Omaha daily bee., 1889-10-05
THE SPECULATIVE MARKETS.
Wheat Holds Steady in Spite of
Adverse Conditions.
CORN DEVOID OF INTEREST.
The Business Done OF Local Scalp
ing Charactcr-Proyisio Demor-
aI.zed- Cattle Slow Hogs
AUTHORIZATIONS.
CHICAGO PRODUCE MARKETS.

CHICAGO, Oc}. 4.--TSpecial Telegram 10
TnE BEE, with less than the average vol
ume of transactions in futures and bearish
outside influences the wheat market held
steady and closed higher. December wheat
opened at sec and ranged for the first hour
and half at SiTMS9c low and S2i4c high.
Between IL and IL o'clock the price got
down to sl9lc on confirmation of the reports
from the northwest that buyers limits had
been reduced. In Duluth the paying price
is OF &c on some Of the grades, or ~ d3c
under the market. In tho country millers
are p, ling IL less for good grades ana &c
less for poor wheat than the prices quoted
previously. The movement in the northwest
is heavy and receipts at all points east aud
west arc 793, 900 bushels, against shipments
amounting to 100, ,544 bushels. On these fig
ures and advices and on the additional fact
that the foreign markets are ranging from
duh and quiet to weak, selling fever set
In and the local market sold down to Sl9dc.
The receipt of the news that twelve boat
loads were clearing from New York for
South American ports strengthened the
market about sn hour before the close and
ran prices up to S2Ssc, quite spurt occurr-
ing right AT the close. May opened at $3.50,
was steady for good while around $500
SAC, once touching SiSMS5c, but sub
sequently recedng to $40. This
proved to be the bottom, however, and this
delivery recovered along with nearby
months, going to S5sc and closing at the
top. october ranged NJ S09d@SD9sc, and
closed at S05Sc. These figures record &c inn
provem.nt rs compared with yesterday Ex.
port clearances of flour and wheat are light
from both coasts. Foreigners are
sooIng very little in the way
..-l.N
discourage short selling, and the heavy
movement of spring wheat, coupled with the
absence of foreign demand exert restrain
ing influence on investors for the time beng.
The market is rather narrow at present and
fluctuations have ceased to be violent though
the feeling is decidedly nervous and unset
tied. New York Is fair buyer on decliucs
and tnc local bulls are far from being either
powerless or extinct. They feel that sooner
or later this year the old world will have to
come to america Cor wheat and that invest
ments at and around the prices ruling are
more than reasona )iy safe if well protected
and courageously stood by.
The corn market was devoid of interest,
being dull aud for the most part incining in
favor of the bears. The receipts exceeded
the estimates and he weather continued ia
vorabe to early good grading on new corn.
Export clearances from Atlantic ports were
light, but shipments from this point continue
on liberal scale and the cash demand for
shipment was again good, although buyers
took full advantage OF the weakness in fu-
lures to secure corresponding reduction.
The business done was chiefly of a local
scalping character and was not heavy in
amount. The foreign markets were quoted
easier.
Oatf ruled dull with heaviness OF unker-
tone, though there was not sufficient pres
sure on late futures to cause an actual de-
cline. Arrivals amounted 10 Psi cars, and
to -morrow's estimate is $50 cars. The mar
ket is weak in sympathy with corn and be-
cause of heavy receipts, splendid weather
and an appreclable let UP in the urgency of
the shipping demand. October receded
small fraction in price, the ruling quotations
beng 19as0l915c. May opened at 229sc, sold
up on the "spit" and pack again, resting at
the initial figure, which were the closing
quotations yesterday.
condition. The injunction issued by Judge
SheL .,ard was ar unexpected proceeding, aud
as it revived interest in the October pork deal
TO the exclusion of everything else, business
c''Ine almost TO standstill. The Injunction,
its effect, and the best course to pursue un-
der the circumstances were the subjects that
commanded and received attention. In Oc-
tober pork few trades were made at Sl0S0
@i1.00 and 500 barrels of October packed
pork refused by clique houses were sold for
''whom iu may concernn under the rules at
$lO35 and Sl0,5O. Singer acted in the capac-
ity of auctloneer in the disposal of this pork,
while Hutchinson bought it. The houses
fusing to accept the product on contracts
were Counselnan 81 Co. and w G. McCor-
tnick ~ Co. They DOUBTLESS acted under in
structions from their principals the clique.
The prices named were the only ones
made during the session. At the
close the open quotation for the
October future was Sl0SO. This
was l0c higher than yesterdays closing. The
general market was strong. 1t was dull, but
there was no desire TO crowd sales, and
former prices Were, as a rule, more than
maintained. October short ribs and October
and November lard were advanced sc and
q, January pork, lard and short ribs 21c. No
yember pork alone suffered decline, ruling
21se lower.