Omaha daily bee., 1888-08-09
The SPECULATIVE MARKETS.
Wheat Subjected to Heavy Pressure
BY the Bears.
CORN RULES ABOUT STEADY.
Oats DuII and Spiritless-An uncx-
pectcd Break in Frovisions-A
Downturn in Cattle Led by
Teyans-Hogs Active.
CHICAGO PRODUCE MARKET.

CHICAGO, August S.-[Special Telegram to
TBE BEE. -"The decline in American mar
kets and the advance in foreign markets has
brought buyers and sellers together, and
large amount of business is resulting" was
the somewhat mcaiy ana significant remark
of leading grain merchant this afternoon.
Limited orders for very large quantity of
wheat have been IN the hands of exporters
in New York for some time and the opinion
is entertained in some quarters that the
market has been depressed by main strength
TO point that would enable brokers to fill
these limited orders. The explanation is
sufficiently reasonable for belief by well in.
formed persons That there is unusual ac
tivity in the cash market is apparent. Ship
ments from western and seaboard points are
on large scale and there is good reason for
stating that very large amount OF wheat
additional has been sold in western
markets for immediate shipment. The
details are not yet made public and
the reports OF port workings may be cXag-
gerated. The clearances here and at other
lake ports in the next few days will demon
strate whether the statement circulated to
day is true that not less than 1000 coo bushels
of wheat has been sold for shipment within
the last two days Exporters have rarely
Decn less communicative ludu lO-udy. lutS
act on the maxim followed by Commodore
Vanderbilt, who was wont to advise his
friends not to "tcll anybody what you are
gong to do till you do It," Until business at
hand is consummated, shippers are as Il rule
num- This is one of their days in that line.
The pressure on the wheat market was not
lifted until nearly the close OF the
session, when reaction OF sc from the lc
decline was permitted. The market opened
IN, off on nnCip yligh nd rpn al
cables, accompanied by news of brighter
weatherabroad. From S3i5c for September
and S5%c for December, the market worked
down TO S91sc and Soc, recovering and closing
at S31 01314c and s55sc respectively. Trade
was above the average volume The market
was n disappointment to the trade III general,
but it worked to suit the scalping bears.
There is, however, very firm undertone to
the market at the decline, though improving
weather conditions abroad may result in
reaction to continental and English markets.
The corn market had weak opening, and
tameness was the prevailing feature TOR a
time. Spirited buying by Bryant and two or
three others advanced September from 45l5c
TO Acc and October from "A C to 45c. Prices
subsequently worked backed to the lowest
point but recovered something of their pre-
vious vigor during the last half hour and
closed at 45$I0G45Xc for September and 442Sc
for October, or about yesterdays closing
range. Business in the pit was on rather
large scale, trades in round lots being quite
common thing.
Oats lacked animation. Receipts, though
light, were nearly all inspected as new oats.
The opening was at about steady figures, but
under the estimated small arrivals for to-
morrow--placed at SO cars-near futures
ruled 1sm14c higher. Trading orders were
only moderate with this and next month the
favorte futures, though transactions We're
restricted, as buyers and sellers were often
apart in their views. For August there was
considerable inquiry at 25sc, with the next
month at L0lc discount: October was in
fair demand and May quiet. New No. oats
in store were saeable at about 25c, with old
oats firmly held and nominally higher at .9G
30c.
Provisions rather surprised the general run
of operators by II severe decline A weak
feeling was developed over night, and the
market opened with an unexpected DISPOSE
tion among late buyers to sell, coupled with
indifference upon the part of packers
to support prices. In the entire trade
marked change was noticeable in the tone,
and of pork initial sales were made at a de-
cline of 100l212c, while lard opened nc and
short ribs sc lower. Later opening prices
were improved in some instances little, but
the upward turn vas sadly wanting in back
bone, and under free offerings prices receded
largely and severely. From the best figures
made pork broke 25c, lard 7Ha10c and short
ribs 2O(t025c There was subsequently some
recovery from this depreciation, but it was
poorly supported and comparatively limited
The closings compared with yesterdays fina
prices showed net decline of 22l1025c on
pork, 1130ll0c on lard and 25@2;1sc on short