Omaha daily bee., 1888-09-01
THE SPECULATIVE MARKETS.
Another Bad Report From the
Northwest Strengthens Wheat.
CORN HIGHER IN SYMPATHY
Oats Higher But Unsettlcd-Pro-
visions Somewhat Nervous But Adj
vancing-Want of Cars Checks
Cattle NEUTRALITY-SUSPICIOUS..
CHICAGO PRODUCE MARKET.

Shi'hhD, august -IoUtC 1tlpRTdfn
to The BEE. The market opened A@3sc
above yesterdays close, but the weight Of
opinion and drift Of trading seemed favor
able to lower prices. Cudahy was an open
seller early and Baker and others (supposed
TO be acting for Hutchinson), were heavy
sellers Of September and buyers Of Deem
Der. This was construed as meaning that
the big operator was getting out of his strad-
die and taking his profits. The crowd was
disposed to help him and buy his September
and sell his December, the latter especially.
The effect of this trade was to depress
values, September going from % to 925Ic and
December from 92X to 9l56c. Shortly before
noon a sudden division was caused by the re-
ceipt of a letter on wheat from 'Joen Nc
Donald, who is travelling through the north
west in the guise of a crop expert. The let
ter itself would not be given up at first for
publication. but the essence of it was that
prospects were very discouraging; that the
frost had unquestionably done great damage
in large areas and that the yield would be
light both as to quantity and quality. There
is nothing new in all this, which
is in the nature of a rehash of
a well worn story, but it had
weight nevertheless, coming from Mcdonald,
who is generally esteemed as a conservative
man. About the time the crowd In the pit
got hold of the letter, pred C ons of frost to-
night in the northwest were heard. Prices
were run up about 1c in a very little while on
this news. The shorts were the liveliest
buyers on bulges. While shouting their
faith IN lower prices, and engaging in raids,
whenever the market looks weak, they do
not stand on their lines, but run like a flash
when rallies set IN. The suddenness with
which they turned today illustrates the
nervousness they feel. On the rally referred
10 Hutchinson sold a lot of September wheat
and the market worked back &c but again
displayed an undertone Of firmness and
values remained steady to the close. Last
prices do not record important changes from
yesterday. Trade was above an average
volume and the market may be described as
a broad one. Later in the day Messrs. Bros
seau & Dore permitted reporters to make q
synopsis Of McDonald's letter. The writer
says farmers in the vicinity Of Devils Lake,
who had an idea that wheat was damaged
from a to e, ind that the damage was from
so per cent to a total loss. He has seen
fields of 200 acres and upward a total failure.
"There are, OF course, some very fine fields
that will yield u good CROP" says
can be seen fields that you would
call twenty-five to thirty-five bushels to the
acre. but you will End on examination a
small shrunken berrv frosted and worthless
for -four" At Lennox he saw a 4O9-acre
field, which was estimated at from twenty
five to thirty-tive bushels to the acre. A
party Of six went into the field and found a
crop of four to eight bushels of poor quality.
I'm this section" he adds Devils Lake,,
'west $50 miles, north 40 miles, east IS miles
and south 40 miles, there is less than "a one
half CROP"
The corn market opened strong and higher
chiefly in sympathy with a higher wheat
market, and September sold at 4515@459sc,
but wheat broke and the corn market began
to weaken, when a prominent operator began
to sell heavily, and there was a circular de-
cline to 45c. At this point there was a halt
until ii was known that the estimate for to-
morrow was for 565 cars when December
dropped to 44sIc. Later from some increase in
the buying there was an improved movement
to 451sc. The market closed with September
about Nc lower than it closed last night,
October &c lower and May about sc higher.
The report of cold weather in the northwest
helped to strengthen the market SOM for
longs.
Oats were quite unsettled and irregularly
higher on cash and August delivery with
attention Of traders directed there, while de-
ferred deliveries were nearly steady, though
quiet and partially neglected. The short in
terest was sufficient to force August up from
254c early to &c, or 1c above yesterdays top
price, though the demand was satisfied before
the close, and later sales were at lower fig
ures. There was considerable inquiry for
cars to complete lots for delivery and prices
ranged at 25@21l4c, although closing lower
In provisions a nervous feeling was again
exhibited. Under the influence of yellow
fever reports from the south, the market
opened with a bearisn inclination and during
the morning pork for September sold off 20
per cent from yesterdays closing, lard 81
and spare ribs 10c. Subsequently, however,
amuch stronger tone was developed and dur.
ing the last hour or so of the day there were
more buyers than sellers in the pit, prices ad.
vancing steadily and closing all around at the
highest point reached. From the lowest fig.
ures touched pork for September advanced
221Sc, lard nc, and short RIBS 15c. Trading
was fair, though on September and October
1t was confined largely to the changing oven
Of September contracts to October.