Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-23
MARKETS BY WIRE.
But Little Elasticity and No Buying That
Showed Any Underlying Confidence
Wheat Sellers Occupied the Pit
to the Exclusion of Buyers.

Wheat Sellers Occupied the Pit
| to the Exclusion of Buyers
CHICAGO-The wheat pit was occupied by
sellers at the opening, TO the exclusion OF buy
| ers atprices prevailing when the market closed
| on Saturday. There were offers to sell May
wheat at 00c and no buyer lifted his voice, al
/ though some few transactions may have taken
place AZ 997sc. The selling impetus at the open
! ing carried the price of May to G93Sc after a
short preliminary struggle around 99Ec. There
was reaction to 997sc after the first dip. and
| for time there was enough buying against
| puts to prevent n further break, lasting until
the first half hour of the session had been
| passed.
The buying, which was influenced by the Sc.
| curlty afforded to the purchasers by the pos
| session of puts, not having advanced the mar
ket above the opening price, the selling pres
| sure was instantly redoublcd and sharp de-
cline TO 99Isc took place. There was an ami
mated trade on this break and heavy orders
| were executed on each side of the market
The selling still preponderatlDg. the decline
continued, and between long wheat being
abandoned and further pressure from the
shorts the price was, after hard struggle,
| forced down to 9S34c. and for long time there
after the fighting ground was maintained
around &c.
Fresh ground was broken about 12 o'clock
There was no elasticity in the market, and no
buying on the break of sufficient account to
give token of any underlying confidence. The
decline i'll the instarce referred to carried the
price of May to 9Ss5c. where numerous stop
loss orders and buying orders appeared to have
| been struck simultaneously. There was a slight
recovery from the last named price to 9S34c,
but, as before, there was no spirit ill the buy
ing through which this result was brought
about, and the price slid off easily and rapidly
as soon as the parties who were operating on
the bear side had satisfied themselves that the
Inherent heaviness of the market had been un-
relieved by the severe shaking out which had
already taken place
Pardridge was seller and Hutchinson was
likewise on that side while those who usually
express their confidence in higher prices for
the future showed in the freedom with which
they dumped their holdings, but scant faith in
the immediate outlook,
The dead heaviness continued up to the last
moment of the session, the lowest price of the
day was 0S1sc, and that was made just as the
closing bell separated the still operators.
The tendency of the corn market was almost
steadily downward from the commencement to
the closing of business. There was no support,
but on the contrary, so far as local trade ex-
pressed itself through the operations of the
scalpers the decline was assisted by an ap-
parent assent in the correctness of such a
course.
The opening prices of the May future was
| 59l4c with one two sales at $3.50 which was
an immediate drop below the price of puts.
The opening price was the highest of the day,
| and the closing quotations, though not the ex-
treme lowest. were near enough to be virtually
SO called.
There were few sales at 5l5sc. while at the
Heavier receipts in the near future and more
favorable weather for grading were the
changes in the situation which operated in favor
of the change in sentiment from the previously
prevailing steadiness.
The most remarkable change was in the De-
cember future, which from SIC at the close of
Saturdays ma ket, bad dropped to 49c in the
coul Sc OF to-day's trading.
All of the influences in the oats pit were bear
lsh. There was prospect of heavy receipts.
There was an increase in the visible supply,
and the slump in corn caused break in May
to 1876, against 4434c at the opening. The pro-
vision market opened fairly steady on the
smaller number of hugs reported at the yards
than had been estimated There was an imme-
diate offering of such quantities of product,
more: especially of pork. as caused the lat
May delivery to $40 S2115, after a sale or two at
the start at sll OZ%. The closing price shows a
decline of l213c per barrel. Lard was weak,
but the decline was only 2%c. Ribs only suf-
fered to an equal extent with lard. Packers
were the sellers for the most part and shorts
the buyers.
The leading futures ranged as follows, as cor
recied by John NJ. Oakley & Co.. % Sixth street.
members Chicago Board of Trade: