Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-06-11
CORN LEADS THE MARKET.

A Big Slump Followed by b. Partial Re-
covery-wheat stasnant Until Moder-
ately Active Close-Bradstreee shows
That Stocks Are stin Decreasing.
CHICAGo-The corn pit was the center of
attraction on the Board OF Trade to-day, and
spectators from the other pits focked to
that point to take a hand in the proceedings.
There was n big slumpin prices in the early
trading, followed by partial recovery.
Wheat was dull, with nothing of import
ance doing until near the close when bust
ness picked up a little. Price changes were
confined to extremely narrow limits during
most of the session. Operators were in
clined to hold off for the Government crop
report, due at 4 O'Clock in the afternoon.
There was not much news of n very import
ant character to influence values. Early
cables showed duh markets, without much
change in values abroad. Advices from the
Northwest told of fine growing rains in that
section, but this news was neutraliZed by
the Signal Service notice of the development
Dakota, Minnesota, Kansas, Iowa and
Nebraska Thursday night. A strong point
was made by the bulls of the Michigan crop
report showing a loss of ten points in con-
dition since the last previous report, and the
statement that the acreage of winter wheat
in Indiana was two points less than last
year, but this did not receive much credence.
Reports were received from Kansas, claim
ing that the wheat was affected by rust on
account of recent rains.
BrddytreetS report of stocks east of tho
Rockies showed q. decrease of l,392, 900 BUSH
els, and west of the Rockies and on the
Pacific coast showed no change The export
clearances from four ports of wheat and
-four were rather larger, and arrivals in the
Northwest were FAIR.
July opened at 9sss, sold off TO $50, f1uctu-
ated for a long time between 9S1z and 9s12,
then, when the bull news began to have its
effect advanced to 9S5s, with possibly sale
or fxun of nd a or a
yesterdays close.
Corn opened at 5sL@5s1Sc for July, against
5s1sc at the close yesterday, on account Of
the light receipts over night, but the ad-
vance did not hold. There were reports of
fine growing rains in the corn belt. There
was very little demand, so nearly every body
mediately took the down grade. 1t was not
long before it was made $3.50. As the de-
cline went on long corn began to come out,
and for time the market seemed demor-
allied.
Reports from the interior were to the effect
that a large amount of corn was being loaded
for Chicago, and big receipts were looked
for during the next few days. Cables were
lower at the lowest point. The estimates for
tomorrow came in, showing small receipts
in sight. The sellers seemed to have been
bailed out, and as many shorts who had a
profit began to cover, and there
was good reaction, July selling back to 577sc
and closing steady at 375sc.
Oats were weak in sympathy with corn,
and July fell from 433sc early to 1880, but, |
rallying with corn, closed at 4Sssc
Provisions were weak and lower Receipts |
Of hogs were heavy and prices lower. Corn |
was slumpish, and the longs were growing |
tired of carrying their heavy loads. There |
was no general liquidation, however, and
we're rather narrow compared |
with yesterday. Pork shows loss of 10 |
cents: lard and ribs of 219@5 cents.
The leading futures ranged as follows, as |
by John NJ Oakley & Co., As Sixth |
street, members of Chicago Board of Trade: |