Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-09-19
NEW WORKERS SOFT SNAP.

Being the First to Receive News Affecting
the Grain Markets, They Have Chicago
Spectators at Their Mercy-The Result
Is Nervous Market.
CHICAGo-Since the securing of the i'm
mense wheat crop without damage became
assured, and since the scare over the Farm
ers' Alliance Hold your wheat circular
died ont, this market has had to look to the
East for news calculated to affect prices
Houses with foreign connections in New
York, say the traders here, have not been
slow to take advantage Of that fact, and
have managed to secure early adyices Of
happenings in Europe calculated to affect
prices, and, holding this intelligence until
they have placed their orders with their
commission men in Chicago have been in
secure position before the news became
known to the trade in general.
Aside from this, it is charged by local
traders here that there are more than
grounds for suspicion that news was invent
ed or doctored for the Chicago market in
the interest of outside spectators. In evil
dence they point to the numerous war
scares and the like, and the very contradic-
tory market reports received Sometimes
Liverpool would be quoted lower to the pri-
vate wire houses when the public cable to
the board quoted 1t higher, and vice versa.
Whether these charges are true or not, the
market has for some time been kept in
very nervous state, and dealers have been
rent rumors and whether houses with New
York connections were buying or selling
than by the conditions legitimately affect
ing values. The result has been that New
York has had all the best of it in the violent
fluctuations which have characterized the
the market and have succeeded in gnuging
the movement of prices with much accu-
racy, selling at the top and buying at the
bottom, and making about all of the money
made on the turn, except that made by st.
Louis dealers, who have followed the lead of
New York pretty closely.
The accuracy with which the New York
Spectators gauge the influence of news on
this market was well illustrated to-day. The
early cables we're buflish and were accom-
panied by buying orders, and as a result the
shorts got scared and tried to cover; but,
finding no wheat for sale, they began to bid
for it, putting prices up sharply. Finally,
after they had put the price high enough to
give the early purchasers handsome profits,
the New Workers began selling and rounded
up good days business with prices about
where they left Off last night. and in good
shape for another bull campaign tomorrow
morning, if conditions favor
Wheat ruled strong almost from the start
and sold up 119c and held the advance with
a good deal of stubbornness. Every at
tempt to cover line put prices up instantly.
December opened at $3.50 99c. against 9S5sc
at the close yesterday; sold off to 9S14c, re
acted, then. after season of quiet, forged
to 81 OO1%, broke to sec, soon after the noon
hour on sales for New York account. Later
there WIS reaction. and it closed at 9S54c.
Corn opened considerably lower on ac-
count of the continued fine weather i'll the
Northwest, but the strength displayed by
wheat caused the market to assume IL strong
tone October opened at SIC. touched 5i7Sc,
advanced to $3.50, broke to 5215c, and closed
at 525sc. against 5213e yesterday. September
WAS weaker, losing nc.
Oats were steady to firm with fluctuations
Of Lc.
Hog products ruled strong and higher on
q good demand and the frmness in grain
during the forenoon, but weakened with
them in the afternoon.
The leading futures ranged as follows, as cor
rected By John NJ. Oakley & Co.. 45 Sixth street.
members of Chicago Board of Trade.