Omaha daily bee., 1888-11-18
THE SPECULATIVE MARKETS,
Wheat Opened Heavy and Closed a
Few Cents Lower.
CORN CLOSED WEAK AND LOWER
Provisions Attract Increased Atten
tion-Cattie About the Same
Hogs Active and Ten Cents
Lower Than Yesterday.
CHICAGO PRODUCE MARKET.

CHICAGO PRODUCE
CHICAGO, Nov. l~7,-tSpecial Telegram TO,
The BEE. The wheat market was heavy
and seemingly ready for a break all day, yet
it was a stubborn market and resisted raids
with stolid strength that sorelv tried the
nerves OF short sellers" This was the
case until the session was well advanced.
Then the deluge. The first feature of note
was the rapid selling of a big line of wheat
by Schwartz & Dupee, with seeming deter.
mination TO break the market. Large lots
were offered a shade under the market until
May was pulled down from $l.lib to $l.l3is
m1.l4. When the pressure from that source
relaxed the price rebounded to Sl.14l4. 1t sub.
sequently worked back to ST. IA, and for an
hour or more hung at Sl.14@l.14ls. Then,
shortly before l o'clock, pressure was put on,
and the market was beaten down to S1.13R .
There was a strong fight around s ,134, but
the market soon gave way, and fractions
dropped off rapidly. II took but a moment to
traverse the distance from Si.l34 to $l.l3H.
With scarcely a pause the price went to
si.134, where, after Il trifing delay "A start was
made for sl.13. The close was $l.12%@l.1 10 for
May, and 81. II for December. This makes a
loss on the day of l3lc for December and IA
@15sc for May. The dealings were heavy
the last thirty minutes, and a declining ten
dency overwhelming. A ray of light may be
found for bulls in the fact that the difference
etwee contract wheat and No.. 3 had mar
rowed 215c in the last two days. 1t was given
out early that Fairbank had unloaded the
last of his big line of wheat through
Schwartz & Dupee, but on the other hand,
parties who are very close to that gentleman
say that he had expressed his intention be-
fore going east to hold on to his wheat, re-
gardless of immediate fluctuations. That,
however, was before he came into personal
contact with the intensely bearish crowd in
New York. He may have modified his views
since. In any event, the Importance Of Fair
banks position has been quoted at its full
value. He is said to have been long only
about 100000 bushels, instead of 1000, 900 or
S,000,OOo bushels, as reported by gossipers.
The first effect of the unauthorized announce
ment that Fairbank had sold out was to
brace up the market, but later another view
was taken of it and the crowd acted as
though a terrifying bug-a-boo had been re-
moved Short sellers operated with more
confidence than usual. The bulldog in their
path had abandoned his post. Hutchinson
was on all sides of the market. He was buy
ing and selling at every point, appearing
sometimes in the guise of q raider, and again
as d UuytT AZ lOp prices. Liz CTOWu has dD-
parently given up trying to guess who has
been doing the steady buying that was noted
for two or three days, the mysterious de-
mand having been seemingly satisfied around
S1.14. For want of definite knowledge on
the subject some of the wise ones attributed
the buying to Armour, but that tip was quite
as Intellectual in bolsterlng up values as
Pnlsbury's letter. The Pillsbury epistle has
developed its greatest power in it's kick-like-
a-kangaroo. The market was weakest and
n,t;,,a Shn lncf hale h1n, Tn that
time it broke a full cent and closed weak
and limp at the bottom. Hutchinson
was a big seller on the break. Indeed, he
started it on q report that the receipts of
wheat in Minneapolis on Monday would be
nearly seven hundred cars. On the break
there was brisk selling on stop ordeos ''for
long account" 1t was generally supposed
that cables were steady, but the situation
abroad cannot be said to be favorable to the
bulls. The domestic situation also seems to
be destitute of fresh bullish inspiration, and
some of the best friends of wheat do not an
ticipate a change for the better until the
stocks of flour are reduced considerably.
The mills are very generally curtallng pro-
duction for the present.
The receipts of corn were 90 cars over the
estimates made yesterday and 5000 bushels
more were added by canal. In to-day's in
returns there were five cars of new
corn and three Of those graded No. 2. The
weather was again clear and frosty, which is
of course favorable to freer movement of this
years crop and to an Improvement in its
The Liverpool market was quoted
dull and slight. A reduction was quoted for
spot and November delivery, but more de-
ferred futures were unchanged. The prin-
cipal influence was the weather and its prob
able effects, and those were not in favor of
prices. The business done was again
very limited in amount. There were few
outside orders and they, as far as could be
ascertained, were principally to sell. A
developed IN wheat was another
element of weakness which was felt most
near the close. May future was in fairly
good demand, though it suffered in price
along with the others. November closed at
1890 to-day, against 401ac yesterday. De-
cember was 3SEc at close, which is 4@3sc
lower than the resting price of yesterday,
and May closing at $3.50 bid to-day is &c
under the closing price on Friday.
Provisions attracted increased attention.
Cash property was again in good demand,
and in a speculative way trading was more
general and larger in volume than
on any day during the week. On morning
call, sales, made for future delivery,
to %, 800 barrels of pork, $500
tierces of lard and $50, 600 lbs. of short ribs.
buying by distributive trade,
with meager stocks here, has finally
turned the tide, aud to-day the bull side was
with u strong, as well as an active,
market. Higher prices were realized with
out trouble, and well maintained throughout.
In pork the net advance established was ~
@l752c; in lard, O714c, sand IN short ribs,