Omaha daily bee., 1889-01-31
THE SPECULATIVE MARKETS
Seaboard Advices Rather Bearish
in Tenor.
CORN CONDITIONS REVERSED.
Purchasers on the Anxious Seat To-
Day Provisions n Surpris-
ingiy strong Feeling Holds
Control-Cattle Lower.
CHICAGO PRODUCE MARKET.

CmcAGo Jan. 30 Special Telegram 10
Tue BEE Bloom and others sold May
wheat largely sin offices" yesterday after.
noon at 97c, and the opening to-day was
weak at 97lSd97c. There was heavy selling
and the temper of the crowd was bearish,
but it was not long before IL was discovered
that the property was wanted. Then fol
lowed hasty change of front on the part OF
the scapers and an advance to 979{c. The
price ranged from 9J21c to 9T14c for time,
and from 975Ec it dropped suddenly off TO
96Xc. This was on information that the ice
at Odessa had cleared away and that big
grain feet would be released presently.
This is in fiat contradiction of the most au-
lucrative advices from that quarter received
quite lately, but Nightingale confirmed
the news and the scalpcrs ran the price down
on it. There was renewed buying on a large
scale on the break -Kent's brokers leading
followed by an advance to 9S%c. II was
generally believed on the floor to day that
Kent, acting on behalf of the bull leaders,
had taken the ''millSing deal' out of Hutch
inson's hands, and that for the time being
the giant was iioundering. Kent started the
break from Sl.Ol last week by selling a big
line of wheat which was covered around the
bottom. Since then the market has
and eccentric fashion, but today
the scalping crowd reached the con
cluson that the 'big money was now inter
ested in seeing an up turn and they acted in
accordance with that theory. 1t was also
noted by the observant news hawks of the
pit that the bull leaders, who for days and
weeks lowered around the great free lance
banker and speculator, are now letting him
severely alone, from which circumstance
they argue that policy of greater independ
ence is to be hereafter pursued. This, how
ever, is mere floor gossip, and is only men
toned in this connection because OF the seem
ing Importance attached to il in some quar-
ters. For May 9S5sc proved TO be the top,
and thereafter the price kept within
range of nc below that figure,
and and closed at 9sac Tor May, about
day through, very large speculative busi-
ness was done in wheat. The bulk of the
trade seemed to be for local account and for
New York and other large centers, though
aside from the big scaps. which have been a
feature of the market of late, there is a
healthy miscellaneous investment inquiry to
be noted, indicating a returning of popular
interest to the market. February wheat
closed at "a sc and July at 5000 bid, after
having covered range of $50 0S01Sc. Trade
in July is on the increase. Gable news
was not of character to stimulate
action in any direction. If it was
not distinctly bearish it certainly not bulish.
The seaboard advices were rather bearsh
in tenor, though little export business at
Baltimore was reported The clearances of
flour were equivalent to 10000 bushels of
wheat. The interior milling demand keeps
up steadily, and the local sale of one small
lot of choice wheat at 81. .02 to grind was re-
ported. From the advices from the north
west it is clear that very little spring wheat
remains in the farmers hands throughout
all that country.
There was no disposition to buy corn to-
day, and less inclination to sell it. The Of
ferings were light, and in the urgency OF the
demand, the buyers, who were principally
the sellers of yesterday, helped the
advance which the holders demanded
The export clearances were again very
heavy and the domestic consumption at pres
ent prices is very large. The small proper
tion of No. 2 was likewise source of uneasi-
ness to the short sellers. The Liverpool mar
ket was firm and the outside domestic mar
kets about steady. The volume of business
in the pit was Of the recent small dimensions
with no evidence of any great interest being
taken by the outside dealers. The demand
from shippers was good, and at higher than
yesterdays prices. The fluctuations were
neither wide nor frequent, but yesterdays
condition of affairs was entirely reversed,
and generally purchasers could be found at
the market instead of sellers, as on the pre-
vious day. The closing prices show an ad
vance for the day Of about nc per bushel.
There was some inquiry for No. cash
oats with light trading at 251sc, or about 1Sc
advance. The speculative market was quiet,
though good. The aggregate trade was re-
corded in May at steady prices around 27s5Q1
271Sc, while bids were advanced 18G0l4c on
the near months, though no sellers Of conse-
quence appeared.
In provisions surprisingly strong feeling
held control. Trading opened at prices
little higher than yesterdays closing, and as
the day advanced an upward movement of
considerable consequence was noticed. In a |
general way, and without any apparent
reason save more conservative turn among
the professional bears, the market was
somewhat bullishly inclined. 1t required no
manipulation nor underhand work to ad-
vance prices, and at the close of business
pork showed net Improvement of 2;%025c,
lard of l5@l119c and short ribs of l21Sc.