Omaha daily bee., 1889-10-29
THE SPECULATIVE MARKETS
Wheat Experiences Bulgy Fit at
the Opening.
sPIRiTLEss AND HEAVY LATER.
A Fair Degree OF Activity Shows Itself
in Corn-DulIncss in Provisions
Cattle in Fair De-
mund.
CHICAGO PRODUCE MARKETS.

CHICAGO, Oci. 2S.--TSpecial Telegram Ia
TnE BEE THE wheat market had a "bulgyn
1T on this morning, with the crowd feeling
bullish, talking bullish and buying property.
Gables favored that side aud the recent re-
ductions from previous high crop estimates
IN several instances encouraged holders 20
hope for further Improvement. The black
board was discouraging in the extreme. The
figures set forth there showed that in one
days business ], 1876, ,009 had been received at
points OF accumulation and only $4,000 bush
els had left the Atlantic coast, though the
exports of flour increased the total to an
equivalent of 165, 900 bushels. Later on the
visible supply report was posted showing an
increase Of 2, 2,455,0 600 bushels IN stocks 'in
sight" This was close to the outside est.
mates OF Saturday and caused the market to
break of sharply. In the course of few
minutes the net gain OF two days was lost
The "bulginessn departed, to return no more
during the session, leaving the market spirit
less and heavy. A lot Of long wheat came
out on the &c decline and the bears were en-
couraged to extend their lines somewhat
There was some recovery from bottom prices
and decidedly increased activity in trade,
but the closings record a inct loss of j4C6pasc
on the day. December wheat opened at
S03sc, advanced to S01Sc, sold back to S013c
ana between IL and IL o'clock rallied to sos
@S03ic from which point 1t sold Off to 191sc
on the visible exhibit, rallying to S04c and
closing at S0@S06c May started in at SIC,
advanced to s4ss@Sl1Sc, broke to S39lc, raj
lied to Sic and closed at s35S@oS4c, with Octo-
ber resting at 1S16. There were,no distinctive
features in trading beyond an evident cool
ing down OF the bullish spirit consequent upon
large increase IN the visible, failure of the
primary movement to fall off as expected,
a III - N.
popular enthusiasm on that side. While
stocks continue TO accumulate rapidly and
exports do not improve, the friends of wheat
find themselves beset with doubts and dis
couragement. little wheat was taken to
the seaboard to-day for the coastwise trade,
but not enough to be stimulant. The vol
ume of transactions was rather above the
average There was quite battle around
the bottom prices, an effort being made
toward the last to force further decline
and make weak closing, but the bulls made
strong stand and successfully checked the
raid. AS before noted the closing was at
slight recovery from the inside prices.
There was fair degree of activity in the
corn market and decidedly stronger tone
to it. The receipts were forty cars more
than expected, but the shipments were very
heavy, both from Chicago and the Atlantic
seaboard. For tomorrow the estimated az
rivals at this point were 800 cars Another
heavy decrease in the stock in sight amount
ing to 1,9fS, 900 bushels was another feature
OF the days Developments aud this was of
course regarded as a strong bull argument
for near deliveries Shippers were active
buyers, not only of cash offerings, but of
November delivery also anu the improved
tone in nearer months was communicated
even TO January ana May, but in diminish
ing ratio, governed by the distance of the
month. The market maintained its strength
to the close and the gain for the day was 3sc
In November and &c in May. The closing
quotations are: November 3l5a003l3<c, and
May 331l@33ssc. '
In, oats the trade was practically con-
dull and neglected. The opening was firm,
with May selling at 2i9Ic and touching 81 *
92lSc. This was followed by q fractional
down turn as result of moderately free
selling by Hutchinson and Counselman, and
quctude prevailed later. No interest was
shown in October with lSi4c at one time
bid, and next month nominaly 6@4c pre-
MUM. Cash trading was chiefly by sample,
with lS1zc paid for No. 2 TO go to store.
1t was the dullest day in provisions ex-
perienced for some time A greater portion
OF the session the trading pit was entirely
deserted. What little interest there was
centered in October pork ana October lard
About 1859 barrels of the former were
traded in Hutchinson was the principal
buyer. Later he sold some at the same price
paid for it and bought January The prin-
cipal feature of the day was a bulge OF 25c in
October lard. The shorts in this article
WcTo ueTFOuS, anu upon attempting 10 cover
found very little for sale. The result was
that prices were run up from $6.40 at the
opening to So 80, where the market hung stub
bornly until the close, with very little business
passing. Speculative offerings generally
were light on the whole list and this fact
despite all the pervading dullness, gave to
the product marked undertone of strength
November pork opened at S9.5716, or 2Sc
under Saturdays closing figures, sold to
s970 and eased Off TO 1896 at the close. Trad
n pf
$945@0.5O and ut the close s9.4716 was bid,
being slight Improvement. Rib futures
were inactive, with fluctuations in prices too
small TO attract attention. The receipts Of
hogs were slIghly under the estimates and
prices at the yards were sc per 100 pounds
higher. Pork was less active in the specu-
lative market and there were no new
features. October sold and closed DC lower,
while more deferred deliveries moved up 21f
@5c. Cash closed at $40 709lO75.