Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-30
STRINGS BADLY BROKEN.
They Were Cut Loose From Washington
and the Market Price Went Up-A Big
Round Cent Added to the Price of
Wheat in a Jidy.

and the Market fr1C6 w ent Op-1A Dig
Round Cent Added to the Price of
Wheat in a Jiffy.
CHICAGO-The strings tying down the
wheat market were cut loose from Washing
ton to-day. As a result, big round cent for
every bushel was added to the price of the
cereal, almost in a juffy.
The announcement made by which Hatch
. in q telegram from Washington that
proposed anti measure would not obstruct OF
prevent single transaction now author
lied by the Board OF Trade had the effect of
lifting the Nav delivery to so cents. Last
night the closing figure was 79 cents exactly.
There was little in the situation early to
lead to strength. Cables were weak ana all
represented the European markets as much
depressed and quotations come decidedly
lower. Private dispatches from Paris gave
a gloomy picture of the market there and
said that it was regarded as certain that the
duties on imports would be fully restored on
June l.
The weather continued exceptionally
favorable and was regarded as bear factor
while the e1Dort business was not very en-
couraging. But there was demand to cover
shorts and prices started In a shade above
yesterdays close or at 1880 for May. Then
some bullish news came in; outside markets
were somewhat higher, the amount of wheat
and flour on ocean passage showed de-
crease of ], ,3l2 000 bushels and the local re-
ceipts proved to be 100 cars less than ex-
pected. These renorts rather increased the
demand and the offerings being rather
meager, there was gradual rally 10 1870,
but quickly weakened as it was found that a
good deal of wheat came out at the advance,
Cutler selling presumably for Pardridge.
This sent the price or to 791sc, and while the
market held in sluggish uncertain condition,
Kline made public two dispatches from
Washington, saying that the anti-option bill
was being considered in committee and
sundry amendments adoDted which, if
passed, would not affect single transaction
now authorized by the Chicago Board of
Trade.
The result was that new life was infused
into the trade, and there was a quick devel-
opment of strength, May soon touching 80
cents.
During the last hour the market became
very weak on the receipt of lower cables and
free selling drawn out by the advance and
May sold off near the close to 79LIc, but
reacted and closed firm ut 795s@793zc.
The messages to Kline from the author of
the Hatch anti-option bill were answers to
Inquiries, Kline having wired the Congress
man regarding the status of the bill The
messages are as follows:
WASHINGTON. March 2s.-Bm is being consia-
will come before the House for its action. Com
% transaction now authorized by Board Board Of f9 Trade
rules. W. II. HATCH,
WASHINGTON. March 2a.-My brief answer OF
Yesterday was reiteration of the expressed
purpose of the members of the committee NOT 10 re-
port bill that will obstruct legitimate trading but
now prohibited by the Boar,l of Trade. Make this
public as you desire. W. Ii. HATCH.
Corn was more active and recovered
almost entirely from yesterdays weakness,
the result being largely due to reaction in
wheat Shorts showed considerable nery-
ousness and were anxious to cover while
selling was restricted. The local receipts
were smaller than expected and the inspec-
tion still very unsatisfactory. Poole-Sher-
man and the Weare Commission Company
were the principal buyers, and were gener.
aIly thought to be acting for Cudahy. May
opened at 40c, sold to 4013c and kept firm
until near the close, it reacted to 401<c at
which price it closed firm.
Oats were quiet but firm, governed largely
by the better feeling in corn.
There was a firm feeling in provision mar
ket, and better prices ruled, but the advance
established at the close was not heavy. Pork
for May is nc higher. May lard is un-
changed and ribs are up PIC. NJ. c. Mitchell
bought pork early, supposed to be for Ream,
and RYAN was the principal seller. Packers
claim that there is a loss of 81 per barrel
making pork at its present price, and that
hogs are at the same price now as when ribs
were selling for S6 90. The difference be-
tween May and July pork has narrowed to
l715 cents.
cars of wheat 200 cars of corn, l40 cars of
oats and 26, 900 hogs.
The leading futures ranged as follows. as corrected