Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-02
MARKETS BY WIRE.
An Upturn in the Grain Pit-Cereals Score
Substantial Gains-Provisions Lose
Ground-A Panic No Longer
Nons;darod Prahahla

Ground-A Panic No Longer
Considered Probable.
CHiCAGO-The grain markets opened act
i've and strong. Wheat corn and oats, after
opening lower than they had closed on Satur
day. recovered the loss and wound up with sub
stantial gains. Provisions could not overcome
the enormous receipts of hogs and were lower
at the close to-day than on Saturday.
1t was 1890 o'clock when trading commenced,
as Is customary on the first business day of the
month. The deliveries on December contract,
which occupied the time previous to the open
ing, had no particular significance. Outside
markets were easier and stocks started in weak
and generally lower. These were the early oc-
currences under which prices started at de-
cline of about &c from Saturdays closing quo
tations. May opened with very free sellers at
81 oOsA and scarcely any buyers until it was
offered at 81 0015. At the latter price, how
ever, the entire crowd took the buying side and
the price went up instantly to 81 0C5a Rumors
of failures among the operators Ill stocks still
continued to frighten those who cannot per-
ceiye panic or crisis Is no longer among the
probabilities
The majority of the foregoing items being
somewhat encouraging to those who were long
caused corresponding dIscouragement to the
shorts. and the latter became good buyers. The
bulls did not fail to whip the market up. and
by o'clock the prices had been advanced over
NJ per bushel from the lowest point of the
earlier dealings December was in bad favor
at the opening of the session and sold as low as
9iYc, and during the greater part OF the time
at nc on May. Trading which was rather slow
up soon became more active on the advance.
but it was largely local in character. Commis-
sion houses generally complained of light busi-
ness. There was slight reaction in the last
few minutes which, however, still held an ad-
vance of about 3sc over Saturdays closing.
The market for corn was weak when trading
started. and for a long time business in the pit
was dull and fluctuations narrow. The busi-
ness was described by one trader as mere
see-Saw between Hutchinson and Bloom for
sixteenths." Bloom was the seller and hutch
inson the buyer. and as the strong tone of the
wheat market in the end gave the latter the
long end of the plank he found no difficulty In
raising the price nearly lc per bushel over its
lowest point at the opening. The flrst sales
were irregularly made at fromJ3c to 5zIsc with at
least one sale at 523zc. but there was a recovery
in short time to 5S14c, and between that price
and 533sc the bulk OF the early trading was
done. There was q good demand from the
early sellers when what commenced to harden
and the price in the last hour advanced To 5354c,
leaving off with buyers at 5S1ac.
Oats were moderately active and shade
easier early. but advanced nc on buying by a
large trader who afterward turned seller and
prices receded &c. The market closed steady
at slight advance over Saturday.
Pork-Tradihg was moderately active and
prices fuctuated considerably within a small
range. Opening sales were made at l0c de-
cline. and a further reduction of 21a@5c was
submitted to. Later, prices rallied to l21a@l5c.
but settled back again slightly and closed
steady.
Lard-A fairly active business was transacted
andprices ruled somewhat irregular within y
small range. Opening sales showed reduction
of 212@5c, and further depreciation of &c was
submitted to. Later. prices rallied 21ac, but
settled back slightly and closed at medium
figures.
Short Ribs-Rather more interest was mani
Tested. At the opening the feeling was easy,
and sales were made at &c decline, followed by
further reduction of 21ac. Later, prices
rallied 215@5c. receded slightly and closed
rather firm:
The leading futures ranged as follows. as cor
rected by John NJ. Oakley q Co., 45 Sixth street,
members Chicago Board of Trade: