Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-03-13
MARKETS BY WIRE.
Cereals Again on the Bulge-Corn, Wheat
and Oats Higher-Ouick Responses
to Bullish News - Pork, Lard
and Rih= Tn,nroua

Cereals Again on the Bulge-Corn, wheat
and Oats Higher-Ouick Responses
to Bullish News - Pork, Lard
and Ribs Improve.
CHIcAGO-The wheat market was extremely
nervous to-day. 1t was ready at all times TO
respond to bullish news but sagged as soon as
the effect had worked off. The volume of
business transacted was by no means as large
as it was yesterday. The country traders ap-
parently thought 1t too high to buy. but were
evidently indisposed to sell. Local traders,
some of the heaviest of them, sold out what
wheat they had before the high prices of the
day were reached The lowest prices, as on
yesterday, were made during the morning. 1t
was reported that Paris bank was on the eve
of failure. Later in the session it became
known that the failure had been averte6. The
first report, together with the heavy receipts at
Duluth and Minneapolis. induced to considera-
BILE selling early in the session.
May wheat started at 81 OH sold to 81 OH.
and then advanced quickly to 81 023s. The
sharp advances in corn, cats and pork had
caused a stampede among the small shorts.
The realizing sales carried Nav of to 81 OH,
and it ranged from 81 Ol7s to 81 O2A all the
forenoon. Shortly after noon it advanced to
81 0S1H because Of the official closing cables,
which quoted Berlin considerably higher on
wheat and Paris higher on flour and wheat
July wheat meanwhile started at 9S1lc, sold to
Csc, and ultimately advanced to ST. Foreigners
we're supposed to be selling wheat here, but
New York dispatches said they were buying
there. The Cincinnati Price Current said that
the Government report of reserves was very
bullsh document though the condition of the
growing crop was excellent.
The trading in corn was of the same general
character as has recently been noted. 1t took
very little buying from certain quarter TO
start prices up, and the execution of orders at
any particular price was as uncertain as ever.
The shorts are so thoroughly demoralized that
they dare not originate any trading but wait
patiently while attempting to catch the pre-
vailing humOr of the bulls. The opening trades
were of n chaotic character and indicated
many widely divergent views of the value of
May corn, the range being all the way from
62ssc up to 631Ic, with very little business done
below the highest of these prices. 1t touched
6o1&c, and thereafter went up and down fire.
quently 10 mel vous manner between 621sc and
6Slc, being very firm toward the cluse.
A prominent operator in oats claims that
comparatively few shorts have covered since
the squeeze began. The transactions have
been mostly Of scalping nature, and the par
ties who held long oats at the start have sold
very sparIngly, consequently still have control
of the situation. 1t is fact that large lines
have been put out above Acc, and it is quite
possible in view of this fact that tie short in
terest Is larger now that when the price is in
the neighborhood of 4Sc. The market was
| active, with prices showing range of &c in
May and l3lc in July.
The provision trade was again enlivened by
| brisk demand for short pork. The motive
power was provided from the corn pir. the
soaring tendencies of cereals again communi-
eating itself to the product of its consumption.
May pork opened at $40 S5@l0 80 and touched
Sll, but the advance was checked by free SELL
ing on account of the packers in pork in cutting
it up into box meats. There was decline to
SO IS, but later the buying was renewed and
the price advanced to S11 q. and it was being
traded in at S1l Is when the bell tapped Ribs
and lard responded but slowly to the advance,
but in the end these like share of the pre-
vailing demand, closed at an advance of
TIC for May lard and &c for May rius. COM
pared with yesi erday's closing quotations.
The leading futures ranged rs Ioiioys, as cor
rected by john M. Oakley & Co, IS Sixth street,
members Chicago Board of Trade: