Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-08-06
THE PROVISION PIT.
Interest Centered There at the Sessions of
the Board-Wheat Opened Weak and
Lower and the News Was Bearish in
the Extreme.

! Interest Conferred There at the Sessions o,
the Board-Wheat Opened Weak and
Lower and the News Was Bearish in
the Extreme.
CHICAGO - The provision pit was the
center of interest on the Board of Trade to
day, and pork set the pace for everything
| else traded in by dropping 9Oc per barrel in
price. 1t was in very panicky condition
in fact, and it looked for time as if there
might be q general slump in everything
traded in on the floor, but tho downward
movement in pork was finally temporarily
| checked, and grains were st eadied before
| anything like a sensational break had been
| recorded in them.
The provision market has been steadily
getting itself into shape for such break
| for the past week. The enormous stocks
and the near approach of the time when
| September pork would be deliverable, the
| growing concern as to what could be done
with it and the increasing confidence of the
bears has been developing weakness for
| several days past. The appearance of Ream
| as an aggressive seller and the number of
| tailers who followed his lead caused con-
sternation among the longs and growing
desire to get rid of what was beginning to
be regarded as very undesirable properly.
So the break once started it did not take
much to bring on panic TO stop orders, and
exhausted margins also played an important
/
1900 larger than expected and prices at the
stockyardS 10 cents lower.
The market opened excited and exceed
ipgly rugged, with offers all the way be-
tween Sll 10 and sll 20, nearly every broker in
the market selling, while there was no one
to buy. The result that sellers continued to
trading took place there until Sl1 90 was
reached, or S212c below yesterdays closing
price. There were not enough buye.s even at
this figure to sustain the market and the
do
temporary reactions, till $40 IS was reached
q loss compared with yesterday of size
Then there was rally to $40 80, where it
held pretty steady for time, then it made
another dip downward, this time touching
SO 3215. became dull, but rallied little and
closed at SO 40.
Lard sympathized with pork in its weak
ness but its break was less radical, the de-
cline in the market only l5@20c.
Short ribs declined from So S214 for Septem-
ber at the close yesterday to Sc 5714, at which
they closed.
Wheat opened weak and &c lower at 9ossc
for December Liverpool was firm, but Lon
don cargoes prompt shipment were Sd
lower; Paris was steady and quiet and Ber-
lin was marks higher. The weather in the
wheat belt on this side was good, crop re-
ports were encouraging and wheat was be-
an increase of 29OO,O00 bushels in sight east
of the Rocky Mountains since last week and
q decrease of 100000 on the Pacific coast.
Minneapolis wired the following: The
weather is perfect, the warmest of the sum-
mer. Nothing can now stop the biggest
crop ever raised.
Other news was bearish and the market
was weakened by large offerings of long
wheat. schwartz and Dupee, who have
lately been selling for New York parties,
sold 6C0 900 bushels. There was active selling
by early buyers, including Logan, White
and Kennett Hopkins. Then there was
weak news from Liverpool and New York
failed to export any wheat. About the only
bullish item was the discovery that the in
crease in wheat on ocean passage within q
week was only l2s 600 bushels, instead of
1000 600 as reported yesterday. December
declined to 90c and was held around that
figure for some time by the purchases of
shorts, but when they were filled up the
market weakened again, going to s]15c. This
was assisted by lower prices at New York
and st. Louis. Private advices of lower
prices on the continent and the United King
dom with foreigners, reported as selling
heavy in New York. From the bottom there
rather dull and steady during the last hour,
closing at S9Ac.
Corn joined in the general downward
movement, all the options ruling lower
B, ddstreefS reported an increase of 903, 900
bushels in the supply in sight. September
started &c lower at 5o15c and sagged of to
5534 reacted to the opening price. weakened
to 56l4c, held steady during the last hour and
closed at 55l4c. Oats were dull and weak
during most of the session, but closed at the
top price, the same as yesterdays close, with
fluctuations confined to &c range.
The leading futures ranged as follows, as
corrected by John NJ. Oakley & Co., 45 Sixth
street. members Of Chicago Board of Trade: