Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-15
MARKETS BY WIRE.
A Big Break in the Chicago Grain Pit-A
Craze to Unload Causes Values to
Vanish-Provisions Involved
in the SIaughter.

NdHlSH-ErOV1sIOnS lnFOlVeQ
in the Slaughter.
CHICAG0-Sellers were around the pits in
overwhelming numbers to-day, and there was
practical illustration on Change exhibited
under very exciting circumstances Of the diff
Guilty of disposing OF goods upon an over
stocked market, except at slaughter of prices.
December wheat showed at the closing price
to-day loss since yesterday at the correspond
ing time of ne and May of 11c Corn dropped
Nc and oats 13lc in the same time, while pro-
visions marched in the rear, but in the same
direction with the grain market.
There was an excited struggle at the COM
mencement of business to get rid of wheat by
those who were still holders of that description
OF property. Its desirabiity investment
has been gradually diminishing in the estima-
tion of those, who, month ago looked upon
the possession of few thousands or with the
most ambitious spirits few hundred thou
sand bushels, as better than money put out at
usurious interest. All this kind of sentiment
has been uprooted from the minds of the local
spectators, and to-day 1t was only after
repeated inquiries among those who had
prev iously expressed an opinion favoring
higher prices that one could be found kere and
there In some secluded corner avowing himself
still a bull. Statistics were lot factor in the
business to-day. 1t was principally matter of
exhausted margins and in such times of money
strlngency and vanishing values full margins
have become wonderfully narrow. The usual
influences occasioned by the daily movement
fell fiat.
When the market opened there were sellers
of December anxious to get 951lc, and few buy
ers at over e5l4c. and the readiness with which
the latter were supplied made those who were
willing to buy hold off for still lower figure,
and they did not have very long to wait There
MA irnr diata
which started around 81 02, slid OFF to 81 0l%
At those prices the trading was very exciting
Lines of long wheat were dropped and CORE.
spending lines of short wheat covered. This
caused prices to rally, and December wheat
advanced to 951sc and May to 81 021l This rally
ing turn was taken advantage of to
put out additional lines of short wheat,
and before the session was two hours
old the price of December had gotten
down to $3.50 and May to 81 OO15. There were
sales of flour reported for export from Mime
apolis, of wheat loading at St. Louis for foreign
shipment and of considerable purchases on for
eign account at New York, but the moderate
rallies occasioned by such news had no STAYING
qualities December, after selling up to 9i15c
and May to 81 OH, relapsing to y3Ac and 81 20
respectively, 1t was not until within 10 min
utes of the close that the traders began to
have any confidence in the bottom prices
for the day having been already experienced.
feature Of the days business in the wheat pit
was also the most notable circumstance in the
corn deal. The opening price for May was SIC,
Oh &c below the point at which It closed yesrer-
| day. It did not long remain at the prices
named. and it was not until it had declined lc
more that there was enough buying to cause
reaction which could hold more than one or two
minutes. The buying in of short corn was the
only Kind OF buying of sufficient bulk to turn
the price.
Hutchinson tried to stop the decline, but he
perceived there force
arrayed against him, and he abandoned the at
tempt. There was heavy liquidation Of country
holding, and, altogether, very large business.
cline was recorded, the finish showing net loss
of l19Gl34c from yesterdays close. The OPEN
ing was weak and 5sG2lc lower. and quickly
started on the down grade. at one time dropping
1c for May. with few intervening trades. Shorts
bought literally on the decline, and a reaction
of 10 followed, but was not all maintained
until the close.
Pork-Quite ar active business was trans
acted at irregular prices. Opening sales were
made at l0Qloc decline, and the general desire
to realize caused further reduction of 15G20c.
At the decline the demand showed some i'm
provement while the offering was lighter; con-
sequently rally of to 20G2215c was gained.
Toward the close the feeling was easier and
prices settled back again 5g714c and the mar
ket closed rather quiet at medium figures.
Lard-Rather more was doing and the feeling
somewhat unsettled. Opening sales were 20
&c decline and further reduction of 214G5c
gradually followed with rather liberal trauing.
Later a steader feeling was manifested and
prices rallied, but settled back to inside figures
and closed quiet.
Short Ribs-Actiye business was transacted
and prices ruled irregular. Opening sales were
at 21lc decline and 4 further reduction of So
TIC followed. Later the feeling was steadier
and prices rallied again 21l@5c. but settled
back 10 medium figures and cluSed quiet
The leading futures ranged as follows, as cor
rected by John NJ. Oakley & Co. As Sixth street,
members Chicago Board of Trade: