Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-24
MARKETS BY WIRE.
Continuation of the Bulge in the Chicago
Grain Pit Bullish News From
All Sources-A Great Day
for Scared Shorts.

for Scared Shorts.
CHICAGO-There was lively up-turn In the
speculative markets to-day, and substantial ad-
vances were maintained at the close. The rest
ing figures show a gain of 11sc IN wheat. The
wheat market opened quiet out firm at about
the closing figures of the previous day. May
wheat changed hands at the start at from 1890
to 9yMc, but quickly advanced to 81. December
was In good demand, but sellers of that future
could not at all times be found when wanted
and from this cause buyers being In the ma
jority the difference between it and May mar
rowed to about 63zc, which spread was main
tained during the greater part of the session.
The returning confidence in the financial out
look was one of the causes which invited pur-
chasers at the opening. The New York dis
patches were for the most part of an encour-
aging nature, although some uneasIness was
created here at a critical period of the day by 4
rumor that the usual New York bank state
ment would not be issued Its subsequent pub
lication and reassuring figures gave this market
a quick reaction from weak point, which had
resulted from the assignment of the United
States Rolling Stock Company. of this city.
The price gradually advanced until May sold
at 81 0036 and it had reacted to about 81 006 at
the time the failure of the rolling stock COM
pany already referred to was sprung upon
the trade. The liabilities being rnmored to
be 81, 600 600 called up visions to the specuator
There was an immediate break for financial
institutions. and there was an immediate rush
to sell wheat The price tumbled at once to
such a chance to cover their lines to allow of
the decline going very far, ana the reaction
there on buying was as quick as the decline
which preceded it. 1t very soon was as high as
on the advance, and during the remainder of
the day there was only one course to the
tendency of prices, and that was an upward
one. For some time May was retained close
around 81 00@1 0011. Will NJ. Dunn entered
with some buying orders in his hand and kept
taking it so steadily that it was surmised that
he knew something" After filling his card
he showed the dispatch advising an excited
market at Minneapolis for cash wheat, and a
Scent advance in the price there.
The French Commission Company, Of Kan.
sas City, likewise reported an advance in cash
wheat there OF 4c over yesterdays prices, and
New York wired that export orders could not
be filed on account of the cash article having
advanced relatively more than the futures
The English farmers deliveries for the week
showed a decrease in quantity and an advance
of l per cent in the prices. The market be-
came rather excited under SO many items of
bullish news, and May advanced to 81 00T and
December 94zc. New ork lowered at the close
by reporting the taking of four loads of No. 2
red for January shipment at the price of the
May delivery.
The story of the days operations in the corn
pit might be summed up in two words-scared
shorts. The same nervousness which prevailed
among those having short wheat was noticeable
among the corn speculators The price At the
opening was about Hc higher than it closed on