Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-03-16
THE MARKET BEARISH.

Reports From Chicago Show Very De-
pressing Effect on Wheat Prospects, to
the Great Encouragement of the Bulls
Rye Also Dehcient-Provisions Higher.
CHICAGO-There were number of very
bearish ctors in the market to-day and
these, taken in connection with the generally
discouraged feeling among holders, had
very depressing effect on values There
were only few points which could be made
to favor the bulls and they produced very
little effect. Perhaps the Governments
compilation of the wheat crop of the world
in 1891, which was published this morning,
was about the most discouraglng piece OF
news. This report makes the wheat crop of
the world last year nearly 5000, 600 bushels
in excess of that of 1890 and, in fact, the
largest ever reported, being Il. LOCO 600 bushels
iii excess of the crop of 1857. heretofore the
largest. The effect of this on those who
have been bulling the market on the alleged
deficiency in last years crop was most dis
heartening.
OF course, this report makes no mention
of rye, which is universally admitted to be
very deficient and therefore IL Is claimed
does not fairly represent the situation rs to
breadstuffs: still 1t was regarded as very
enormous increase in the amount OF wheat
and flour on ocean passage, which shows an
increase of 52s 600 bushels during the week
and indicates that other countries than
America are making large shipments.
Cables were all lower, particularly Paris
advices which noted a decline of 2@3xc per
busheI. This was attributed to financial
troubles there, where ana at st. Petersburg
bank failures were reported. On top Of all
this, while the weather was cold all over the
wheat belt, the plant was reported as gen.
orally protected by snow. There we're some
struggling reports OF damage by freezing.
About the only favorable news was the re-
port that the English visible supply de-
creased l.4o0 bushels last week and the lib
continue large, over 80 OO0 barrels having
been cleared from the seaboard yesterday.
HoldersShowed much discouragementa and
there was free liquidation i'll some quarters
both by local professionals and for outside
account. On the break there was apparently
some investment buying, but the chief de-
mand was to cover shorts. A good deal of
wheat was sold at Sc and below. The low
eest price touched during the season was re-
corded and the close was weak, though
somewhat better than bottom figures. May
sold at S55ssc, then rallied to s61sc. weakened
and sold OFF to s5c, and sold at close at s51lc.
against S6l4c at the close Yesterday. The
local feeling continues bearish and there
was dood deal of long corn for sale and
generous short selling.
The situation IN corn was also favorable
for the bears and they used their advan tage.
May opened 393s@33ssc, weakened to 394c,
reacted with wheat TO 1896, but weakened
with it again and closed steady ut $3.50, a
loss of nc.
Oats were dull and easy, closing with a
loss of Nc.
Provisions started with show of weak.
ness on account of the heavy receipts and
lower prices for hogs, but grew strong and
advanced mainly on free covering by Efforts,
and there was some reaction. The close
shows slight advances over yesterdays last
quotations.
The leading futures range follows. cor
rected by John Nj. Oakley IL Co., 40 Sixth street.
members of the Chicago Board of Trade:
a. ! - ixzi,I d I m