Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-01-20
MARKETS BY WIRE.
The Bears Get Control of the Grain Pits
and Give Prices Black Eye-Longs
Observation-Disclosures Markets
Also Back Water

|
Observation-Disclosures Markets
Also Back Water.
CHICAGO-Bear news, bear markets and
Dull acquiescence in the downward action of
prices by wholesale abandonment of their
holdings were the features OF the days business
| on the board. The wheat market opened very
| weak and at a decline for May of ssc since Sat
urday, the bulk of the transactions taking
place at 9i34c. There were rumored sales of a
lew $3.50 bushel lots in the turmoil at the start
at 941sc. and even Csc was said to have been
paid The principal cause of the opening weak
ness was the report of the collapse of the
American National Bank of Kansas City and a
run in progress upon the Kansas City Savings
Bank. Some financial trouble was also re-
ported from New York to be the cause of the
decline of a few who were in the English Gov
ernment securities.
The longs were sellers and the shorts took
the offerings. To such an extent OF demofali-
zat1on mad the recent upholdings OF the long
side been reduced that when Partridge COM
menced to buy in his short wheat on the first
decline to 9419c they were almost inclined to
thank that speculator for his support to
market which no efforts of theirs could prevent
from going to pieces. The selling by Partridge
later IN subsequent recovery of the price
from 94I to 947Sc cancelled the apparent obli-
cation of the longs and he continued to take in
snort wheat on the soft wheat spots and pile
the load back again on the market upon every
may be very safely assumed that the long hold
lngs have now become very heavily reduced,
and consequently the outstanding open inter-
est IN the market is now smaller than it has
peen for considerable time. Under sach con-
dltons. unless something occurs to encourage
hope of an Improvement in prices dull specula-
tive markets may be looked for in the immedi-
ate future.
The first decline in prices was arrested at
9i1ac; the reaction which followed carving the
market up to 94Ag941sc for May and subse-
quent important fluctuations the decline
were 94Nc, 9f1sc, 9f14c. 9fl4c, 947s. 94c, and
9I1a@0S54c. There were few transactions at
9o9sc for May, but there was no general trading
under 9GAc. The market was without re-
cuperative energy.
weakness OF the wheat market and the beauti-
full sprnglike weather were tine incentives to
the selling spirit which animated local specu-
latOrs at opening, under which the first trading
In May was done at sic as compared with 5lLc
at the close ut the market on Sa urday. After
selling at 507sc there was momentary reaction
to 5l1sc, and afterward weakness was the rule
to the close. The decline stopped at 5015c.
The oats market was only fairly active. Heavy
receipts, liberal supplies for tomorrow and the
pal bear influences. The fluctuations were fire.
quent but narrow.
The provision market sold off Immediately
that trading commenced the grain commission
being free sellers. The packers were sellers
also, although hogs were reported to be selling
were reactions on the decline, but heaviness
was the prevailing appearance of the pit. Pork
at the close showed q decline compared with
the closing quotation Of Saturday of TIC to l0c.
Lard lost &c on the same comparison and ribs
from 213c to &c.
The leading tuturet ranged as follows, as cor
rected by John NJ. Oakley & Co., 45 Sixth street,
members Chicago Board OF Trade: