Omaha daily bee., 1889-09-21
THE SPECULATIVE MARKETS.
Few Lots of Nebraska Wheat Free
From Smut.
NERVOUSNESS AND ACTIVITY.
Large Volume of Operations in the
Pit-Hutchinson Helps the Mar
ket Up--A Defeat For Hutch
"A Fruitful Year
CHICAGO PRODUCE MARKETS.

CHICAGO, Sept. 20.-TSpecial Telegram
TO The Bee. .l--Tnspection spot this morning
showed that out of III cars Of wheat received
here yesterday not single car was Of tho
contract grade. The poor quality of arrivals
in this market Is q subject of comment and
wonderment In explanation the receivers
say that few lots of wheat from Nebraska
and that section are free from smut, and this
statement is confirmed by the supervising in
spector. In the northwest the receipts are
yet below expectations, but an increased
movement is foreshadowel by dispatches
from the elevator interest3 in Minneapolis
and Duluth. The re-estabishment of one of
the "disciplined" elevators in Minneapolis
In the "regular' list was also one
of the pieces of news sent in
from that section. This is important only
because 1t puts back about 100000 bushels
into the visible supply that was dropped out
a couple of weeks ago. Cables were almost
unanimously strong and brought many buy
ing orders for cash and futures as rule,
though they were below the market, par
ticularly cash orders, the reactions which
occurred late in the session enabled brokers
to execute some of them, however. The
local features of the wheat market were
nervousness and speculative activity. The
volume of operations in the pit was large,
and there was great shifting about
of opinion during the session. The
market was strong and higher
at the opening and there was no open dis
play of weakness until about noon, but from
12 o'clock on values declined and the closing
quotations were practically at the bottom.
The initial quotations were about Ssc above
yesterdays closings and on strong cables,
ment of light stocks of contract wheat in
store here, the shorts covered with freedom.
Hutchinson helped the market up and the
little bulls did same The chronic bear
contingent fought the resulting small ad-
vance with courage and up and down
sold heavily. In the final battle of
the day they were victorious, breaking the
''pegs" inserted by Hut hinson and over
wheming the opposition for the time being.
Ream reappeared in the arena for the first
time in many weeks. and was an open seller
of a large line. December opened at S014c
and during the first hour ranged sos 3SO19c,
then from SOlIc 1t advanced to SU9sc, but
subsequently yielded TO SOl4c, where 1t was
held for good while by Hutchinson s
brokers, enabling Mitchell and the quick
running bull scalpcrs to find Market for
their property. The withdrawal of the peg
precipitated decline and the market did not
stop until 1890 was reached the last price
being 93s@1994c. May opened at S3s4c, ud-
yauced to S4GS41sc, iiuctuated for an hour
or more between S33sc and Sac and declined
to S34c where it rested. September opened
at 7SJSc, ranged at S0@7S1Sc and closed at
7S11c. On the general list the average net
decline of 140D13c is recorded by the cosin gs
or just about yesterdays improvements,
The demand for corn was moderately ac-
tive at the start and inclined to firmness but
later weakened and closed at about 1s(G1SC
lower Chan the day before. May was
comparatively steady and the present months
delivery was the weakest. Trading appeared
to be of the usual local character. Receipts
exceeded Yesterdays estimates and for to-
morrow they promise to be again heavy be-
ing estimated at 700 cars. trostis now prac-
tically out of the influences governing value,
the crop being genel ally accepted secure
from damage. The speculative feeling is
now under the influence of daily receipts and
shipments here and elsewhere and the condl
tion of the market in the matter of its being
evened up or oversold, another year of
abundance being now conceded on all hands
The closing prices were: September 81 "A C,
October 32(9321sc, May 33ss@3394c.
Oats were inclined TO irmness, early, due
chiefly to the indirect influence of the
strength in wheat, but were at no time active
and with the buying support withdrawn latei
except at shaded prices weakness ensued
After touching 221sc May sold off to 225s@
2294c with prominent operators Offering
steady but dull around 1870 and trading II
cash oats was chiefly by sample, witt
nearly quarter of million re
ported as withdrawn for shipment
For No. white, September, 201Sc was bid
Provisions recovered somewhat from their
late quiet condition, under the lead of DC
tober pork, which was traded in with more
freedom than on any day for over week
The entire trade exhibited increased activ
ity. In October pork the movement, a.
usual, was irregular. 1t opened at $ll.0O
and subsequently fuctuated between $l0.7
and sll.l21a. Broker Hovey, who was sup
posed to represent Field, Lindley g. Co.
was the largest individual buyer o
this article, while the seller
were mainly parties said to be in the empo,
OF Hutchinson. In other lines of produce tn
feeling was quite firm, based on yesterday
last quotations Closings showed decline
of 1Oc in October pork, SC in September shor
ribs and 2I6c in October short ribs. Novem
s ber pork, January pork, January short rib
End several deliveries of lard were quotabl
unchanged. Cash buyers took 565 tierces o
lard at s5.9756@800 and a few car loads4o
16-pound sweet picked hams sold ut 81
@91Sc.
CHICAGO LIVE SrOCk.