Omaha daily bee., 1889-09-13
THE SPECULATIVE MARKETS.
Another Bull Day in Wheat Rather
Paralyzes the Shorts.
THE RUSSIAN CROP DISCUSSED.
A Rearish Feeling Prevails in the
Corn Pit - slow BUSINESS m
Oats aud Provisions
Hogs Go Lower.
CHICAGO PRODUCE MARKETS.

CHICAGO, Sept. 12~.-rSpecial Telegram
to THE BEE. l-Another bull day in the wheat
market rather disconnected some Of the
more stubborn shorts who failed to believe in
the tendency it has been showing during the
past two days, but this class of spectators
were buying to-day and contributed to help
the bulls after the latter had advanced the
price about &c this morning. The bears had
placed faith in the heavy movement of spring
wheat, and when, yesterday, the volume of
this appeared to be already abatinR, and again
to day a still further diminution of receipts
at Minneapolis and Duluth was reported,
their faith in the correctness of their prom
ises weakened their belief and caused them
TO struggle with the bulls for some Of the
days offerings. Werst, the crop expert, in
an interview to-day said that the COM
plete government returns would show
that not more than AS, 000, 900 bushels of
wheat had this year been raised on This con-
tinent, and there was a strong probability
that the ultimate figures would show IL TO be
nearer 100000 900 than $4,000. 900 bushels.
ST. LOUIS reports were very general TO the
effect that the force of the early movement
of winter wheat had exhausted itself and
that restricted deliveries from now on would
be a strong argument for higher prices. Ca
bles to the board were encouraging to the
bulls, but private dispatches were said to re-
feet IL weaker tone. Export clearances gave
no evidence of any minated foreign demand
for American wheat or flour. The much
discussed question of the extent of this years
Russian crop was again raked up to do duty
for the bears. Like Banquo's ghost, it will
not down. 1t was once more claimed that the
Russian spring wheat crop was so abundant
aQ Tn fnuln unnH oil Hatifsin nnine nf tyintnr
wheat. This was one of the reasons for the
early decline. The poor quality of the wheat
arriving in tins market is a sore disappoint-
ment, and the small proportion Of No. 2 is a
source of uneasiness to the bears and is
being constantly trotted out as an rgument
in favor OF their opponents. The opening
price for December was 79c, or a shade
better than at the close yesterday. IL sold
down to 7S9sc, up to 1S91c, again off, getting
down to 7Sk@7S%c, and evinced a reluctance
to again get above 7S91c. II finally, however,
reached 19c, and later 7919c, which latter
was again the hating spot for some time.
Finally, however, it advanced to 79s4c and
reacted to 79ss@1915c, where it rested.
Spectators IN corn were bearish. The
government report, indicating a crop of
1850, 600, 900 bushels If uninterfered with by
the frost and freezing weather advised as
prevailing in the north vest, evincing q re-
luctance to leave that part of the country,
were factors contributing to the desire to
sell short. Remote futures were conspicu-
ously weak and became the main target for
a bear attack. Cash and September corn
continued to received strong support from a
leading operator, who is said to own most of
the contract corn in store houses now, and
his action, along with some sympathetic in
fiuence from the strength of the wheat
market, were chief factors on the other side.
There was no great activity in trading and
prices at the close were as follows: Septem-
Der 1890, October 331Sc, May 35c bid.
Oats were dull and weaker. The posted
rapninfa nNranhnr rho pQtlmnta frngt in the
west failed to materialize, and with corn
easy rather m6re oats were offered and the
buying support was small. May sagged
back &c to 23c, though ii steadied later, and
near months were in some instances bM4c
lower. Withdrawals for shipment con-
tinued liberal and cash trading was chiefly
by sample. For No. 3 regular 1910 was the
usual bid price. with light grading finally re-
corded at 1910.
The provision trade was a little slow.
October pork sold off somewhat, more in
consequence of the want of backbone APP
parently in the much-advertised squeeze than
from any direct hammering, and for Octo-
Der short ribs prices also ruled easier. Lard
for the same month, however, was
well supported. In the January property
the changes witnessed show a loss of
strength since yesterday. Hogs continue to
be received more freely at packing points
than last year. Last week packing in the
west showed an increase of A., 600 hogs over
the same week in 1883, amounting TO l45, 600.
In the general produce market there was no
life to speak Of to-day. Orders of all kinds
were under the average, and the speculative
business transacted was mainly on local ac-
count. The closings indicated an advance OF
&c in September lard and n decline of SOC
in October pork, &C in September short ribs,
l0c in October short ribs and January pork,
and 2hc IN January short ribs. Lard for
October and January was quotably I'M