Omaha daily bee., 1889-01-11
The SPECULATIVE MARKETS.
Wheat Ranged Dull With an Uuder-
tone of Weakness.
ANOTHER DULL DAY IN CORN
oats Showed General Quictude-Pro
vision P.ices higher Demand
For Cattle Fair, Values
Steady to strong.
CHICAGO PRODUCE MARKETS.

VI
CHICAGO. Jan. 1O-fSpecial Telegram tc
TnE BEE. The wheat market ranged dul
with an undertone OF weakness to-day. The
Geographic communication with the east was
badly interfered with on account Of tho
storm of yesterday and last night, and very
few dispatches from New York and other
seaboaru points were received before noon
This feet contributed largely TO the dullncss
and goes a long ways - disprove OF the oft
repeated statement of mo outside business y
" there is no outside business the breaking
down of the wires would have no effect The
local trading crowd had a strong leaning Ia
the bear side of the deal this morning and
the scalpers carried the market down from
SlO45s 10 $l.O4J4 for May at the opening TO
Sl.0l2s sML0I]f. sL04la Hutchinson turned
up as big buyer, and an advance to 81 o.
followed. Plenty Of wheat was offered for
sale at sl05, though but little was sold, and
up TO i2 80 o'clock the price swung backward
and forward within a g range l.O4S4 being
the popular stopping place. The last three
quarters of an hour witnessed sharp break.
The market slowly gave way to Sl04l5,
where the peg was supposed to
be stuck, but little pressure disclosed the
fact that the support had been withdrawn,
and there was n rush to sell. II took only a
few minutes to knock the price off to 81 04,
and the descent from Sl.04 TO sl.03 was
rapid. The market was loosened up to u sur
prising extent, and more trade was com
pressed into the last thirty minutes than had
been done in thc preceding three hours
Jones & kennett started the break, and the
bear raiders and longs ran a race for the re-
malnder of the session to see who could sell
the most wheat in the shortest period of
time. During the final five or ten minutes a
firmer feeling was noticeable, and.there was Il
fractional recovery, the close being &c from
the bottom. On the precipitious break
Hutchinson bought "a slew of wheat as a
.man expressed it, who was standing near
him and heard his orders. The slump oc.
Cured so suddenly that the crowd had no
time to ask for an explanation until it was
all over. There was evidence going TO show
that it was the result of determined raid,
and it seemed to have been helped
by the circulation of some sort of a
tip or the forthcoming "inal government
estimate A broker who claims to have the
monopoly of these tips was surrounded by a
iubllant little thrOng after the tap of the
bell, but he stOutly maintained to reporter
that lie ''hadn't heard nuthin' from Wash
the government estimate would show up fav-
oraby to the bears, the sparing news ahoat
was bullsh, as rule. st. Louis reported
better feeling there on buying by mlllors,
ant this was backed up by II report later that
most of the winter wheat mills in the deal to
run half time during January, would start
NJ next Monday. Clark & Co., of New York,
wired that the stocks of flour in the east
were running low, and Boston merchants es-
innate that five houses in that city who
usually carry $1,000 barrels in the aggregate,
had only 1900 barrels on hand. This was
looked on as straw The meagre foreign
news was generally favorable, and bakers
advices were particularly significant of a
hardening tendency abroad. May wheat
closed at $l.03l4. January ranged iat 99160
CSC and closed at the bottom. July opened at
951Gc, ranged to 960Hl4c, and closed at
94Ac. Trade in the months other than May
was small.
There was another dull day in the corn
pit, with prices moving over very narrow
range. Prices were easy and orders scarce
Few of the heavy local plungers bought and
sold some good sized lines among themselves,
but without much disturbance to values.
The exports from the Atlantic ports were
about equal to the recent average, and "a 900
bushels were cleared for Havre, France,
from New Orleans. The cash offerings were
light, and the days receipts were about 80
cars under yesterdays estimate, and only 1870
cars are expected tomorrow. The lnspec-
tion returns maintained the recent record of
small proportions of No. 2. There was
nothing like activity at any time of the day
but the market, though dull, was about
steady until wheat began to show such de-
cded inclination to go to pieces, when the
sellers of corn became more numerous, and
the market was at its weakest phase towards
the close. The final quotations were from Is
10 nc under those at the close yesterday
Oats showed general quietude with light
trading most of the time, averaging nearly
steady There were no features early, with
May in demand around 2IBc, after barely
touching 27&4c, while the sellers
higher. There was no life to the near months,
with the initial inquiries for March, and
21Tc bid. The receipts and estimates were
both light, and regular No. in store was
offered sparingly, ruling steady at 25c. Late
in the session there was increased activity
with large trade in May, which sold down
20 275sc.
Speculation in provisions was again under
the average volume to-day, the business
passing being light and the animated periods
few and of short duration. During the
greater portion of The time the pit was dull
and deserted, and there was pretty firm
opening to the market at prices a shade
above Yesterdays closing, due probably to
the very moderate receipts of hogs and
stronger prices for raw material. But the
advancing tendency of the product was soon
checked by increased offerings, there being
some disposition shown early by Wright and
others to short the market. These offerings
caused May pork to sag from sl355 to
$l3,47lS, At this juncture Armour's brokers
commenced buying, which boosted
pork to Sl3G0Gl3,G2lS Rolosson &
Mcpherson and James were also fair buyers,
and during the last hour Of the session the
feeling was pretty firm. In view of the
break that was had in wheat late in the ses.
sion, the close for provisions was remarka.
bly, strong. The distractions in the tele-
graphic service shut the market off from
eastern and foreign news, though at the in
termediate points hog products were firmly
held. Based on yesterdays latest quotations
the actual Improvement in futures here was
711@1Oc in pork, 5@7lSc in lard and SC in
ribs Cash transactions were fair IN lard at
q, ',S0@135, and in green hams averaging l6