Omaha daily bee., 1888-10-14
THE SPECULATIVE MARKETS.
A Bearish Tendency Distinctly No.
ticeable in Wheat.
LIMITED TRADING IN CORN
Oats Neglected-Little Business Done
in Provisions--A Falling on
in the Run of Cattle
Hogs Slow.
CHICAGO PRODUCE MARKET.

CHICAGO, Oct. 49, Especial Telegram to
The BEE. This was a dull day in wheat
the dullest day in three weeks and it was as
uuinterestiug as it was dull. IL metaphysics
and oratory could have put prices down
the market would have gone to smash. for
nine out of ten men on change are bearlsh.
The sentiment is seemingly all one way. A
large majority Of original bulls are outspokcn
advocates of a big reduction 1t is true
they have sold out their wheat, but they
wouldn't have done so if they hadn't thought
the market had gone nigh enough, and moth
ing has occurred since to shake their faith in
the correctness of their judgment.
Chicago is now outof joint with the whole
world said a veteran bull who is temper
arily on the other side. Sure enough it is
rapidly taking its place as the highest
market in the country. A day or two more
of weak markets in Duluth and
Minneapolis will force it out into
solitary prominence unless it should
give way with the others. Occupying this
position it is a little remarkable that only
nine cars out of eighty-nIne inspected here
to-day graded No. ., and that receipts for
Monday are estimated at only 100 cars.
When it is remembered that speculation is in
CONTRACT PTdutS I III III Nullutltl az IL
the light of inspection returns, that Il great
many people who got into wheat when it was
cheap refused to DC talked out or frightened
out of their holdings. Neither is it strange
that fresh outside money gets into wheat on
the breaks, and sits on it regardless of local
or general pressure. Outside capital is
almost as serious a bar to breaks
as the attitude of Fairbanks, the
Bakers, the Cammacks or Hutchinson. The
opening range was Sl16ls for December and
81. 1915 for May. December broke off to
Sl.15l9 and rallied rapidly to $l.1Ii4, selling
off subsequently to Sl.15T, which point was
touched several times in the course of the
trading. The average price was above 81 10,
however. ranging during the ~quietcst hours
81. i6M1. 1867 and later crawling up as nigh as
81. 1853. but closing rather weak and fully &c
lower down. Ma ranged ll4GG2c under De-
cember and acted as though IL wanted to
slump badly. The wide Advertisement given
to the fears of a December deal is curtailing
operations in that month but trading in it is
still large. May ranged to-day from S1.l5ls
down to Sl.14ls, averaging probably Sl.l44M
La. AS before stated, the volume of bust
ness was only, moderate and the
day passed uneventfully ana without special
evitement. Cables were quiet and price
changes unimportant. The tenor of news of
nearly all descriptions was bcarish, though
in the background is the great strength of the
general situation and the undaunted stub
born spirit among the bulls who have their
minds eye fixed on ~ 80. AS compared with
Yesterdays closing prices far futures do not
show a serious change AT this point.
The receipts We're only Az cars of corn to-
day, where 600 were expected: This gave a
slight degree of iirmness to early trading and
the prevailing damp weather was likewise Il
factor in favor of the bulls and tending to
make short sellers for near by futures some
what uneasy. Tile trading spirit was very
weak among local, operators and in the alb
was very dull, with long intervals between
transactions. There is still a fear of manip-
ulation in futures this side of January
which is a bar to any freedom in selling for
near months which otherwise would be in
duced by this Years enormous crop. Price
fluctuations were narrow and so was the
character of the days business. A leading
operator was a free buyer OF October, but
sellers who had not possession of the tangible
article were afraid to risk the sale and the
price is being maintained at its present figure
principally from such considerations. Bust
ness in futures continued quiet to the end
and closing prices show slight gains in the
nearby months and fractional declines in
those more distant. October closed at 45lIc,
an Improvement of sc, November at 45l3c,
being &c higher, December at Ale bid, which
is a loss of &c, and May closed at 3~914039s4c,
showing a fractional difference 1-l6c under
yesterday.
Oats were much less active than yester-
day, though the feeling was fully as steady,
with most futures averaging firm to sc
higher. There were no outside trading or
ders of consequence, and the light business
was conferred chiefly in May, which was in
some request at 299lc, after touching &c
above that. October was neglected, although
there was u fair trade in cash oats, which
sold at 2414c for No. 9, or sc Improvement.
In provisions the days trading made a
poor showing. For cash lard and meats the
demand was somewhat better than of
late. but in a speculative way dullness
held control. Operators were dislnclined to
take sides and the little future business trans
acted was mainly of a scalping order. Short
ribs were weaker than either lard or pork,
and closed for October 11I9c, and for January
&c lower than yesterday. Pork for delivery
later than October declined nc, but lard for
October and subsequent months was I'D
vanced 21Gc. Cash lard was sold freely for
shipment at $40. For green hams averag-
ing Is lbs, &c was paid for immediate deliv-
cry and 9l,c for the last half of November
and December. Cash sweet picked hams of
l6 lbs. average brought lO24c, and of 20 lbs.
nvprap 90 1890.