Omaha daily bee., 1889-09-11
THE SPECULATIVE MARKETS,
More Activity and Higher Values
In the Wheat Pit.
THE COMPETITION OF RUSSIA.
English Traders Think They Will BE
independent of Am ,rican Sup
plies Till January-Corn More
Active-Provisions Nervous.
CHICAGO PRODUCE MARKETS.

CHICAGO. Sept. l0.-TSpecial Telegram
TO THE BEE. There was reversal Of the
speculative sentiment among wheat traders
to-day which was productive of more activity
in business and higher range of values.
Mutual inquiries were frequent among scalp.
ers as to the cause Of the improvement and
general ignorance was prfessed of any
outside reason for higher prices. There
were several items of news in circulation,
however, which might account for the shorts
desiring to cover. Among those was cabled
q paragraph from leading London newspa-
per to the effect that European deficiencies
would require 1S,000,0O0 bushels to make
them good, but before going farther another
feature of the European trade may be here
introduced. A gentleman connected with
one of the leading houses on Change, which
has extensive English connections, has just
returned from abroad and says that at pres
ent the wants of England are being supplied
by Russia at lower prices than are
prevailing here, that English millers have
learned to make good -four from mixture of
Russian and Indian wheat, and that while
traders there are not bears at the prices
they are paying for wheat the think they
will be practically independent of American
supplies until January next This, of course,
represents only an individual opinion, but is
the result of inquiries by close observing
Chicago merchants Inspection returns are
showing the wheat arriving here as gong
from bad to worse, as out Of 1856 cars re-
ceived here to-day only seven cars inspected
No q and in store here now there are only
S93 600 bushels all told of contract wheat,
while at the same time last year three times
as much In store did not deter
a certain gentleman from running
corner There was report of about
tl,.na
ment report TO be published this afternoon
would show decrease of points IN the
condition of spring wheat. The general
crowd, however, was not prepared to believe
in any leaking out OF advance intelligence.
The course of prices was almost steadily
upward from the start. December opened
at me, which was &c over the previous
days closing quotations, advanced to 7s1Sc,
declined to 771sc, again up to 1850, off TO
7S14c, then up to 791ac and closed at 7SAc.
September was depressed by free offerings
early but later recovered tone and closed
steady at 7616c.
Corn was more active and firmer, partly in
sympathy with wheat, partly owing to 100
cars less being received here than was cal
culated on and perhaps in q greater measure
to the firm hold which prominent operators
appear to have on September. Trading was
without special feature, being largely of the
scalpipg character. Fluctuations were mar
row, but the under-current of the speculative
feeling favored the bull side The enormous
shipments from this port is sufficient indica-
ton of the views of consumers regarding
present values. Prices had narrow range.
October selling from 1880 to 1890, closing at
339sc, and May from 80 sc to 3514c, closing at
8S14c
Oats exhibited more life than for several
days previously, ruling fairly active and firm
to b@14c higher, under moderate buying.
The receipts were below the estimate, and
small postings are expected for Tomorrow,
and with moderate strength elsewhere.
There was fair buying on account of shorts.
May improved 1lc to 23ls923J4c, with De-
cember touching 20L. Some desire was
showing TO change September into October,
the difference being about 1s@14c. No. 2
white for September was stronger at 2ls4
No. regular sold at l91s@l9c No. regu-
lar sold at 19ls@l94c.
The provision trade is still nervous. The
underlying sentiment is unquestonably bear
ish, and there is evidently more disposition
to favor the short than the long side. The
January product showed some strength
to-day under the buying of pork
by brokers at times. credited with
representing Armour, but for this
years deliveries the level was lower than
that of yesterday. In October pork, which
is governed by unnatural causes the move
ment was very irregular 1t opened strong,
was sold off 75c during the excitement oc-
casioned by the free offerings by Cudahy,
and was afterwards taken in charge by
Hutchinson and doomed. 1t closed at net
decline Of l5c, or at sll.40 The days range
for the same article was S10.S59ll.60 Sep
tember pork was nominally the same as Oc-
tober. Lard for September and October de-
cllned 2l1ac. 1t rested ut S5 921a for the first
tober lard sold at $5.S5(l5 92I5. September
short ribs were easier, selling off 715c and
closing at S5.0215 October short ribs closed
at 4.90, or &c higher than yesterday.