Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-09-16
A MD DAY BULGE.
A Boomlet in Wheat and Other Cereals,
Preceded and Succeeded by Weakness
The Effect of the War Scare-grovisiops
Tame and Featureless,

a BoOmlet in wheat and Other Cereals,
Preceded and Succeeded by Weakness
The Effect of the War scare-srovisions
Tame and Featureless.
CHICAGO-There was surprise in store
for traders in wheat this morning On the
curb, before the opening, the market was
weak. and a reaction from the advance OF
yesterday was looked for The trade was in
cilned TO discredit the rsports of crisis on
the BoSphOTus, Notwithstanding the circum.
stantial accounts published OF the landing OF
British blue jackets on the Island of NIFTY.
lcnc This opinion was strengthened by the
fact that English consols were point higher
this morning,and that the Liverpool market.
while firm, did not give any indication of a
tendency toward war prices Then the de-
Gial that the Hold your wheat circular
Wa an official utterance of the Farmers
Alliance was a bearish factor.
The opening price reflected these condi-
COu-- being q 971sGS73I cents, against 97sL
cents at the close yesterday. There was
quite trade done at the slight reduction
named. there appearing to have been q great
number OF selling orders at that limit based
presumably on the expectation that the
1rmness Of the English securities would
COUnterac5 the war scare
Then came 'Bhe surprise. The circumstan-
Ces connected with the Mitylene incident
were given with SO much detail in the news
para graphs that il took very little in addi-
ton to renew the war alarm, and conse-
gueutly the early circulation of further dis
patches tending to confirm the fact caused
the immediate withdrawal of selling orders
and within ten minutes of the opening the
price was np TO 81 90. Many OF the commission
LcD had Selllng orders from New York at
the opening. but more had orders to buy,
and the shorts at once took it as their cue to
cover.
Tie rise TO 9s cents brought out a good
ceal OF ~. wheat, but from the latter price and
up To 991a II was impossible for broker to
I'll more than one or two buying orders.
During the following ten minutes there was
@ quick reaction to 9S15 cents which yas
succeeded by long dull SPELL during which
nor lower than 95s4 cents
The cause OF the sudden reversal of feeling
was the circulation OF a caDlegram denyinp
that there was any truth in the warlike ru.
mors. In addition 70 this foreign houses
turned sellers. The late news tendad To
weakness. Foreign houses kept on selling
RnG the shorts got covered so that the de.
Inana fell of materially Near +be cloSa
there was a quick break from 80 to g7sI cents
The weakness continued but the close was
steady at 913s cents. Clearances of over
100000 bushels from the seaboard probably
prevented a more severe break
Corn opened 11sc lower than Yesterdays
close at 55c, though September and the dis
tanJ futures were practically unchanged
The early weakness in the ruling option
was attributed to the fine, warm, maturing
mlniShing the chances OF frost doing any
damage, but the excited feeling in wheat
and some liberal buying by parties supposed
10 be acting Ior the clique started shorts to
Gov e-lng on "A liberal scale, and there was
sharp advance to 561&c for October, the
other Iutures responding feebly. When the
strength went out of wheat the earlier in
luences, including the fact that the receipts
We're largely III excess of the estimates
came into play and prices receded, dropping
daring the last hour to sac, which was the
closing price.
Oats followed corn, but the fluctuations
were confined to a range of &c.
Inc provision market was rather tame
ana inclined to weakness on it's own ac-
count, but was controlled in some measure
bE The fluctuations in corn. There were no
features with the exception of the selling
~ the packers on the advance which fol-
loWGo the early bulge in the wheat and corn
lnalh2t. The closing prices do not differ
materially from those Of yesterday.
Inc leading futures ranged MS follows, as cor
r'ctfu or John NJ. Oakley & Co IS Sixth street
members 0; Chicago Board of Trade