Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-13
AT THE BULLS MERCY.
Another Day of Excitement and Higher
Prices in Ait Grain Markets-Favored
by Foreign News-Provisions Fail to
Keep Pace and Continue Dull.

Another Day OF Excitement and bfgner
Prices in All the Grain Markets-Favored
by Foreign News-Provisions Fail to
Keep Pace and Continue Dull.
CHICAGO-Again the bulls in the wheat
pit roared, and again the bears danced right
merrily to their piping. On top of the SIC
advance recorded yesterday, there was piled
a further appreciation of 25Sc in the ruling
option-December-tho all of it, except
lISc had disappeared at the close.
The market was in an extremely nervous
and excited state during the entire session.
The general feeling IN the pit favored higher
prices,and the news of the day tended in the
same direction, but the unce rtainty as to the
size of the uncovered short interest here,
and the possibility that one or more of the
persistent bears might be driven to the wall,
unsettled confidence and tended to an
evening up of trades, both long and short at
the first sign of danger. The result was a
series OF stampedes, which alternately sent
the market up and down in the hveliest and
most Dewildering fashion.
The news at the opening was bullish.
ment shilling and pence up and Liver
pool was u penny higher, There was lit
tie hesitation in the market at the start.
The bulls seemed to doubt the wisdom of
pressing the advantage they gained yeSter-
day, and this gave the bears some show of
courage. The opening price was at 95G9513c,
against 9I55c at the close yesterday, Longs
who had good profits in purchases OF yester-
day then began to realize their sales, which
broke the market to 9434c within few min
utes- There was a reaction to 95lsc, but re-
newed offerings quickly sent the price off
again to $3.50. Then came period of com
parative steadiness, the market holding for
a considerable time between $3.50 and 951sc.
Then Paris cable reported an advance OF
Il franc IN wheat, andl franc in flour, and
the price bulged to 9634c. This advance was
assisted by the reports of heavy export
clearances on the Atlantic seaboard and the
Gulf. There the market sagged of, but
closed firm at 96c.
The changes during the session were sud
den and severe. Many times during the day
buyers had to bid and keep bidding higher
and higher, while the sellers held alOof
until the anxious buyers had run the mar
llet up to an enticing price before selling.
New York was very bullish and had heavy
buying orders In this market, and st. Louis
dealers were also good buyers. Also Clark
wired from New York that Russia had ap-
propriated l5,O00,O00 roubles for the purchase
of seed wheat and reserves, and this was
construed as fulI confirmation of the gravity
of the situation there.
BrddStreet'S reported an increase of :, g.,
600 bushels in the available supply of wheat
east of the Rockies and $50 900 bushels in
crease on the Pacific coast. subsequently
the editor corrected his figures, making the
increase east of the Rockies only Co. 900
bushels, and this was an item of strength
toward the end.
Corn started easy, and September sold
from 5914c to 5ss4c, the weakness being due
to the late fine rains in corn belt and the
hesitation in wheat at the opening. shorts
took advantage of the weakness to cover,
and the market rallied some. Finally, when
wheat made its big advance, corn got ex-
cited and September sold to 607sc. After the
furry was over, September sold of to and
closed at 59Lsc.
Oats were quiet but strong most of the
day, Influenced chiefly by the strength in
the other grains.
Hog products had another dull day, and
prices ruled steady. The excitement in
grain seemed to be entirely lost on the pro-
vision market. Receipts of live hogs were
$500 more than expected, and there was
very little demand for orproducts. September
pork kept between SO 40 and $40 55, and
closed at $40 49,.
Another sensation took place in rye to-
day, September selling from SIC 10 Ss3lc, and
carlots from SIC to Sc. The close of Septeu-
Der yesterday was S3c.
The leading futures ranged as follows, as
reported by John NJ. Oakley & Co., rs Sixth
street, members of Chicago Board of Trade: