Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-29
AN EARLY BULGE.
Spectators in Grain and Provisions Who
Failed to Take Advantage of 1t Fare
Very Badly-A Big Slump All Along
The Line.

Spectators in Grain and Provisions Who
Failed to Take Advantage of It Fare
Very Badly-A Big Slump All Along
The Line.
CHICAGO - The wheat market opened
strong with shorts anxious and excited
buyers and their bidding caused the market
10 shoot upward at the outset; but this
movement was brief, and when the shorts
had finished the work of covering which
they BEGAN Yesterday. a feeling of weakness
set in and continued with one or two brief
reactions to the close. The early news was
mostly bulliSh, particularly the cables, and
their tone was chiefly responsible for the
enrlE bulge.
The receipts were 100 carloads above the
estimates, but the amount of wheat on
ocean passage decreased 1000, 900 bushels
during the past week: Liverpool prices were
strong and iEl1aGld higher with good de-
Inaud: Paris WAS reported excited and u
franc higher domestic markets were all
strong, and the shorts in the corn pit we're
bidding over each other for September.
The carly advance was too rapid to last
and buying suddenly came to halt. The
moment that weakness was discovered the
longs made an effort to unload and the bears
became aggressive short sellers. The de-
maa3, however, appeared to have been sup
piled Tor the time being, and the pressure of
offerings soon resulted in a slump. Decem-
her which started at 9O5s@9l14c, and ad-
vanccd within the first few minutes to 921sc,
sold down to 9GIIc, but rallied to 9034c at
noon. Then another period of weakness set
inas the combined result of weaker cables
3 li@ht demand and heavy offerings, and,
W.T. some feeble rallies, December dropped
10 SIC, 1T which it sold sparingly, reacted to
y0zsc and closed at 9012c, against 9l1sc at the
close Yesterday. July, which was about &c
premium early, fell later to sc discount.
Corn opened strong and higher, shorts
still being excited over the situation and
making frantic efforts to cover. The re-
CeiptS were slightly in excess of estimates
but there was little or no sale. The crowf
got excited. September started at 59}sc to
b935, but sold in few minutes up to 6O2sc. At
EhiS time the shorts seemed to have all got
in, for though the offerings continued free
there seemed to be nobody to take them, and
p slump followed as quickly as the advance
had been made. For the remainder of the
session, the market WAS irregular and ner-
vOUs, but the tendency was toward weak
ness. When the estimate of only is cars for
tomorrow WAS known there was a rally but
il was offset by free offerings and influenced
III the weakness of wheat, and the advance
was held. After selling up from 5S5Sc to
59' e for september it broke to 5s1sc, then
closed al 5S3sc. The drop from 603sc to 5sssc
WAS made with hardly a halt, and on the de-
cline a vast amount of long corn was thrown
overheard to the general discouragement
and stop loss orders.
oats were strong early in sympathy with
other grains, but they afterward collapsed
The receipts were largely in excess of esti-
mates and there were 81 cars of new oats
Provisions were inclined to fifInness at
the opening in sympathy with the early
strength IN corn, Light receipts and higher
prices for hogs, but the strength was ollick-
ly disslpated when corn began to slump and
thereafter the tendency was downward
with only one or two feeble rallies the close
being at or near the bottom. SeptembeT
pork closed with a loss of 221sc: lard. of l2ILc
an j ribs OF l21ac.
corrected by John NJ. Oakley & Co., as Sixth
street. members of Chicago Board of Trade: