Omaha daily bee., 1889-10-08
The SPECULATIVE MARKETS
Several Jokes Cracked About the
Course of Wheat.
CORN HEAVY AND DEPRESSED.
Decided Weakness the Dominant
Feature I'm Oats - Considerable
Stir i'm Provisions-G Good De-
mand For Beef Cattle.
CHICAGO PRODUCE MARKETS.

CHICAGO, OcS. 7.--1Specal Telegram to
THE BEE, IA Joker, in trying to describe
the wheat market to-day, called 1t ''strong,
with declining tendency Another added
with more earnestness that IL was n bull
market with relapslng indications" Still
another funny man buletined the statement
that whenever bull in thu pit stops to brush
q fly from his nose the price drops n six
teenth. These remarks only go to show that
frivolous gentlemen can always find some
thing to laugh at or crack joke about.
Gables ranged from steady and firm TO
strong, and that fact, together with the
small visible stocks ana smaller increase
than was expected, made the development OF
the local bull feeling easy. 10 was alsopre-
dicted that TO IN rrow's statement will show
another big decrease in the amount on
passage" These were bullish factors to-day
these and the evident determination on the
part of leading local longs to maintain their
position courageously. Bcarish news rolled
in from the northwest in great waves The
movement up there is at high pressure, and
a big overflow in this direction is threatened.
1t has been threatened now for several days,
but up to the present time it has failed TO
materiallze, though gossips had 1t that 900
cars were on the way from Minneapolis.
This very large statement could not be ycri-
fed. December wheat started in at S3ISc
but quickly sold down to s3c on Minneapolis
news. 1t recovered &c, SOLD off again to
S3c, and then. on strong cables and
returns indicating less than 200, 600 bushels
increase instead of the expected 100000
bushels the market advanced to $3.50. This
proved to be the elimination of the improve
ment and during the last hour the price did
not get far from S314c That seemed to be
the fighting point The close was little
better, however, being S314@S3aSc. May
ranged at S5>sc at the opening, down to S5l5c,
up TO S595c and later up to Sec closing at
$3.50. October closed at size. Lake en-
gagements were reported for l20, 600 bushels.
It is not claimed that this is for export. Snip
pers claim that Chicago standard grades are
4@5c above an export basis and that we are
out Of parity with surrounding markets. If
the latter statement is wholly true
bs Whsas0 The Suvht vsbe to ppS SS gSibsnS bs
about 65 per cent Of what IL was last year,
less than half what it was two years ago,
and not 40 per cent. of the total three years
ago.
There was no change in the tone of the
corn market, which remained heavy and de-
pressed, with no life in business. The re-
ceipts were 65 cars more than had been cal
culated upon on Saturday Trading still
partook of a local scalping character, so
characteristic of 1t of late, and even ,42l 900
bushels decrease in the visible supply failed
to bring out buyers. Fluctuations were
narrow and infrequent, but generally in a
downward direction, and prices worked off
to still lower level than before. The
closing prices were: October 30ISc Noyem-
ber Bic, and May 331{c.
Decided weakness was the dominant feat
ure of the oats market, an average de-
cline of 1l(03sc in prices occurring. Heavy
receipts may be set down as the principal
influence adverse to Improvement at the
present time. Shipments do not keep pace
with the receipts, though healthy outmove-
mont is reported. In the speculative market
today there was heavy pressure on May.
with Counselman, Sibley and other heavy
weights Offering property on the down scale.
May opened ut 22l9Ql229s and sold off to
2214c, closing at the inside. October sold
down to 19c, November to l9a6@l9l5c and
January to 1876. There was brisk trading
in the whole list, May leading in point Of
interest and volume of dealings.
In provisions there was considerable stir.
General trading opened with fair showing
Of life, and while the October deal in pork
attracted more or less attention, it eXerted u
less depressing influence upon the market as a
wohle than during last week. The dismissal of
the injunction on Saturday, however, failed
to change the course of the clique concern
ing new pork IL again refused to accept
this morning tenders of it made on contracts
and about l. 600 barrels of the same were
sold out for ''whom it may. concern" under
the rules These auction sales were made
at 5000 and at Sl0.45 The straight deliv-
cry was sold in the open pit at SO. 271S
@l0.50 by Hutchinson and other clique
representatives. October pork closed at
$l050, or at the same price as
Saturday. Lard rather led the general
trade IN point of activity. 1t was wanted by
shorts, who considered it discreet to reduce
their lines in view of the large shipments,
and under free buying prices were advanced
1Oc on October and 5(@113c on November and
January, For pork for November delivery
the day also closed ut an Improvement of
q &c and for January Of nc. Future short
ribs sold up 50i16c