Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-02
CORN TO THE RESCUE.
Wheat Weak and Declining Until Near the
Close, When 1t Makes an Upward Spurt-
Corn and Oats Strong and Advancing
Proyisions ctiye

Wheat Weak and Declining Until Near the
Close, When It Makes an Upward Spurt--
Corn and Oats Strong and Advancing
Provisions Active.
CHICAGO-wheat opened weak and
lower. The situation for a time seemed
wholly in the bears favor. The weather in
the Southwest was all that could be desired,
and cables were among the weakest yet re-
ceived. Beerbohm quoted Liverpool 1@2d
lower, London Cd to Is lower on California,
and hardly any demand even at the reduc-
tion. Prices made even an elaborate bad
showing. They said that the weather was
fine, that Europe had overbought, that hold
ers would have to let go, and that French
holders were anxious sellers. Antwerp re-
ported no prospect for an Improvement
until the heavy receipts of April and June
had gone into consumption.
The markets on this side all ruled lower,
and for time there was weak and sluggish
feeling here; but the deliveries in July con-
tracts were very light-in fact almost moth
ing-and it was found that, weak as the mar
ket appeared to be, there was little or no
pressure to sell. New York reported liberal
clearances yesterday, and then came Brad
streets report showing a decrease in the
available supply during the week of ], 49,, coo
bushels East of the Rockies, and 49,, coo bush
els increase on the West coast. This i'm
proved the feeling a little.
Corn made a spuTge about this time, and
yigor into the trade, but the business de-
veloped was not large. Theadvance brought
out free offerings, both in the way of realiz-
ing on purchases made early and also in the
way of short selling, and the bull news, as
weu al the bull enthusiasm, being exhausted,
, here was a drop in values
Prices remained rather steady, with light
business passing until within few minutes
of the close, when the shorts took fright,
probably on -rumors of a corner abroad, and
amid some excitement rushed in to- cover,
putting prices to the highest point of the
day, the market closing firm. July opened
at $685., sold to $50, rallied to 90 fuctuated
narrowly with an upward tendency till just
before the close, when it bounded from 9015
to 921S, and closed there. December opened
at s713@S724, sold off to s75s, rallied, and in
final rush went to S9a5
Corn developed a good deal of strength
and kept it to the end. There was growing
uneasiness on the part of shorts and in
creased efforts to cover. Cables were
str nger, the cash demand liberal, and ad-
vices from the interior indicated that ship
ing OF. The offerings were limited and there
was an active competition for all that was
for sale. Some big shortlines we're covered.
July opened at 5i1s@5415c; sold up with fire.
quent small reactions to 555zc; broke to 55llc
near the close; advanced again with wheat
to sc, and closed &c lower. The fluctuations
in oats followed those in corn.
Provisions were fairly active and inclined
to frmness, owing to the strength in corn,
Live hogs at the yards, however, were 5@l0c
lower. September pork, the result
of the days trading, shows an advance of
l21ac. Lard is up 218c, and ribs 71ac.
the leading futures ranged as follows as I
corrected by John NJ. Oakley & Co., Is Sixth |
street. members of Chicago Board of Trade: !