Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-16
Boston Stocks,
MARKETS BY WIRE.
An Exciting Day in the Chicago Wheat Pit
The Longs to Unload, Resulting
In a Tremendous Slaughter

CHlCAGO-The wheat market exhibited all
the symptoms of true case Of panic before
trading had been in progress over an hour to-
day, but the spasms, though violent, were not Of
long continuance, and during the last hour
there was a recovery of nearly 211o from the
lowest prices of the day, with the closing figures
showing decline since yesterday Of Nc in De-
cember and &c in May. Corn and oats were
dragged down, while wheat appeared to be in
the throes of dissolution. but came up again
like corks when the weight Of the wheat panic
lifted, and each closed with moderate gains
Provisions were dull and, while averaging
lower, closed with very little loss since yester-
day.
The wheat market while the completely at
tending upon the financial situation as it ap-
peared to be for about 10 minutes near the open
ing. gave some symptoms Of returning conf
dence among the local SPECTATORS In fact,
quite general feeling that the end of the de-
cline had already taken place was apparent,
some of the leading commission men SO ex-
pressing themselves. How far these opinions
were from gauging the probabilities OF the
days fluctuations the after course of the
market has been witness The price of Decem-
Der wheat started at 944c with the pressure
coming principally from the selling side, and
it quickly declined to 94c. For q short time
the fluctuations played nervously around 94c,
touching 9S7ac. and selling sparingly at e4ssc in
the course OF It's several changes.
The trading during the time referred to was
not very heavy, and in the lulls which took
place the tendency appeared to be in the direc-
tion of firmness. 1t was observed, however, by
the students of the blackboards in stock offices
that securities were again breaking in New
York, and upon this hint the nimble runners in
the wheat pit commenced to unload, and in
few minutes decline in December to 93ssc
took place. There was only a momentary rest
at the figures named, when 1t was followed by
a further drop to 925sc. There was a hard and
exciting struggle lasting two or three minutes
before the pressure of the offerings could over
come the buying which such profitable de-
cline brought in favor of the shorts. but it was
overcome in the end, and then ensued one OF
those periods of wild delirium which occur per-
haps at intervals of year or two in the wheat
pit. Buyers were wanted, but they would
make move and for time the competition in
undertaking to secure buyer was such as
knocked prices from under SO rapidly that it
was impossible to execute hundreds of orders
at the limits of the exhausted margins.
The decline was not arrested until December
was selling anywhere from 9O54c to Ole and
MAY at 9s5l@9sslc. The report Of the financial
embarrassment of Barring Bros, Of London. was
the cause of the wild stampede. The reaction
from the lowest prices of the day was not indie
ative of any very great accession of confidence
but the market during the last hour OF trading
was free from the panicky feeling which had
previously characterized it. The prices of
siderable time. and May 81, and the resting
figures were 9S1sc for December and l005Sc for
May
The stocks of corn are SO small and the re-
ceipts to-day and those promised for Monday
were so light that holders we're very firm, and
the shorts, though very aggressive. had hard
work to cause a break of zc, even when wheat
was dropping about at that rate per minute
The opening was firmer than the previous days
closing and May was &c higher. There was a
further advance of Nc before the reactionary
movement set in, during which latter period
the price broke lssc from the top, but recov-
eredA of this Immediately after, and during
the remainder of the session the price was
maintained at some improvement over yester-
days closing quotations.
Oats were active but weaker and lower early
in the day, owing to the weakness and decline
in wheat and corn and free selling by longs
Prices for Nav declined 11sc from yesterdays
close and touched 4234c. Later in the day
firmer feeling gradually developed and prices
advanced l5sc and the market closed steady at
full outside ngures and at q fair gain on yester-
day.
Pork-Rather active at irregular prices
Opening sales were made at about the closing
figures of Friday and reduction of Sc was
quickly submitted to. Later. prices rallied N
Ql0c, but more pressure to sell caused a weak
feeling and prices receded IH020c. Toward
the close prices rallied 71IQl0o and closed
quiet.
Lard-Tradlng was moderately active. Prices
declined 59711c and closed steady at outside
figures.
Short Rib Sides-A fairly active business was
transacted. Prices ruled 2HQ5c lower and
closed steady at outside figures
The leading futures ranged as follows, as cor
rected by John NJ. Oakley q Co., As Sixth street.
members Chicago Board of Trade: