Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-12
RYE ENTERS THE LISTS
And Completes With the Other Cereals as a
Speculative Market-News of Prohibi-
ton of Exports From Russia the Cause
An Grains Excited and FIuctuate

And Completes with the Other Cereals as q
Speculative Market-News of Prohibi-
ton of Exports From Russia the Cause
AuGrains Excited and Fiuctuate.
CHICAGO.-The bulls took charge of the
wheat market to-day and kept the bears
dancing most ofthe time. The potent news
around the opening was bulIish. The Gov
eminent crop report was interpreted as
rather bearish, but the European situation
was looked upon as so decidedly bullish as
20 more than counterbalance the home con-
ditious Liverpool was strong and n penny
higher; first advices from Paris indicated
strong market there: the weather abroad
WAS wet and unfavorable, and the dispatches
seemingly con1ruTatory of blight in the
Northwest caused by the light hot weather.
New ork and ST. Louis opened higher and
there were heavy buying orders from those
markets As the offerings were limited
prices were sharply advanced. After the
furry caused by execution of these orders
was over and the market began to manifest
a tendency to sag il was given new and
strong impetus upward by series of cable
grams to some of the large houses, saying at
first that Russia would prohibit the eSporta-
rian OF rye from the Empire after August p,
and later that it had issued the decree of
prohibition to go into effect on the 18th inst,
to continue for one year. hen this news
was FIRST nlcoted it met with little credence,
but as the house which first received it
bought heavily on the strength of it, and as
other houses receiving the same advices
ranged themselves on the buying side also,
the smaller shorts became panic-stricken
and rushed to cover, values advancing
rapidly amid considerable excitement.
December opened ragged at 9ls4@92l4c,
against BIG at the close yesterday; sold up
quickly to s215c; sagged back to 921s@02lzc,
and then, on the report of the Russian rye
export prohibition, jumped to CSC. At this
point the late cables announced better
weather on the continent, and the shorts
having pretty we'll recovered there was a
drop to 915Sc. Then corn began to show in
creased excitement, and the estimated re-
ceipts for tomorrow being light, there was
another rush TO buy, which sent December
10 9Sjrc. 1t took another drop to a3c, then
doomed upward again, touching 943zc amid
much excitement: wavereda little, receding
10 9i12C. and then in the last 10 minutes,
under free covering by the big shorts who
had been holding ont, went humming to 95c,
and closed firm at 94zs.
Corn started in rather weak. September
being variously quoted at jS5sG5S34, against
% at the close yesterday, but the strength in
wheat, the light offerings of corn and the
fears of the shorts, who suspected manipu-
lation by bull clique generally accredited
to New York speculators soon caused a
sharp advance to COS The market then
eased off some, but during the last hour
started up again, selling to COZ. 1t then
broke to 59I4, at which price it closed. The
feeling WAS very nervous, and prices went
up and down spasmodically, but the under
current was very strong.
OHts were quiet but strong, in sympathy
with corn.
Provisions did not sympathize to any ex-
tent with the excitement in grains Fluc-
tuations were confined to a narrow range
and tie close was at about outside figures
and at small advances over yesterdays
figures.
Under the stimulus of the Russian news.
rye took on the appearance of speculative
grain to-day, the cash article advancing 4c
and futures $685..
The leading futures ranged as follows, as
reported by John NJ. Oakley & Co. As Sixth
street members of Chicago Board of Trade: