Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-03
WILD FLUCTUATIONS.
All Cereals and Provisions Go Up and
Down Together-A Very Bullish Open
ing, Succeeded by an Equally Bearish
Close-The Scramble of Shorts

All Cereals and Provisions Go On and
Down Together-A Very BuIlish Open
ing, Succeeded by an Equally Bearish
Close-The Scramble of Shorts.
CHICAGO-Wheat opened nervous and
higher. The buoyancy developed at the
close yesterday, and disquieting rumors as
to impending manipulation, together with
the higher public cables, gave the market a
strong send-off and during the early trading
July sold as high as 81 cents. and December
at 9O1S, or from "a to u cents above the
highest figures made yesterday.
Shorts were on the run and frantic in their
efforts to cover. The big bears responded
promptly to all calls for margins and kept
right on selling. After time bear news be
gan to come in. The Cincinnati Price Cur
rents summary of the crop situation said
harvest operations were progressing favor
ably, and that all indications as to the big
yield were maintained, while spring wheat
prospects were all that could be desired
This was followed by the announcement of
the failure of Alexander & Co., of London,
large cargo dealers, who were said to have
gone down owing to their heavy losses in
long wheat. All this created a marked de-
preston, and the confidence of the bulls
soon evaporated. Shorts had covered pretty
generally, longs who had taken on wheat on
the late depression began to unload, and the
weakness soon developed into a regular
slump, and July went off to 9l1sc. while De-
Fresh excitement sprang up after the noon
hour. Late Liverpool cables reported higher
prices there, and continental cables were
sensational Berlin showing an advance of
134c per bushel in July and 81 cents in Sep
tember and October, with Paris 20630 cen
times up. The little shorts were stampeded.
July was put up to 1850 and December to
s2c, There was reaction near the close,
which was at 9S14@9319c for July and 9l1<c
for December
Corn was excited and higher at the start.
Shorts showed good deal of nervousness,
especially in July, and were anxious buyers,
while there was little for sale. In the early
scramble July sold as high as 5O1$ cents and
not much to the head at that. The feeling
seemed to prevail that the bulls held the
winning cards, and the shorts fastened to
make the best terms possible. There did
not appear to be leaders in the bull move
short put more sss seemed to
to cover. Little was offered for sale
ssoitement iea 5lS5lo and snf spit. seHy
most nervous shorts having bought what
they wanted prices started down. This
brought out the corn, and for time it was a
race to see who could sell the most in a
given time and July finally got to 55Nc and
September to 50Ac. The moderate carlots |
for tomorrow and the reaction in wheat |
finally carried July back to 56s4c and Sep
mand for cash corn, which sold to 6O15c, OF |
nearly cents premium on September and |
SIC over seller for the month. The close |
was steady at 56S9s for July and 511kc for Sep |
tember.
The fluctuations in oats were governed by |
those in wheat and corn.
Provisions opened strong and higher, ,infiu- |
enced by grain, but later on large stocks, |
more hogs than estimated and the break in |
corn and wheat all produced a decline. Sep
tember pork sold early at $40 so to $40 IS, |
broke to $40 IS and on the final bulge in |
grains rallied to $40 5715, closing at $40 55. |
Lard and ribs followed the same general
course.
Tine leading futures ranged as follows, as
by John NJ. Oakley & Co., As Sixth |
street. members of Chicago Board of Trade: !