Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-09-03
A HESITATING MARKET.

Neither Bulls Nor Bears Score More Than
Momentary Advantages in the Wheat
Pit-A Frost Scare Gives Corn Short
Lived Opening Boom.
CHICAGO-The cable news was all dis
couraging to holders of wheat at the open
ing and in the absence of any domestic fea-
ture OF an opposite tendency the market
opened here at q decline of from 1880 for
December. The bulk of the business at the
start was 81 O05z, compared with 81 Ola as
the market closed yesterday. Some sales
were made at 81 OO15, and then reactionary
movement set in and carried the price up to
81 OIL, and, after selling back to 81 Oh, it
made another advance upon which 81 OH
was reached before il turned again toward
a lower range. These fluctuations covered
the business of the first hour.
The principal source of the weakness
which followed during the second hour Of
the session, and during which December de-
clined to 81, proceeded from heavy selling Or
ders from New York. The private wire houses
appeared to have no end of such, and the
local crowd took that as a sufficient hint and
sold heavily. Following the fluctuations
already recorded, there were advances to
81 00l5 and declines to 81 several times re-
peated, and on one occasion the advance
reached 81 OJT on the late quotation for En-
glish consols showing decline of 3-l6 from
the one preceding it.
around 81, and even 1910 and $3.50 were the
occasional selling prices. The extreme weak
ness of the foreign markets at the close was
reflected here in a diminished business at
the end, and the final figures were 995Sc
Corn started on boom on the reports OF
frost in the far Northwest. which it was
feared might make its appearance among
the corn fields tonight. Later word was
passed around that the frost had cancelled
all dates and had indefinitely postponed its.
Southward tour, and upon that the early
boom collapsed. The price, which in the
meantime had been showed up about I54c
above the closing price OF the day before,
tumbled until all that gain was dropped out
of sight and about &c beside. The first de-
cline following the end of the frost scare car
ried the price of October down to 5s5sc, after
it had sold as high as Gle, but after recover
ing again to 5911c the big break of the day
followed, and near the close 5734c was
recorded. The closing price was 5S14 against
59llc at the corresponding time yesterday.
The early trade in oats was fairly active,
but the market was very quiet during the
latter part OF the session. First prices were
&c above last nights close. An advance OF
&c occurred through sympathy with corn.
A break of 7%G34c then occurred. Another ad-
vance of &c followed, when the market
broke again and closed steady to &c lower
than il did yesterday.
The market for hog products opened
rather irregular, and while some sales were
made at less than Yesterdays closing prices,
there were too many buying orders to allow
of a permanent decline at that time. The
receipts of hogs were much heavier than
had been estimated yesterday, and the
price was lower, ana consequently when in
the face of that the price of pork climbed
from $l2 30 for January at the start to sl3 Is
in about half minute, some surprise was
felt by those who had started by Offering it
at the lower price. The advance was in
sympathy with the early advance in corn,
and when later il became very weak pork
followed and closed 10@ l2115c lower than yes
terday. Lard and ribs wera comparatively
nlct wafTla - In
lower while the latter closed PC lower to
&c higher
The leading futures ranged as follows, as cor
members of Chicago Board of Trade: