Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-07
DEPRESSED BY GOOD NEWS.
Bulls Weaken Under Favorable/ Reports
From Southern Wheat Distrig "A Small
Bulge in Corn and Oats Not Sustained
Early Advance i'm Provisions Lost.

Bulge In Corn and OatS MOI SuStalneu-
Early Advance in Provisions Lost.
CHICAGO-Trading in wheat was again Of
only secondary Importance In the days
speculative business, corn being by far the
strongest market on the floor. The bulls in
wheat were greatly discouraged, the market
responding very freely to any bearish news
that was set afoat, but utterly refusing to
respond to influences of the opposite sort.
Despite the strength of corn and the liberal
purchases for shipment and export, wheat
sagged steadily.
DISPATCHES from Texas said that the har-
vest was in full blast, and shipments from
that country would probably begin in ten
days. Cooke county, the banner wheat
county of the State, reported that it would
raise as much wheat this year as for the last
three. Samples of fine wheat from Charles
ton, Mo-, some of which was cut early in the
week and the balance to be cut next week,
were shown on the floor and the effect was
depressing. The crop reports received late
in the session were unfayoraoie, put came
too late TO affect the market. A private dis
patch from Paris quoted the weather hot,
and reports from New York said that wheat
bought for the first half Of June shipment
The trade disregarded the fact that New
York had cleared AIS, 900 bushels to-day, Of
which only LA, 900 bushels were. officially re-
ported, and also attached little weight 70
by Thompson at Duluth, and reported sale
OF 400, 600 bushels by Pillsbury.
The price of July wheat at the opening
was 93sSc and the extreme range to within
a short time of the close was 9Ses and 974c.
The strength in corn then began to De felt,
and the closing figure was at 9s1sc. Late
cables quoted u to q marks lower at Berlin,
and Paris 10 to 20 centimes lower for flour
and Is centimes lower for July wheat.
Corn displayed considerable activity dur
ing the first hour of the session. The wet
weather and the light receipts induced the
stimulated good deal of buying for invest
ment. The bull clique sold sparingly until q
GOOD advance had been scored when it sold
more heavily. July started at 5Sesc, sold up
to 59ssc, fell back to 5s34c and became steady
around sec; again sold off, and closed at
5ssIc. The estimates for Monday were light
and the indications were for light loadings
at country stations next week
Oats were strong with corn early, but did
not hold all of the advance. Bartlett-Frazier
led the selling on the early bulge. July
started at A1Sc, touched top and bottom at
45c and 441sc respectively, anu closed at
4Ic.
Provisions started easy because Of large
recefpts of hogs, but improved sharply with
corn. Offerings by packers and the break in
wheat carried them off to the lowest figure
of the day temporary advance of about
7lSc in pork, Sc in lard and 21Sc in ribs took
place; the advance, however, was all lost,
and pork at the close showed a decline of
nc To I0c lard of SC and ribs of &c. The es-
tiinated receipts of hogs for next week were
for q liberal movement and the selling out
of July and buying of September at an in
crease of the carrying charges were weaken
ing influences at the close.
The leading futures ranged as follows, as
corrected by John NJ. Oakley & Co., As Sixth
street, members of Chicago Board of Trade: