Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-08
WHEAT GOES UPWARD.

1t Scores an Advance of Nearly = Cent-The
Market Was Stronger From the Outset
and Finally Broke Away With Some
Free Selling.
CHICAGO-Wheat scored an advance OF
Ac as the result of to-day's trading. The
market was stronger from the outset, and
though it seemed to hesitate a little for a
time, it finally broke away and easily and
rapidly advanced to the highest point of the
day. Thereafter it huctuated within COM
paratively narrow range and closed Nc be-
low the highest point reached.
There was some very free selling around
the opening, led by Lamson, Schwartz
Dupee Walker and Milmine- -Bodman, but
the market absorbed everything W ithout
showing any evidence of weakness. Logan
and g. Y. White evidently had unrestricted
buying orders, presumably from New York,
and the sellers were finally bailed out and
the demand still unsatisfied. The scalpers
who had followed the selling by the big
firms ia the early part of the session be-
came little apprehensive oyerthe stubborn
to cover. This change gave the market
new strength, and about the same time a
good deal of bull news was let loose and
added to the growing strength. The sea-
board clearances wore again large, aggre-
eating 1000 bushels from the three At
lantic export points, beside 10000 packages
of flour. There was good demand here Tor
cash wheat.
Cables also reported strong Liverpool
market, some quoting Id advance on all
sorts, while Continental, though conflicting,
indicated stronger tone. Bad weather in
Austria, Hungary, and damage to crops,
with reports OF severe hailstorms in Dakota
and Minnesota were also strong factors. One
of the bull pointers was the story that the
falling off in the receipts for some days was
due to the combination of the Farmers
Alliance to hold wheat back, and that it
might be expected to continue. This created
some uneasiness. A dispatch from Tennessee
reported the farmers holding back their
wheat and millers not getting enough to
grind, with the result of an advance off
cents per bushel during the past week.
The elimination of the advance was due to
big buying by Pardridge brokers and, Also
the covering of heavy line of shorts by
George Smith. Counselinan and Day were
reported to have taken 100000 bushels for
shipment.
After the market had touched the top fig
ure Logan began u series of heavy realizing
sales. Then Berlin was quoted marks
York were reported at the comparatively
small amount of 35 boatloads, mostly for
September. This stopped the advance and
caused a recession.
to 9O1ac, broke to 90c, reacted to 905sc, fiuc-
tuated some and closed at 90c against SAC
at the close yesterday.
Corn was weak and lower early on con-
tinued warm weather and the fact that re-
ceipts were in increase OF estimates, though
it made good advance later in sympathy
with the advance in wheat: though the cir
culation of story to the effect that the con-
tinued clear, warm weather, instead of inn
proving the crop was likely to shr1vel it
up, through fear OF bull manipulation
Trade was slow early. September opened
&c lower at 55c, sold at 51Sc, advanced to
56l4c, fuctuated between 56c and 5j11c sew
eral times and closed firm at 561sc. New
York parties and Partridge were the main
support of the market during the forenoon,
but the crowd took the job OF their hands
in the afternoon.
Oats were quiet and steady with very mar
row fluctuations, closing at outside figures
Pork was strong as rule; early sales were
at some decline. Shorts covered freely
There was not much selling pressure, while
the strength in grain helped the market.
Cudahy was free seller and Steever sold q
good deal of pork. Ribs were firm: there is
good cash demand and packers are selling
freely of spot and buying the futures against
these sales. Lard was steady and firm,
closing with an advance of 90. Pork ad-
vanced 171a@20c, and ribs TO.
The leading futures ranged as follows, as
corrected by John NJ. Oakley & Co., 45 Sixth
street. members Of Chicago Board of Trade: