Omaha daily bee., 1888-11-24
THE SPECULATIVE MARKETS,
Wheat Quiet and F~luctuating
Within Narrow Limits.
CORN FRAcTioNALLY HIGHER.
Provisions show a Stronger Front
Cattle Fair, aud Values n Shade
Highcr-Hogs About the
Same,
CHICAGO PRODUCE MARKET.

CHICAGO PRODUCE MARKET.
CHICAGO, Nov. o. -ISpecial Telegram TO
TIE BEE.l-The wheat market was quiet to-
day, and fluctuations were confined within
limits of nc. The volume of trade was
fairly liberal, considerably above the average,
In fact, but trading was not OF the rip-roaring
order. The proceedings were strictly decor
Gus, and big operators rcfraincd from plung.
ing to such an extent as TO unduly disturb
trade. AS compared with yesterday, clos.
ings show a depreciation TO the extent OF
about IT,, nearly all the loss occurring the
last part Of the session. There has been bet
ter buying on the recovery from Sl.OSas than
trade anticipated, and the tone of the market
most OF the day was therefore steady, and
even strong. The bear party CONSTITUTES this
to mean that the market will be better held
at the Improvement than had been figured
on, but that in the absence of radical bull
conditions prices must ease oil before "a per-
manent advance can occur. Bun leaders
seem to have fixed sl.lO as the bottom, and
many of them who went out at higher
figures replaced their wheat below that range
and within a cent above it. They are un-
shaken in their faith in ultimately higher
prices, based on actual scarcity, and while
admitting the possibility of dragging mar
kets, pending the reduction of stocks of
-four, they contend that values are inevitably
destined to rest on materially higher levels.
They do not want to be left when the train
starts. This class of investors are numerous,
and, although likely TO run from serious
losses, it will be found buying on every break.
That accounts for the stubbornncss of the
market and the inability OF short sellers to
force a serious or lasting stampede among
the bulls thus far. The principal item OF
bear news was the shipment OF S3,tOO,OO0 in
gold. This was used with good effect, and
served to deprcss the speculative ardor
somewhat. On the theory that if wheat
were down to a legitimate export basis, grain
or -four would go out instead of gold, the
bears have reason to feel encouraged, but II
il should prove true, as claimed, that wheat
and flour don't go out faster because there is
little or nothing to spare, there is not much
in the gold expectation feature to comfort
them. Bull leaders in wheat adhere to the
theory that it is unsafe and unbusinessllke
to keep an article that is scarce, just as it is
unsafe and unbusinesslike to bull an article
that is plenty, like corn. They are nothing
daunted that America has TO pay foreigners
in gold instead OF wheat for st. Paul and
other railroad stocks that they have sold and
shipped back to this country. Nevertheless,
the drift of values was down in the local
wheat market when it was not strongly sup
ported by influential operators. Receipts
at primary points are small, very
small, hut the weather is brilliant
and farmers deliveries are likely to
increase III consequence. A rather better
demand for -four is reported, but the foreign
markets are depressed by the liberal offer
ings of Russian wheat. Not near all Russian
ports are closed by ice, and old world buyers
do not seem to be worried over the question
Of supplies. The northwestern market ruled
strong TO day, and millcrs are buying all
good wheat they can get their hands on.
May wheat opened at Sl.llS4, advanced to
81. 121s, sold of to Sill several times, rallied
as often, and finally to sl.l1I. The market
acted strong above S1.lll6, and stayed at or
above that figure for IA long time. About
half an hour or so before the close the mar
ket turned down decisively and lost fully lc,
closing at the bottom, or $l,l0l9 for May,
Sl.074 for December, and S1.O7 for
January. The break seemed natural. 1t
was caused primarily by the selling
out OF scalping long wheat. Of course the
pit traders helped the market down on their
brethren.
The corn market opened steady, with few
buying orders on the floor, which local
scalpers seemed perfectly willing to fill. The
firmness of wheat, however, and the active
demand for the days receipts, notwithstand-
ing the fact that they considerably overran
the cstimates made yesterday. produced a
change in the sentiment of local traders, and
prevented their offering much for sale.
Opening prices showed fractional advances
on all deliveries, up to May, this years
futures being the strongest. However, the
English market maintains the strength it
has shown so long, and will doubtless take
large quantities OF new corn, as soon as it
can stand q two or three weeks voyage.
Shippers were active in the cash market:
the near approach OF the close of
navigation affording the explanation
of their continued brisk buying.
A leading operator was a fair buyer of Janu-
airy corn, but speculative business is center
ing largely in May, which ruled within a
narrow range. The feature Of the day was
the good demand for corn in store, at about
&c premium over car to go to store; the rea-
son for which, being the urgent endeavor to
complete the loading of the last fleet by Mon
day, although there will doubtless be some
more vessels loaded before the lake ship
ments finally close for the season. The clos |
ing quotations are fractionally higher I Today
than yesterday; the most strength being OBJ
SCRABBLE in near deliveries. November closed
at Ale, against 40+c on Thursday; Decem-
Der, at 3S4c bid, which is virtually un- |
changed; February, at 37I4 1375sc, shows an |
Improvement OF about sc, and May closed Mt
BS1Sc bid, which was its exact position at
yesterdays close.
Provisions showed a stronger front. No
marked change took place, but the unex- |
Pected falling of in the receipts of
same, and improved demand for cash
product, made the professional bears more
conservative. The disposition exhibited to |
sell was much more restricted than of late, |
and the market was able to mman a COM |
paratively generous support. Hutchinson
was the lai gest individual buyer of futures.
But his buying was not continuous, and |
failed to attract much notice. General trad. |
ing was YER" fair and unusually steady. The |
best prices of the day prevailed early, and at |
pork and short ribs stood at |
yesterdays closing figures, while lard was |