Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-19
BULLS DISAPPOINTED.
The Early Promise of Better Wheat Prices
Soon Disappointed-Corn Strong for a
Time, but Weakens-Oats and Provisions
Follow Corn Closely.

The Early Promise of Better Wheat Prices
Soon Disappointed-Corn Strong for
Time, but weakens-Oats and Provisions
Follow Corn Closely.
CHICAGO-There was promise of higher
prices in all classes of property traded in on
the opening this morning, but the promise
prices broke, with everything closing at
about the bottom figures of the day. Wheat
showed steadiness and little strength at
the oDening 1t was said to be still raining
in many parts of Kansas, and where the
rains had ceased the fields were too wet to
admit of harvest operations. Cables were
steady, and for a time there was fair de-
mand and the market held steady.
July started at $3.50 and sold up TO 951sc,
and held between that figure and 95Hc for q
considerable length of time. Later, how
ever it was announced that there was pros
meet of clea ring weather in the Southwest,
and in the Northwest as well and the feel
ing began to weaken, corn making n sharp
break about the same time wheat prices be-
gan to decline.
As the weakness increased the selling be-
came more urgent. Early purchases were
thrown overheard. and the shorts began TO
put out considerable lines. The downward
progress was assisted by cablegram from
Paris noting decline in values there equiv
alent to sc for July. No reason was given
for the severe decline, hut it was intimated
that possibly the reduced duty on wheat IS
to 20 into effect Immediately. Rumors in
regard to an English house being in financial
trouble were also used to depress prices.
July under this pressure sold off to 9S13c and
closed easy at that figure.
Corn made a strong.start and sold higher
for time. influenced partly by the rains,
which were retarding cultivation and per
mitting the fields to become very weedy.
The sentiment of the crowd seemed decid-
edly bulliSh for a time, and q good many
buying orders were on the market, and local
shorts covered a good deal. July started at
57%6573lc and sold to 577sc. For a time the
market held around 5754c, then broke to SIC;
improved some, but on heavy estimated re-
GENTS for tomorrow began to slump. Long
corn came out freely. Short selling was ac-
tive, and the bullish sentiment all disap-
pcared. July broke to 5615c, reacted trif1e,
broke to 557Sc. Clearing weather, a falling
offin a cash demand, and heavy selling by
St. Louis parties assisted the decline. Shorts
seemed to have pretty well covered, and
with urgent offerings and few buyers there
was a steady drop to $3.50, which was the
closing price.
Oats followed the course of the corn mar
ket very closely. The opening sales for July
were 3S1l l63s1dc, then became slumpy and
sold off to 3634c, rallied some broke to 3614c
and closed at that price.
Provisions were fairly strong at the open
ing Influenced by tho strength in corn and
soTre advance in live hogs at the yards.
Later there was a break, due to the weak
ness in the other pits, and especially in corn.
September pork sold from $40 70 to $40 so,
SO So, steadied, broke to and closed at $40 55,
a loss compared with yesterday of l212c.
Lard and ribs lost &c each.
The leading futures ranged as follows as
corrected by John NJ. Oakley & Co., 45 Sixth
street, members of Chicago Board of Trade: