Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-07
MARKETS By WIRE.
Change of Tactics in the Wheat Pit-More
Sellers Than Buyers-Corn and Oats
Let Go-Oii Hutch Gets
IL

CHlCRGO-Thc wheat market opened steady,
apparently on the mildness OF the weather and
light snow which had fallen locally. The cables
wela e, impeachment in the way of continued
firmness the LivarIoo! market being quoted
I'd deare:' and the ma ket for cargoes being
reported firm. As the fall of snow was by no
means general ia the wheat belt, and as
range of temperature which was above the
freezing poin is no advantage to wheat at this
season of the We r these reasons do not suffi-
cien;ly account for the change in general
oninion which was exemplified by opening
prices.
Instead of numerous buyers at 9S5s99S3lc, as
at the close of the previous day there were
sellers all over the PIT at 9S@c at the start this
morning and no buyers To any extent until it
had been offered down tc 9Sl4c. The true cause
for the change was not 10 De found in any
material alteration of previously existing cir
cumstances, but was principally due to the fe-
Gently adopted policy of those traders who.
believing in higher prices eventually still
make haste to dispose of their purchases when
a profit of from 1ac to lc is apparent in the
market.
Hutchinson was heavy seller early to-day.
He sold steadily until the price worked below
9755c, aud bought from that price on the
decline to 973kc. On 4 reaction to 9S19S1sc he
was . seller again, and, of course. looked for 4
lower price than he first covered on before
repeating the operation. and he found his
opportunity again when the market had
worked down later in the day To Size. Gudahy
was free seller also. The market was weak
20 ahe very close. May being traded in as the
bell tapped al y7lkc, after selling down to 97c.
The local receipts of IA cars of corn and no
Withdrawals from store we're the features at
the start, under wbi 4. that market opened
weak and &c loae- than il closed on Monday
There were h h'a:s selling orders from ST. Louis
and the local stai ,ers were also inclined to be
on the same SIC. When the price declined to
525Sc the buying against puts caused reaction
to 5SISc, around which figures the market
clung JenacioaSly for a lcng time. The esti-
mated receipts of only 81 for tomorrow
startled tine crowd and induced many 10
Cpver their shorts that an advance 10 533sG
5315c took place The weakness in wheat en-
conraged a renewal of the selling, however,
and The weakest part of the session was the
closing half. The decline which started stopped
at 5-5sdj2l5c. as already stated, and reaction
to 5255sc lett prices 1sc lower than they closed
yesterday.
There was moro trading in oats. yet the range
of prices narrower. COunselman and
Hutchinson led the buying. The fact that cash
oats were lc higher was the main reason tor the
strength manifested. The opening was at 4j5sc
Cor May. Thence the price went to a534c TO
455s616c, to 55ssc to 40ss@45ac, closing ut
making the last price sc lower than yesterday.
the provision market started weak under
the influence of heavy receipts of hogs.
Armour was a moderate buyer OF pork on the
firsJ decline, hut the packers generally were
sellers. There was slight show of strength on
the call, hut it was easily overcome later in the
day. the market becoming weaker as the session
advanced.
The leading futures ranged as follows, as cor
rected by John N. Oakley & Co, A Sixth street,
members Chicago Board of Trade: