Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-04-18
MARKETS BY WIRE.
Wheat Reaches the Top Notch Price Of the
Season Amid Great Excitement-Corn
Follows Suit-Oats Feyerish-
ONLY ProvieiouS

cHIcAGO-To-day was one to be remembered
by all who operated in the wheat pit. To those
who ''hit it" correctly it was Good Friday, in
deed, for there were unlimited opportunities
for making money on both sides of the market,
while to those who guessed 1t wrong, it was
decided "Black Friday" which exhausted
ordinarily safe margins in a twiukling. The
net result of the DAYS trading is an advance of
SIC in the price of the May option and 27sc in
July, compared with the closing prices yester-
day, the extreme high notch of the day and of
the season being Hc better than those figures.
The boom was started near the close OF the
session yesterday afternoon when the Associ-
ated Press of Paris quoted the Steele of that
city as saying that the French Government
would probably have to remove the import
duty of 26 cents on wheat before next August,
and that similar action would probably be taken
by Germany. This was telegraphed here from
New York just as the session was closing, dis
torted so as to say this action was about to be
taken. 1t caused stampede of shorts on an
advance to 81 075s for May at the close. On
the curb after hours, the price went up TO
81 O9L
When trading opened this morning cables
showed that the foreign markets had responded
to our advance. An enormous trade resulted.
The situation was bullish in the extreme. and
those who had bought freely yesterday were in
position to take their profits. battle re-
suited between the shorts and the bull crowd
who were not long. The victory temporarily
was with the sellers. A vast quantity of long
wheat was Immediately disposed of. and the
prices steadily worked down to 81 0815. This
was followed by swell to 81 0S54. drop to
81 0SLs, followed by an excited advance TO
81 09s4. which brought out another deluge of
long wheat. under which the price again settled
to 81 0S34, which latter point IL had reached at
II o'clock. JULY. from 81 0774@l OS at the start,
declined to 81 0616, advanced again to 81 OK
declined once more to 81 067a sold mp TO 81 07I
at the same time that May was at 81 0s554, and
once again worked back to 81 067s
In the meantime there were reports of i'm
pending financial troubles IN Pafis. the denial
of yesterdays report that the French Govern
ment would repeal the duties on wheat, and
the fine weather as the bearish influence. The
bulls were fortified with Minneapolis message
saying Pilsbury had advanced prices of patent
flour 40 cents Der barrel. and with copy of the
London Standards article of April q. in which
it rehashed Its former sensational talk of the
damage to European crops and the great de-
fciency in the worlds yield for 1891. The
latter, while but slightly different from the
story published BY the same sheet several
weeks ago. was sufficient to fire the ardor of
every bull trader on the floor, and was the
cause of one of the strongest bulges.
Between 1870 and O'Clock the official closing
cables were received. AS these reflected the
early rise here, they had sensational effect.
This effect was further heightened by dis
patch from San Francisco, saying that wheat
lifted May to 81 II and July to 81 105s, and
trading was within &c of these figures when
the gong tapped for the close.
The feature of the corn market was its
nervous strength early and the evident desire
of the holders to accept their profits on the
bulge. The Liverpool market being quoted
higher and the fever in the wheat deal were
the stimulating factors early in the session.
May at the opening sold at 1910, or 1c higher
than it closed yesterday. 1t declined later to
721ac, with rumored sale or two at at 73c, ad-
vanced, sold off again to 725Sc. and then up
with rush to to 7414c, and off again to 725sc at
the close. The execution of orders was as
difficult as on the previous day. owing to the
suddenress and violence Of the fuctuation.
but this was not SO great as on the day before.
The oats market was very excited at the
opening, May starting at 56Ac and selling 10
573sc inside of mindte. The price advanced
to 573Ic the highest figure that has been made
on the crop. and then weakened to 5611c. The
market recovered to 571sc at the close, indicat-
ing gain of &c as compared with yesterday.
The provision pit built up wall between
itself and its excited neighbors in the cereal
crowd. The packers were evidently of the
opinion that 1t was a good time to get rid of
some of the immense stocks which they were
carrying, and sold freely with the result of a
downward tendency in prices Though the
opening prices were higher than the close yes
terday. last prices show decline of 213Q5c in
pork; May lard lost PIG while July gained 2Hc;
ribs show an advance of TIC.
The leading futures ranged as Follows. as cor
rected by John NJ. Oakley & Co., 45 Sixth street.
members of Chicago Board of Trade: