Omaha daily bee., 1888-10-28
The SPECULATIVE MARKETS.
A Further Gain Recorded in the
Wheat Pit
AN EASIER FEELING IN CORN.
Little Doing in Oats-Provisions Re-
cover Slightly But Close Slow
Little Change in Cattle
Hogs Weak.
CHICAGO PRODUCE MARKET.

CHICAGO, Oct. 27.-tSpccial Telegram to
The BEE. Wheat made another gain to-
day. The highest point touched was Sl.lS
for December and sl.l9 for May. The aver
age price was Lm4c below the outside
range, or about lc above yesterdays closing
quotations. May and December started off
about even, but throughout most of the SEES
sion the price Of December ranged h@l4c
under May. This would seem to indicate
that the short interest is getting out of De-
cember. Commission merchants have been
making heroic efforts for three weeks to
clear their books OF December trades, and
they have measureably succeeded, while
scalpers are doing very little in near deliv-
cries. May opened at sl.17@l.1iK sold up
1s@4c, then off to sl.174. The course of
the market, therefore, was steadily upwards
until sl.19 was reached, there being,
Of course, intermediate reactions,
but nothing important. From s1.l9
the price worked back from
sl.1s14 up to sl.1s24, with s1.1s15 the favorite
resting place the last hour or two. The close
for May was. however, *l.1sN@l.19, re-
newed strength developing at the last. De-
cember left off at Sl.ls sellers. AS on yes
terday and the day before, Hutchinson was
VIC htGtS oIth p"S -, ahu ~, "oS SeN' '@'SS
to be active in st. Louis and other markets.
Minneapolis and Duluth were steady and
slightly higher. st. Louis was considerably
higher, making quite as large a Jump AS Chi
cago. Gables were steady, but the air here
abouts was charged with bull news and bull
tips. Hutchinson has declared that wheat
will be 81 LES next week. He can put 1t there
if he wants to, and he may have pride in see
inc bic pro1irtinp yprifpl that wheat would
be s1.2 or above every month of the crop
year after August. Dispatches to the effect
that Bradstreet's was out with a statement
that there would be no more wheat to export
from Atlantic ports this crop year made a
stir early in the day. The actual value of
statistics which flop around like Brad
streets do is very slight, but scalpers used
this bit of news with some effect.
This latest conclusion of Bradstreet's
happens to be in harmony with the best in
telligence of trade, but it is directly antago-
nistic to previous estimates emanating from
the SANE source. Light receipts constituted
the strongest bull card of the day, however.
The volume Of trade in the pit was not eX-
cessive, but it mounted up into a respectable
aggregate. Short selling was unpopular, but
the realizing of profits on trades was quite
general. Larger transient lines were
dumped yesterday and bull leaders did not
nave to take such big bites, but they, never
theless, added materially to their lines. The
feeling was that of great tirmness and steadi-
ness the last half hour and final prices were
nearly at the top. The bears are doing little.
They feel that prices are too high, but they
have abiding respect for the power Of the
bulls, anu fear OF the scarcity Of speculative
grades. May wheat closed nearly &c a bushel
higher than a week ago, and soc per bushel
above corn for the same month.
There was a decidedly easier feeling in the
corn market at the opening of business,
brought about by some selling by leading
operators added to large receipts and only
moderate shipments. First quotations were:
November 41l5c and May 3SHc, which was "a
decline on near futures of &c since yester-
day, while May opened at the same price it
closed on the previous day. The export de-
mand was good. thirteen loads being reported
taken to-day at New York, and Liverpool ad-
vices quoted a good demand as existing
there. Trading was light and the weak feel
ing at the beginning was added to by a
further decline, occasioncd on q promise OF
Mondays receipts figuring out 76O car loads.
features. The result of the days business
was a loss on the November future of 24@Sc,
on December of &c, and May lost sc, closing
at $3.50. The resting price of November was
4OE@4lc, and of December 39ssc.
Oats shared the general quietude, with lit
tie doing on the regular market outside Of
May, which was in the moderate favor,
around 294c. The days receipts and the
estimate for next Monday were fairly liberal
and with the absence of outside speculative
orders, business was confined to room trad
ers. The week closes with little interest in
any futures of the current year, and no ap-
parent demand TO cover shorts. A few cars
of oats in store sold at 241ac, or about previ-
Gus prices, with sales Of cash oats chiefly by
sample.
The provision trade closed the week in o
rather slow manner. Hutchinson bought
some pork, lard and short ribs for Janu-
ary to-day, but aside from his operations
the market was featureless. Operators
acted "a IL they were a little undecided and
preferred to await developments In the way
of hog receipts, the movement Of cash pro-
duct, and the action of packers before branch
ing out. Still there was some recovery from
yesterdays depression, and at the close pork
for the different deliveries this side of May
showed an advance of Zoe, January lard Of
21&c, and January short ribs of nc. MAY
pork rested &c higher, but October short ribs
were sc lower. Lard, except for January,
closed unchanged 20 exc easier.