inn
mediate improvement to 81 007s. succeeded by
a decline TO 81 005s. with few sales at 81 OO1%
Trading was local In character and not partIc-
ularly heavy at the time of the foregoing fluc-
tuations, and such reports as were current at
the time were in favor of the party. There
were frequent fluctuations after those already
recorded, but their tendency was generally in
an upward direction. An advance to 81 OH
was followed by q reaction to 81 OCtl: the price
from the latter point once more worked leis-
urely m to 81 Oh. and then jumped suddenly
To 81 0la4. After Il nc reaction there was an
other upward squirt, and the price rose to 81 ".
Besides the troubles of South America the
bears IN the wheat pit were in sympathetic de-
spondency with firm OF bankers in Duluth
who had to close their doors. The prices
dropped about Ac before the small extent of
the failure was discovered.
The great strength of the mar ket after the
first few items of bear news had run their
course and been forgotten. was the heavy
movement in cash wheat. which was reported
from seyeral quarters The amount reported
as absolutely sold here was 10000 bushels,
with enough more under negotiations to bring
the quantity up to total of 2iO.OOO bushels.
Minneapolis reported purchases in that mar
ket by La Crosse millers of 80 carloads at 41ac
over the price for December. New York wired
that mlllers there had bought Y boat loads to
arrive, and ST. Louis reported the loading
there OF 5000 bushels. Or the quantity sold
here, &c, 600 bushels were for export. There was
considerable increase of activity when the ad-
vance was in progress. and the market was
Strong TO the close. December at the close " as
Eominally worth less than May.
The corn market showed a sympathetic weak
ness with wheat at the opening, and started at
ucCliuo AIOu 1ooIcIudJ hndi QuOtdIiOus.
There was recovery toward the end of the
session, bringing the price up to shade beyond
the closing price of the day before and nc above
the lowest price to-day. but an after reaction
left May at 545sc as compared with 55c at the
end of the session on Tuesday. The most con-
spicuous sellers were Bryant and Rosenbaum,
with the local scalpers for the most part favor
ing the selling side.
Oats were fairly active and stronger. Prices
opened &c lower. advanced A@5sc, receded Nc
and closed steady at fair advance over yester-
day.
Pork-Only fair trade was reported. Prices
ruled irregular and averaged higher. Opening
sales were made at 10@l5c decline. Later
prices rallied 35@i0c, and the market closed
comparatively steady.
Lard-Trading was only moderate and the
feeling was easier. Opening sales were made
at 21ac decline, and a further reduction OF 215C
followed. Later prices rallied 5Q71ac. but set
tied back to medium figures and clOsed quiet.
Short Rib Sales.--future was only fair busi-
ness and the feeling was easier. At the open
ing prices receded 2115@5c. Later prices rallied
7@0l0c, and the market closed rather firm al
the Improvement.
The leading futures ranged as follows, as cor
rected by John NJ. Oakley d Co., 45 sixth street
members Chicago Board of Trade: