Omaha daily bee., 1889-03-17
The SPECULATIVE MARKETS.
Fairbanks Movements Continue to
Be a Mystery.
CORN GOES A LITTLE LOWER.
A Fairly Active Business in oats--Pro-
visions Continue Quiet-Cattle
Slow and Uncertain
Hogs Brisk,
CHICAGO PRODUCE MARKER.

CHICAGO, March 16.- Special Telegram 10
THE BEE. This was the day wheat should
have sold off. The storms which have been
breeding for a week or ten days have invari-
ably dissipated into thin air before reaching
the winter wheat belt and the weather is
now as balmY and beautiful as IL has been ut
any time yet The speculative sentiment
everywhere is bearish, and the whole world
is impatient to sell everything that grows.
The bearsh influences seem to be culmnat-
ing, and to-day nobody could be found who
had any bull news or bull views to communi-
ate Oh, yes. at the opening somebody said
Bradstreet had estimated the worlds surplus
of wheat at 100000 bushels. That was
supposed to be bullish item. Later when
the figures were changed to 100, 900, 900
bushels the bears were iublant. Meantime,
however, May wheat had climbed from 95Jsc
to 9Sc and July wheat from S6ISc to STssc,
and it only worked back H0s4c on the col
lapse of the last forlorn hope of the bull
posts. That, too, was thought most singular.
IL was hought to be especially so in view of
the news that was circulated that Fairbank
had sold out his wheat. This time there was
not the faintest shadow of q doubt about it.
The market should have broken all to pieces
on this news but 1t didn't. Hutchinson's
buying was quoted as the reason why it
didn't break, but Hutch himself was
a liberal seller at times. Altogether
the situation was badly mixed. The keenest
people on the floor are by no means certain
that the Fairbank party is out of wheat, that
it was trying to get out of wheat, or that it
wants to be out.of wheat. On the contrary,
they have seen a good many little things
which lead them to think that 1.-THE deal" is
more nearly tied up at this moment than it
has been at any time since last fall. This,
however, may be mere conjecture on their
part and is only printed as part of the floor
gossip. After the first advance in May
wheat to csc it declined &c and then spurted
up to 9S1sc. During the last hour the price
fuctuated between 971s@o7slc and the close
was 979sc. The tone seemed weak and there
appeared to- be plenty. Of wheat
for sale, but the market was
not one to invite reckless shorting. July
wheat opened at S6ll1c and ranged at S6163
S71fc, closing at s6s4 00S6Sc. The final figures
show q 101115c gain in May and 14@ssc gain
IN July. The speculative transactions were
quite up to the recent average. Hutchnsons s
buying and alleged selling of Fairbanks
wheat were the principal features.
The receipts of corn were heavier by 81
cars than were anticipated in the estimates
made yesterday, and the bright dry weather
is daily converting more corn from the lower
grade into the contract grade. These were
the principal causes of the downward ten
dency displayed by the market, but the lower
outside markets and rise in ocean freights
were also contributory factors to the weak
ness. The outgoings from the Atlantic ports
pers were securing concessions on
the prices of the lower grades.
The lower prices reached in the
speculative market were not productive Of
any activity. The outside orders were few,
and the local operators have lost all interest
in a market, showing such Indifferent pros
poets for any immediate profit, whichever
side of it they might take. The opening
transactions showed an easier feeling to pre-
vail and there was not any substantial re-
covery during the day; $3.50 was momen-
tarly reached for May, but there was very
little sold at that figure. The close was at a
recovery of &c from the lowest price during
the day, and was Nc under the ruling price
on Friday.
There was fairly active speculative busi-
ness in oats to-pay and the feeling was
stronger most of the session, but the full ad-
vance was not maintained May opened at
about 253Sc but with good fair buying and
the moderate offerings the price
was gradually advanced to 25Tc.
At this point there was pretty fair selling,
resulting in a decline of nc, or to 255sc. It
ruled quite steady at about this figure for
some time, closing at about 255 5sc No. Goats
were quiet with sales of car lots at 24(12435c.
In provisions, yesterdays quiet feeling was
continued. Cash buyers took hold sparlngly
and in the line of speculation trading was
slow and almost wholly professional Out
siders of all classes found the market unat-
tractive, and as some weak holders
were inclined to crowd sales, the movement
was little bearish. There was no serious
depression, yet in pork the day closed with
an average decline of lOc, and in lard and
hor rih of .1Lc