Omaha daily bee., 1888-11-04
The SPECULATIVE MARKETS.
Bears Continue the Dominant Fac
TORN the Wheat Pit. .
CORN MAKES A SLIGHT GAIN
light Sales OF Oats-Not Much Done
In Provisions-Cattle still TN.
usually sIow-Too Much
POlitican Talk.
CHICAGO PRODUCE MARKET.

SHhhSEh"o In
CHICAGO, Nov. Especial Telegram TO
THE BEE. The panic was not out Of wheat
to-day and the tendency of values was down
most of the time, though there were, Of
course, sharp rallies during the course of the
session. Yesterday there were some very
large buying orders in the hands of commis-
sion merchants a little way under the mar
ket. at the inside range. To-day these orders
seem to have been withdrawn or else the
limits reduced. The bears operated with
greater confidence than they have displayed
for "a month, and to their establishment they
met with less resistance than they have been
accustomed to encountering Of late. The
selling seemed 70 be led by Linn, whose
views are very pronounced, and who operates
courageously when he engages in q campaign.
The bull leaders, on the other hand, seemed
indisposed at present to contest the tend
ency to a decline, though the strongest
of them are said to be buying on a large
scale. The short interest has certainly been
largely increased by the dealings of the past
few days. Whether that is an element OF
weakness is exceedingly questionable in
view of the lightness of stocks and the Inn
tied forward movement. The receipts at
primary markets are small, and although the
northwest is flooding speculative centers
with dispatches telling of a largely aug
mented movement the receipts at the prin-
cipal points do not yet show it. The sudden
revolution in the character of news from
That quarter, the change from famine to a
troublesome plenty in Il day, is viewed with
natural suspicion, especially in view of the
fact that a quiet canvass shows that some of
the big men up there have sold out and are
presumably anxious for "a break to get in
again. 1t may be mentioned in this connec-
ton, however, that if they had not first
felt warranted from Il review of the
situation to anticipate a reaction,
they would not have sold out,
probably. The bulls and bears alike may ex-
tract comfort from the operations of the
northwesterners. Cables were rather better
in tone and New York reported buying for
foreign account in that market. Heretofore
New York has led every other market on
downturns, but to-day it actually pulled
back. Minneapolis reported the execution of
good sized orders for -four export. These
reports could not be verified, however. Open
ing trades were around S1.111s for May,
though Sl.114M1.1GH would probably more
correctly represent the initial range. The
market then sold down to SLIGO, up to
Sl.lI5s, off to 81. l6a4, up to $l.lIls, back to
sl.l6s4, up again to Sl.17@1.171s, down to
Sl.l6, up to 81 l6lI@ll6 off to Sl.l5, up to
- sh'El ui' T'ioi az "o"h w win NV y
decline on the day was about &c and the
weakness became emphasized as the session
advanced. 1t was very sick right at the close.
Hutchinson was a liberal seller all day.
he went home last night long on a larger
line of wheat than any day yet, but if this
be true he seems at the present moment
to be perfectly willing to see u further de-
cline. Lyon and one or two parties were
free sellers of December, early getting rid of
considerable lines. December averaged &c
uuder May when the market was settled,
but on the slump December was lost sight
of, quotations being nominal. Closing prices
were S1.131s for December and Sl.l4 for
May. This is the low point of the day and
week and MAKES a decline of SC from the out
side quotations made on the late advance.
During the last hour the crowd was suffered
to trade without assistance or opposition
from Hutchinson, who sat cOmplacently
through the ''razzle dazzle' as though he
hadn't a cents worth on the market.
The receipts of corn were 80 cars over the
Inmates, but inspection out of store was I'M
usually heavy, and experts continue to show
| up respectable quantities going forward from
Atlantic ports. There were also fresh orders
for export on the New York market to-day,
resulting in the taking of eight boats early
with probably more being worked later in
the day. The opening of the market was
characterized by u fair amount of activity at
about the closing prices of yesterday. There
was II moderate amount of buying for ac-
1 count or an influential operator, ana he took
a fair quantity of the December, January
and May deliveries. Fluctuations were held
| within narrow pounds and the total amount
of transactions were light, and principally
on local account. The market was quiet and
steady during the greater part of the day, an
excellent demand for shipment doing much
to sustain it. Closing quotations show a
slight gain on all futures. November, which
| closed at 3S$Sc is sc higher; December at
1890, or 1 Lie higher; January at 37@Sc, 4c
higher, and May at SOC, &c higher than the
respective closing prices on Friday.
Oats were sold rather sparingly within q
narrow and uninteresting range, not differ
ing materially from yesterday, and receipts
were fairly liberal, the inspection sheet show
ing 81 cars Of contract grade out of a total Of
237 cars. Near futures were neglected, with
this and the next months saleable at yester-
\ days prices and decreased trading in May
at 2S%(029c, one trade touching 29d29lsc.
Cash oats sold sparingly at 24l2c for No. 2 in
store, or sc Improvement, with trading
chiefly in samples.
In provisions the days business was some
what contracted. Sales for immediate deliv-
cry were spasmodic, slow and without special
feature. There were no individual move
ments to mention and with the general run
of traders an undecided feeling held control.
In the market, however, u strong undertone
was manifested, though lard, January short
ribs and the different deliveries of pork, eX-
cept January, closed the same as yesterday.
January pork was advanced &c, and for No
vember short ribs the quotations reported
| chn,ynI n nominal mproypmppt of 1Or