Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-23
SYMPATHETIC MARKETS.
Wheat Generally Strong, but Dispatches
Telling of Bad Weather Prevent a Large
Business and Have Bullish Tendency
Corn Firm but Reaction, Follows

Wheat Generally Strong, but Dispatches
Telling of Bad Weather Prevent a Large
Business and Have Bullish Tendency
Corn Firm but Reaction Follows.
CHICAGO-Wheat was generally strong
to-day, especially around the opening.
Cables were about steady. There were dis
patches telling of bad weather from various
points in winter wheat belt where the har-
vest is now in progress, but the weather
map indicated much more clear weather in
those sections than during the latter part OF
last week. Private advices from Kansas,
Nebraska, Central Ohio and parts of Indiana
were received, telling of deterioration in the
condition of the crop. These were bullish In
their effect, but apparently the chief factor
leading to an advance in prices at the OPEN
ing was the fearful manipulation in July.
Only a few days remain until July will be-
come the current month, and the shorts
have become nervous over the action OF
prices IN that future during the past few
put up and down with very little trade pass
ing. They started in to cover at the outset
to-day. and the result, after an early fall
was a decided advance.
the closing price on Saturday and dropped
to CSC, but the selling crowd was soon rid of
its holdings and the demand continued
urgent, especially for July, quick reaction
Co., White & Co. and Kennett & Hopkins
were good buyers in the early trading. 1ndi-
cations that the decrease in the visible sup
ply would be larger than expected; the fact
that New York stocks had decreased &50, 200
bushels and that the clearances from that
port Saturday footed up 325, 900 bushels Of
wheat, 700 barrels and !, 500 sacks of flour
were all strong factors. Later when the
most urgent buyers had secured what they
wanted and had withdrawn and reports OF
clearing weather and liberal estimate for
tomorrow, July closed at 94ac.
Corn was firm early in sympathy with
wheat. July started at 551sc and went up
quickly during the sharp bulge in wheat to
553zc. shorts showed good deal of nervous
ness for a time, long property came out
freely and wheat breaking about the same
time corn followed. Liberal estimates for
tomorrow also helped to create weakness,
and when once started the break was easy
to 545Sc.
A little reaction followed the early short
sellers making an effort to cover and secure
profits, when July sold to 554c, but reacted
to 545sc again. Near the close there was
another rally and the close was 55ssc. Oats
were fairly active, the feature being the
strength in July. There was good buying by
shorts and this gave the market its strength.
The opening was at 35c, a decline of nc since
advanced to S6l4c, receded TO 341scs
rallied to 357sc and closed at 35c.
Hog products were quiet and the changes
in prices limited to lower damage. There
ceipts of hogs, but the early strength in
grains prevented a break. The close was
generally lower than Saturday.
The leading futures ranged as follows, as
corrected by John NJ. Oakley & Co., As Sixth
street. members of Chicago Board of Trade: