Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-15
WHEAT $1.00 A BUSHEL.
That Figure Reached Near the Close of
the session-BuIls Hail the News with q
Mighty shout-The Market Still Excited

That Figure Reached Near the Close of
the session-BuIIs Hail the News with q
Mighty shout-The Market Still Excited
and Nervous.
CHICAGO-This was another wild day in
the wheat pit. Prices went up and down
over O very wide range without any appar-
emily sufficient cause, and both bulls and
bears were alternately on the gridiron,
though the advocates of higher prices had
the best of the situation and improved their
opportunities TO the extent of ultimately
carrying prices to a point 43sc above the
closing figures yesterday, and the close was
44c higher.
The bulls long-deIaved prediction of
dollar wheat was finally verified, and they
hailed the big round figure with u mighty
session. 1t was the elimination of rapid
advance of 25ac. No effort was made to put
1t higher, and it was doubtless put to that
figure for its moral effect.
There were various bits of sensational
news chiefly of a bull character, but the gen.
eral belief that the market Is in the hands of
a clique of heavy operators was the leading
cause of the extreme nervousness. Each
side was quick to take alarm at the first sign
of danger and run to cover. The market was
wildly unsettled at the opening, with the
bull sentimentIrampant, nervous, appre-
henSive feeling pervaded the crowd. There
were indefinite rumors of trouble brewing
abroad which might result in war, and
prices abroad, with domestic markets all
nervous and strong, New York and st. Louis
in the lead.
Private warehouses had large buying Or
ders and there was little or no wheat for
sale. The local shorts who had sold so
heavily yesterday when the bottom seemed
out Of the market were thoroughly alarmed
and bought frantically. Under these condt-
tfons the opening was fairly wild, and De-
cember sold Mt 951a@93c, all within two min
utes from the. first stroke of the opening
h<,ll alr frrrrr
terday.
For time the feeling was strong, but
there came free selling against calls and
liberal realizing on long wheat, and there
was O lag in the market. Later the New
York clique was thought to be selling. This
stampeded the local bulls. There was some
thing Of race to see which party could
unload first, and there was an irregular and
nervous drop to 971Sc. The market reacted
to 973Ac and was comparatively steady and
quiet at 97A@971a until the'afternoon. Then
ing fever and amid the widest excitement
the price was advanced to 81. 1t sagged to
5sc, but closed strong at 097Sc.
Late advices represented foreigners as
free sellers in New York, and cable offers
last night were not accepted. Export clear
ances were light. The weather in the wheat
belt was fine. The crops OF Minnesota and
South Dakota were reported nearly all
secured, and threshing showing big yields.
Late cables to the Board of Trade report
Berlin 215c per bushel higher, Paris easier
Oh near anu Ou lOES a U.S.
patch was received saying that Portugal
had prohibited the importation of wheat
from September l until the native wheat is
consumed.
Corn was strong but unsettled, though not
showing as much strength as wheat. Shorts
were nervous over the advance in the wheat
pit, but it was difficult to buy owing to the
scarcity of offerings. September opened at
5s54c to SO, and sold quickly to 5914@597sc.
Then on freer selling and the let-up in the
wheat boom it fell to 59c, then rose to 593sc,
but broke eventually to 5s74c and reacted TO
59LSc. Late In the session. when wheat went
soaring, corn touched 6Sc but closed at 599sc.
Trade was on a moderate scale, and there
was little in the way of news or individual
operations to affect the price.
Oats were steady to strong during most of
the day, fuctuating within range Of 27A@
2SAc.
Eye was still strong and excited, Septem-
ber selling to and closing Mt 96c.
Provisions were quiet but firm. Pork for
September delivery kept between 50 sO@9 95
till wheat scared near the close, when pork
jumped to SO 1214 and closed ut SO 10.
The leading futures ranged as follows, as
reported by John N. Oakley & Co., % Sixth
street, members of Chicago Board of Trade: