Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-24
A FIELD DAY FOR BEARS.
Prices Go Down An Along the Line :
Favorable Weather the Important Fac
tor-A Slump in Oats From the Start
Marked Weakness Everywhere.

Prices Go Down An Along the Line -
Favorable Weather the Important Fac
tor-A Slump in Oats From the Start
Marked Weakness Everywhere.
CHICAGO - The bears scored a sig
nal victory and were in supreme control of
the market from the start. So much long
wheat was thrown overheard at the opening
that it put the bull party at a great disad-
vantage all day. This wheat went into the
hands OF people who did not want it except
as ammunition to use on any bull party that
was daring enough to attempt rally. Yes
sells were chartered to-day for $50, 900 bushels
of wheat and 445, 900 bushels of corn, but no
attention was paid to such matters. The
call for margins was too loud and persistent
to permit of other Considerations. Wheat
left off at decline of l1ac, corn dropped &c
and pork 3715c.
The weather was the all-important con-
sideration. The brilliant weather following
the recent heavy and general rains made a
crop outlook which the ordinary bear
seemed willing to bank on to his last dollar.
The heavy receipts at Duluth and Minneap-
olis-248 cars-together with the news that
the corn flood from the country had started,
also furnished great encouragement The
main bullish items were the reported en-
gagement of 10000 bushels of wheat here,
$1,000 bushels at Duluth and 10000 bushels
at New York for export. The Toronto
MillerS Convention also promulgated q
,bullish statement of the scarcity of supplies
in the Dominion. The early cables diminished
little encouragement but closing ones
The wheat market opened very weak,
with sellers so eager to dispose of their
property that they started by offering July
at N cent under yesterdays closing. The
competition to get rid of it, however, was so
keen that it could not be absorbed in suffi-
cient quantities or fast enough to suit the
unhappy holders, who underbid each other
until 9S% cents was the sellers asking prices;
N q N min tTad
cent Topped remorselessly off the price. The
price here once being down could not be
lifted again, at least not over "a cent
bushel. July sold on the first decline down
to 983s cents, and did not subsequently get
above 99A cent and closed at 9S5s cent.
The good accounts from the cornfieldS and
the liberal receipts were the influences
under which corn dropped 218c and closed
with decline. The Atlantic clearances
yesterday were over $4,000 bushels, and 200,-
900 bushels were taken here to go out by
way of Montreal. There were sellers at the
opening from July at from 5S19c down to
52Mc, recovery to 531zc, and then a steady
decline set in which continued until 5l11c
was reached. Covering of shorts again car
ried it up to SIC, but it closed weak at 5l540
5lIc.
There was big slump in oats at. the start,
particularly in the July future. The open
ing for July was 42@4214c, but inside of q
minute it was selling at 4lc. There was a
reaction to 41sc, only to be followed by
another decline to 4lc. The close at 4l9sc
indicated loss of 1sSc since yesterday
Long oats came out in large quantities and
the selling was heavy. The crop prospects
are still unfavorable, but receipts continue
heavy, causing weakness in the cash mar
ket.
There was considerable activity in the
provision market and much lower range of
prices. The weakness was due to sympathy
with corn. There was a slight reaction
from bottom prices, but the market left off
weak. The decline in pork amounts to size,
in lard and ribs 10c.
The leading futures ranged as follows, as
corrected by John NJ. Oakley & Co., 45 Sixth
street, members of Chicago Board of Trade: