Omaha daily bee., 1889-09-23
The SPECULATIVE MARKETS.
The Popular Feeling In the North
west Far From Bearish.
AN exTRAoRDlNARYs STATEMENT
How the jump is Explain ed-Fluc-
tuntions in Corn and Oats-Ship.
pers Taking Hold Freely
Oats Tending 90 Weakness.
CHICAGO PRoDUoBMARKErs.

CHICAGO. Sept 2l.-TSpecial Telegram
to The BEE. Wheat was dull aud steady
ct some recovery from yesterdays closing
range. Several times during the 6av the
market acted as though 1t might dip on
small provocation, but the supporting power
was too strong and the expectations Of lower
prices ended in a disappointment. Cables
were generally steady, but in European and
British markets Saturday is an off day and
little business for foreign account was done
in any of the American markets The sale of
100000 bushels for export was reported from
Duluth, however, and lake engagements were
reported here for 10000 bushels. Atlantic
port clearances for the week came ut 430, 900
bushels of wheat and 100000 packages OF
flour. The export movement is not what it
should be. though high ocean freights may
explain why the property does not go out as
ranidly as could be desired. In the west the
increase in the movement of both spring aud
winter wheat is foreshadowed. Farmers
deliveries in the northwest are free, but
wheat does not come to the front. Very fe w
mills can report an accumulation of cash
wheat ahead of the grndings to any extent.
and the popular feeling in the northwest is
far from bearish. Young and others got dis
patches from the far northwest that Manitoba
elevators had marked up the price Of wheat
in that province SC per bushel, This was
such an extraordinary statement as to
stagger their credulity but conirmative
dispatches were received later, accompanied
with the explanation that the Canadian mil
lers despaired of getting supplies of Mani
toba any other way. Montreal millers are
working on Toledo wheat. 1t is quite
probable that the Manitoba elevator people
started in the season with prices too low to
attract any wheat, and that they were forced
to advance their figures before the farmers
would let go their grain. ut may
be a compulsory readjustment of
values to a proper basis rather than
an advance, in the usual acceptation of the
term" was the way cautious grain mer-
chant explained the Sc jump. In any event
the incident goes to show that consumers of
Manitoba wheat realize that the only way
they could hope to obtain immediate supplies
was to pay "A good price for the grain.
Among the bearish influences at work were
the reflections on the lightness of the export
movement and estimates of 2.00O, 900 bushels
decrease in the visible supply on Monday.
Small stocks in sight, as compared with
other years, constituted an offset to these
items, however, and the leadi-g crowd
operated very cautiously on the short
side. December wheat opened at
79S@19$4c, advanced to soc and sold down
to 7916079Ssc. This was practically the bot
tom, though once the price got down to 79Ilc
momentarily. From 12 o'clock until TIE
close the market hardened, and shortly be-
fore the tap OF the bell SO(coSO1sc was paid for
December. The last quotation was soc,
September opened at 1890. ranged to 7S14@l
roc and closed at 1890. May opened at S31sc,
sold up to S319c, back to S3c up to S3ss (9S316c
which was the close. Yesterdays net depre-
ciation was regained and the market closed
! firm at only l2c under the best prices of the
week.
The corn market was again very weak and
prices had Il still further decline in the face
of some good buying by prominent operators.
Receipts were not far from the previous
days estimates and for Monday 1853 cars
were calculated to show up on the inspection
sheet. The export clearances were fair an d
the demand at The seaboard was reported to be
good. Shippers also were taking hold
freely, but of course took full advan-
tage of the decline in futures to buy
for less money than on the previous day.
Receivers were observed to be free sellers of
October which was the weakest future on
the list. At the opening there was an ap-
parent steadiness, prices showing some in
clination to rest near yesterdays closing
figures, but this was of short duration The
longs took advantage of the market to sell
out, and shorts also soon supplied buyers
with more than they could take. A hrmer
feeling IN wheat towards the close gave the
market some sympathetic strength. which
closed it at a recovery of about Nc from the
bottom figures. September resting at 32c and
October at 3l1Sc.
Oats are quiet with values denominated
largely by corn and tending to weakness.