Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-12-18
INDEPENDENT OF CABLES.
The Wheat Market Decidedly Strong, but
Has Only Local Causes to Thank for 1t
Foreign Markets All Lower-Grading of
Corn SiIll Improves.

The Wheat Market Decidedly Strong, but
Has Only Local Causes to Thank for 1t
Foreign Markets All Lower-Grading of
Corn SUI Improves.
CHICAGG-Wheat opened a little lower
this morning, but soon improved in tone,
advancing TO point above the closing
prices of yesterday. The strength was due
almost entirely to local causes, as the condi-
tions abroad grow more and more discourag-
ing. The foreign trade is not only dull and
nearly lifeless, but prices continue to re-
cede. This morning Liverpool cables
quoted that market half penny lower
while London was pence off; Berlin was
marked down: Paris WIS 20 centimes, and
Antwerp % centimes lower. 1t was this
weakness abroad which started the market
weak.
But there was good covering by shorts to
secure profits, and there was also feeling on
the part OF the scalping element that after
such break as we have had some reaction
might reasonably be expected, and there
was some buying on this theory. There were
also some crop damage reports in circula-
tiOn the plant having been injured, 1t was
said, by late freezing and thawing. Besides,
the receipts in the northwest were smaller
only $50 cars against 961 yesterday, The
Cincinnati Price Current said there had been
some damage in prices to winter wheat from
freezing and thawing but that as whole
the average condition of the crop had been
maintained.
As a rule the short selling was less appres-
SlNe- Inc tTaue WIS generally SLOW and X
ceedingly narrow, while the operations were
largely OF scalping character May opened
at 96Ga6ssc and soon advanced TO $3.50 grew
Steady around that figure till the afternoon
when late private cables quoted an advance
i'll prices at Liverpool. This caused an ad-
vance in the price to size and the close was
steady at 961sc.
Corn quiet but firm, the nearby
futures scoring 4 decided advance while
May rose only a trifie The receipts were
400 cars, OF which "a graded contract This
continued Improvement in the grading TO-
Eether with adyices from outside points in
dicating that the improvement has come to
stay. caused temporary weakness near the
opening, but lot of shorts had good profits
in their deals and proceeded to cover There
was also good demand for the cash article
with talk OF some export orders. December
started at 41c. saxged off to 46l1c, then ad-
vanced steadily to sic, at which it closed
January started at 43lIc, sold at 43c, ad-
raaced and closed at 44szc Nav fiuctuated
between 42lsc and 421%c.
Oats were quiet but stronger, and closed
with substantial betternent in prices in
sympathy with the advance in corn.
Hog products were strong, and closed with
a moderate advance in prices. The receipts
of hogs at the yards were considerably
lighter than had been estimated, and prices
were cents higher. This, with the active
support given the market by the longs.
made the tendency upward during most Of
tiIe day.
The leading futures ranged as follows as cor
recicd by John nj. Oakley Il Co.. 45 Sixth street
members of the Chicago Board of Trade: