Omaha daily bee., 1889-09-27
The SPECULATIVE MARKETS.
Wheat Going UP as Though
Creased.
THE LOCAL CROWD IS eEARIsA.
Clearanccs For Export smaii-a Wild
Rumor--Lots OF Gossip-A Weak
ness i'm the Cora Pit
Live Stock.
CHICAGO PRODUCE MARKETS.

GCHIcAGo, Sep, 26.--[ Especial Telegram to
THE BEE THE wheat market went up to-
day as though IL was creased. The range in
December prices was 29sc and in May 214c.
The market was big, broad and very active,
a tremendous business being done in the pit,
The net advance established was lM92c
December led in activity and IN Improvement
scored, the difference between that delivery
and May narrowing at one time to go
There were reactions, of course, but prices
slipped up A0pasc and Nc without noise like
q thief In the night. The market was re-
markably "bulgy." Outside news was bull
lish to-day as rule, but the advance made
here was attributed IN a large degree to local
influences. The local crowd was bearish in
temper early, selling December down to S216
@S2l4c, and May to sIMc. The absorptive
power of the market was very great, how
ever, and it was not long before prices began
TO creep upward. Gables began TO come in
firm and higher and -four men reported for
eign inquiries for -four from people who have
been steadily refusing to notice American
cables. The actual cearances of wheat for
export are small, but the majority OF the ex-
porters agree in saying that foreign markets
are very strong and that foreigners want
wheat. In such market as tnis, details are
apt to be lost sight of, but 1t can be said in
general terms that considerable wheat was
bought to-day in St Louis, New York and
Chicago for shipment. The demand Tor hard
northern wheat is especially urgent, and
Duluth parties are asking 114819Ic over the
market for what little they have in reach.
Receipts at that point are very light. Dunn
wheat he had already loaded in
vessel. Not all of the foreign houses
are bullish. A London cable was received
saying that Russian wheat as good as our No.
2was being offered in unlimited quantities
at prices equal to re here. Toronto parties
wired that Canada would have 10000, 900
bushels of wheat to spare over and above
her own requirements In the west receipts
are not increasing and the country is getting
interested in futures to greater or less ex-
tent. Foreigners and professionals are the
heaviest buyers through big houses, but the
general run of commission houses re-
port large gain in the number and size OF
miscellaneous scattering orders. December
acts as though IL might be pushed up by con-
centrated buying on a large scale, but aside
from the continental purchases of Swartz,
Dupee T. Co., and the covering now and
then of an important line Of
shorts, nobody can point to concen-
tration in that direction. This buying
alone would not have put the market up six
cents in the day. There was wild rumor
floating around that Partridge and his side
partner, Charley Smith, were running a
huge bull scalp but it found few believers.
Another theory was that Hutchinson had
teen working the market with dove tailedn
orders aud secretly buying heavily. This
was so much mere gossip. The fact remains
that the market was very active, very broad
and very booming. New York advanced
1@1Ac and st. Louis &@lc. December
opened at s2Lc a loss of sSc over night. l.
sold Off to S21s (GS214c, and then without any
important baclset advanced to S3l4c. A re-
action to $3.50 followed, and for an hour or
thereabouts the market remained around s3c,
now and then getting &c above and often q
nh ade below About 12 o'clock it started on
o second sharp upturn, this time going first to
o4c, then to SAC and finally to S4l5c,
closing at S43sc. There was no trading
opening. and very little at any time. May
opened at S51lc, sold off to S4slc, and climbed
In an irregular and jerky fashion to S11sc
The close was SIC. The last quotations
marked an advance Of &c in September, 1870
INC In December, and ls4c in May.
Tue corn market received no help from the
strength in wheat, unless 1t might be That a
still further break would have probably
taken place but for the excitement IN the
other market. Foreign quotations were
barely steady, and outside domestic markets
We're IN complete sympathy with the weak
ness here. The receipts at this point were
nearly one hundred cars less than expected,
but %, 800 bushels by canal went long way
toward compensating for this. There was
no apparent demand until October had re-
ceded to 3l1Gc, around which price some
shorts were induced to cover.
May was comparatively steady, but
was also tending down. September sold
from 3l5sc, SEC early to 3lss C and October had
about the same range. The closing prices
were 8ll9c for September and October and
339S(0339l for May.
The trade in oats was largely in May
today though increased activity in near
f,.x.x fAat pf t1n OF an
yesterday Hutchinson was the principal
seller. He began selling all that was
wanted at 23Ss@23s4c, then at 1925 and later
at 2211S922Ssc. Toward the last the pressure
was removed and the market became rather
frmer at slight recovery, May leaving of
at 22ssc. October sold freely down TO 1890
nd more December than there was a de-
mand for was offered ut 1880. The range
for the day was Is "a Nc and the net decline
averaged &c. The market was over
shadowed by corn, but it was nevertheless
quite active.
in provisions the day passed in compare
lively slow manner. The action of the
directors yesterday afternoon making 9.5O
the marginal price for October pork, had no
effect upon the market. In the squeezed
article trading scarcely exceeded LOCO barrels
and In other deliveries OF pork the only fea-
ture was q little buying of November by
supposed clique houses. In lard and short
ribs there was no special stir or development
Quite strong feeling, however, was wit
messed all around, and fluctuations in prices
Kept within a moderate range. AT the ad-
1ournment, October pork was l0c lower than
yesterdays closing. September lard and
January short RIBS were 21ac higher, and
October lard and November pork 11ac better
September and October short ribs and Janu
ary pork and lard closed unchanged Cash
buyers made rather free inquiries, but the
prices they offered, at least for meats, were
usually under the views of the sellers. They
paid 0ssc for IL Id. sweet picked hams
IS 471S for boxed short clear sides, aud So. II
@r6 l7I5 for lard. Purchases OF cash lard
aggregated 1850 tierces October porl
ranged at sliO5@ll.l216, and closed a
$ll.05. The pivotal delivery in future deal
ings was again in January, which sold a
s9,821S@940 40 for pork, s59O05,92lS for lard
$4.721S6l4.s0 ior short ribs. Pork for tn,
? same month closed at s9,3719, lard at $500
and short ribs at s4.72H. Other deliverie,
closed at a.. 10 for September lard, S5 80 fo
September short ribs, 81. 10 for October lard
IS 10 for October short ribs, and $500 fo
November pork. In general way the clos
ing was quiet and tame.