Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-03-17
MARKETS BY WIRE.
Wheat Works Up and Down on Foreign Ad-
vices and Increased Receipts-Condi-
ton of the Crop Abroad-Pro-
: risions A cfiua md Sfronoar-

ton of the Crop Abroad-Pro-
visions Active and Stronger.
CHICAGo-All of the early indications were
Tor lower prices for wheat The indications
held good for some time. but the market finally
improved sharply. The early selling had been
overdone. There was brief squirt upward at
the outset, which was due to the higher prices
prevailing at Liverpool. The squirt was soon
over and values weakened because of receipts
and because of decline in French rentes.
Later it was found that the lower quotation
was due to the fact that the interest had been
deducted and that values of the rentes were
really higher than on Saturday. This was
therefore turned into a bullIsh argument.
When it became known that there was re-
spectacle decrease in the visible supply; that
the country elevator stocks in the Northwest
had decreased heavily, and that the early short
sellers we're anxious to get out there was quite
little advance il values.
May wheat opened at 81 OF, sold to 81 01H@
OlA and off to 81 0OH. and then bulged to
81 OlH. Official closing cables quoted Paris and
Berlin lower, and caused reaction here to
81 OOT for May. Foreigners were freely sellers
of July in New York; The large firms here
seemed to have "scalping orders" early, as they
were on both sides of the market at various
times During the bulge in prices Ryan bought
5OO,UO0 bushels, and Durham and Driver each
bought about half that quantity.
The London correspondent of Kenneth, Hop
klns & Co. writes follows under date of
March 7: "Wheat markets strong and advanc-
ing, the advance being more conspicuous in
forward cargoes than in spot wheat, as millers
only pay advances asked when forced TO buy.
There are continued and increased reports of
damage on the continent from Holland, Bel
gium and parts of Germany. Fears are also
entertained OF damage having been caused by
the severe frosts IN Bulgaria and Russia but
those we receive with doubts. The reports
from Spain are bad. those from Italy and Hun
gary very good. OF course the damage done in
France is of most Importance The minimu
required to be reseeded is $500, 600 acres. which
is about 20 ner cent. of the total The seed for
this amount would seriously encroach on the
foreign wheat already bought. and there is
great risk of spring sowings in France not COM
ing to maturity. Some of the replowed lands
will be sown in other crops-barleY and beeus.
Victoria crop turns out bumper. Possibly
10 600, 600 bushels for export"
Corn was highty Tie trade was quite mar
row. 1t was an easy matter TO advance values
as few cared to go short of the market This
was of course taken advantage of. Bartlett
Frazier who claimed that they had sold more
corn to New England points than at any time
in five months, attempted to buy little May.
There was none for sale. The market which
was previously inclined to drag. made sharp
jump upward. May started at 601Sc, sold to
6O5s to 6215c and eased back to &c.
Oats followed corn. May started at 505sc,
sold to 5OAc and up to 5l11c. The market was
nervous.
Provisions fuctuated in lively manner over
an extraordinarily wide range All of this
range was upward from the opening figures.
Sellers were timid and shorts we're trying to
buy whenever values were advancing. but the
trade at large ran quickly from liberal offer
ings. May pork started at $40 IS, sold TO S11 25,
off to S1l 05 up to s1l 35 and off before the close
to Sll Is. Mccormick & Co. started the early
bulge by liberal purchases around $40 80. Lard
and ribs were as strong relatively as pork.
The leading futures ranged as follows, as cor
rected by John NJ. Oakley & Co., 45 Sixth street.
members Chicago Board of Trade: