Omaha daily bee., 1888-09-11
THE SPECULATIVE MARKETS.
Everybody is Holding Back in the
Wheat Pit.
CORN RULES FAIRLY ACTIVE
After a Weak Opening-Moderate
Trading in Oats-A Sharp Advance
in Provisions - Overloaded
With Cattle-Hogs Brisk.
CHICAGO PRODUCE MARKET.

CHICAGO, Sept TO- Special Telegram to
THE BEE. The wheat market was dull
70 day and not particularly interesting from
q news standpoint. The price around the
4 opening was 40Q9lc lower than Saturdays
closing range, first quotations being 91Mc
u for October, 92s<c for December and 9714c for
May. large amount of long wheat came
ON the market and prices were still further
depressed, October selling down to 9l@9l15c,
December 9299c and May to 97c. This range
marked a decline of about lc from Saturday.
From that point the market turned up
sharply and rallied %@1Sc. The crowd got
short on the early decline and when they
started to cover, the discovery was made
that offerings were exhausted. The excuse
given for the rally was that the visible sup
ply figures were going to show a much
smaller decrease than had been counted on.
1t is more than likely the real reason of the
stubborn refusal of the market to
decline when everybody is looking
for "a break is the obstinate refusal
of leading longs to unload. Hutchinson and
Fairbanks are not the only big longs, by a
great ways The majority of private cables
reported good weather abroad and rather
easier markets, but public cables reflected
steady tone, with small offerings of wheat.
The early selling was by few large com
mission firms and foreign houses, but later
the best buying seemed to be for eastern ac-
count. The local market seemed firm at the
rally and it was found impossible up to the
noon adjournment to cause another break.
Reports from the northwest are, as usual,
conflicting. The new spring wheat that Is
coming In grades well, but frosted districts
are yet to hear from. There was a report in
ernment report would not be issued until to-
morrow, but this could not be confirmed.
The government report was very little talked
about to-day The lateness of its receipt re-
moves it from the days list of speculative
factors, to large degree. One o'clock clos
ings were about the same as Saturdays last
figures. Trading to-day was not especially
significant unless the failure of the market
to break and stay down can be regarded as
such The volume of trade is light and the
outside seems to be in a waiting mood.
Corn was fairly active today, but opened
lower and weak, largely in sympathy with a
weaker feeling in wheat, but partially owing
to the fact that the receipts posted exceeded
the estimates by nearly one hundred cars
This, with the belief that large proportion
of the crop Is safe from frost and that an
enormous crop is assured, caused an early
weakness, and October sold from 449Sc to
44Ic. But the shipping demand continued
brisk. and cash and September sold at IA pre-
MUM of 4@l3c over October The feeling
grew strong, and there was gradual ad-
vance of about Nc in October, eased off
some. closing at 441s0l45c. At the close Sep
tember was about &c higher than it closed
Saturday, October &c higher and May
about unchanged. The heavy receipts ex-
pected to-morrow-675 cars-had tendency
to check the upward movement to some eX-
tent. The crop report did not come, and the
visible supply was late.
Oats opened quiet and rather easy, with q
small attendance of operators, but under
l,tn 4
prices were forced up s@19c, with
the inquiry chiefly for September an6
May. Offerings were only moder
ate although receipts were fairly liberia
and included about rs per cent of contract
grade. The Improvement was not wide
spread with November and year in little re
quest and chiefly on the part of local traders
A few cars of No. in store went chiefly a
24Ac, or &c above Saturday, while sales o
cash oats were mostly by sample
In provisions the week opened with mar
ket that completely surprised the short in
terest Hogs were in light supply ant
higher, and as advances from the south indl
Gated subsldence to a considerable exten
of the uneasness existing over the threat
ened spread of yellow fever, an unusuall,
strong feeling took possession of trade, ant
prices, to the dismay of the shorts, advance,
sharply, and. based on Saturdays last quo
tations, closings at o'clock showed an ad
vance of 2T15c on September and Octobe
pork, 50i16c on near and extended deliverie
OF lard, 3Oc on September and October shor
ribs 20c on November pork, 10c on year an,
January pork, and 719c on January shor
RIBS
AFTERNOON SEssIoN-Wheat was NOR
active and closed about sc higher than at
o'clock September $3.50, October 926c
The corn market was rather firm closing
lhade higher; September 453sc, October 45e
Qats ruled quiet and prices were steady
e>znber 244c, October 24}4c. Por
Civanc.d li19c for September and October
nc for January, l5c for year, l21Gc for Jan
nary; September Sl4,5219, October $l4. 52Iy
November Sl4l219. Lard was steady an
was 21ac higher. September 5000, Octobe
$1,000, November S9.0215. Short ribs TO
September and October were advanced 215c
September SS.T1a. October SS.711s.