Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-04-07
MARKETS BY WIRE.
Bull Movement In Wheat Thought to Be
Over Crop Prospects-A Strong Close
Corn and Oats Sell Officer
man Hog Embargo.

man Hog Embargo.
CHlCAGO-E,xtreme weakness character
ized the opening of speculative trading today.
Wheat started lc lower than it closed on Sat
| urday. Corn and oats were almost equally
limp. and provisions were pressed for sale at
the same time. Considerable recovery took
place, but not until late in the session after
the shorts had had abundant opportunities to
cover their sal es of Saturday and the early
part of the day.
There was repetition in the wheat pit at the
start of the scene enacted on Saturday morn
ing No one asked over 81 03 for May wheat as
against 81 eS5s at the close of the previous ses-
sion, but buyers were extremely scarce until it
could be bought at 81 0215. The prime moving
cause for the break was the very general belief
among the local experts that the late bull cam
paign was abandoned for the present and a re-
action from the recent advance was naturally
to be looked for. The heaviest of the local opera
tors were of one accord as regards the immedi-
ate future of the market, and sold with FREQ
dom under the additional encouragement of
lower cables and promising outlook for the
fail sown wheat on this continent.
The receipts in the Northwest were heavy in
comparison with those of last year. The
State reports concerning the condition of WIN
ter wheat were fatteriDg. with the exception
of Wisconsin, which said the fields of that
State were still covered with snow and ice.
Spring wheat seeding was not making any
progress, but the bears were inclined to dwell
more upon the weather which might be short
ly expected than that which at present pre-
vailed, until within about an hoursCf the close,
and after May wheat bad worked off to 81 o.
and July from around 81 OK at the opening to
81 OOL. The closing cables gave another heavy
advance in prices at Berlin and Paris and made
buying more difficult until finally the scare
(which pervaded the bull ranks was transferred
to the other party, and an advance OF lRc was
brought about in the course of the last hours
trading. The whole of the recovery did not
stick, but wheat closed at 81 0S1s.
The corn market was weak at the 0Den-
ing and trading was extremely regular. Sales
all the way from &c TO 6S1ac took place at the
same time. The weakness continued until
wheat turned up, but the recovery in corn did
not respond to the full advance made by the
other cereal. They sold off to 655Sc and re-
covered TO 66Ssc, which was the price ruling at
the close.
The weakness in oats apparent Saturday and
the slumpy condition of the market at the
opening frightened the longs. who proceeded
to unload. "A decline of 16@34c IN the sample
market was only fairly active. May started at
5315c with few trades at 555lc. Thence the
price went to 535Sc, ductuated around 5315@
633lc ana closed steady at the top price of the
visible.
The market for hog products was easier and
prices lower Commission houses appear to
have a good deal for sale on account of country
decline which took place in the course of the
day. The receipts of $1,000 hogs and lower
prices reported from the yards caused the mar
ket to open off considerably, and it had no
reaction to speak of until the receipt of the
cablegram advising favorable action by the
German Government concerning the embargo
on American hogs That created q lively SEN
sation and quick recovery, which left prices
about 171ac lower for pork and 721%c lower for
lard, but without change iE the price of ribs
since Saturday.
rected by John NJ. Oakley & Co.. 40 Sixth street.
members of Chicago Board of Trade: