Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-09
THAT ALLIANCE TRUST

For the Holding of Wheat for Better
Prices Frightens the Bears Out of the
Market-Corn Strong and Higher-Oats
Unsettlsd-Provisions Dull.
CHICAGO-There was q bullish feeling in
the wheat pit at the opening this morning.
Liverpool cables reported prices firm and
I'd higher. The weather map showed rains
in a considerable portion of the wheat belt
where the harvest is in progress, and a state
ment was published to the effect that con-
certed movement was on foot having as its
object the holding of the present crop of
wheat in the farmers hands until the prices
should advance to 81 So per bushel at New
York. All had the tendency to stimulate
buying and to ma Ike sellers cautious.
Tho story of the alleged combination was
pretty widely teleg-aphed to cities last
night, and it brought some buying orders at
the opening here to-day. Later, when the
bears had started in to depress prices, a new
bull impetus Nas given by BrddStrea'S re-
ports showing that the visible supply had
decreased l, ,526,0 600 bushels east of the Rocky
Mountains during the past week. But the
boom was soon punctured. Then it was re-
ported that the Alliance story was faxed up
by firm whose country clientage was
heavily loaded up with high priced wheat,
and was a desperate effort to help them out.
and the feeling began to grow weak. The
postings showed As cars of new wheat in,
WIFI 0U Oh Ju6lu On COnITdCI. OIneT 1naTkeuS
failed to respond to our strength and then
came news of clearing weather in the West.
Weakening factors finally resulted in a
break of about &c from the previous top
prices, but recovered some later.
December opened ut S9izc, advanced to
$3.50, reacted to S9ssc, advanced to S95sc,
broke to s9I6 advanced to S915c, sold Off to
S91zc, reacted to s95sc on late cables, which
were steadier, and closed at S91%c.
Corn was strong and higher during the
early part of the session, influenced by the
continued cold weather and the fear of more
manipulation by the bull clique The inter-
est centered in September, which started at
5Sllc and finally sold up to 535Sc. For n time
there was very little offered, and shorts were
uneasy. Later, however, selling became
what they wanted, the demand was slack
and prices weakened. The weakness in
wheat and the estimates for tomorrow be-
ing liberal. sent the market off nc from top
prices, followed by slight recovery, but the
close was at the bottom figure.
Oats were unsettled for July, being strong
early in sympathy with corn, then weak. The
shortage for July seems to be quite large.
The days receipts were only about half as
large as they had been estimated, which
strengthened the market during the last
hour
Provisions were dull and weak on large re-
ceipts of hogs and decline of cents at the
stock yards. Trade was very slow. There
was a little show of strength early in sym
pathy with grains, but it quickly disap-
peared, and a dull, dragging market fol-
lowed. September pork opened at $40 So
agaist SO AZ at the close yesterday; sold Off
to $40 421S; rallied feebly, but weakened
again; touched SO 2119 and closed at $40 80.
Lard closed with loss for the day of Is
cents, and ribs of 106l215 cents.
The leading futures ranged as follows, as
corrected by John NJ. Oakley & Co.. IS Sixth
street, members of Chicago Board Trade: