Omaha daily bee., 1896-11-22
COMMERCIAL AND FINANCIAL
Rain in Drouth- Stricken India the Chief
Feature.
PRICE OF WHEAT TAKES A TUMBL
Receivers, However, on Good Buying
and FIuctuntcs Frequently ON II
Small Rnngc-Corn Fairly
Active and steady.

CHICAGO, Nov. 2l.-The rain in India un-
settled the wheat market. 1t went higher,
lower and higher again in rapid tluctua-
tions like an engine without balance
wheel but in the end prices were about
CSC above the point they closed at yestcr-
day. Corn and oats also made a little ad-
vance, as did also pork, lard and ribs. A
sudden jump of ac per bu. In the price
of wheat during the course Of the first ten
minutes trading was great surprise, Two
items of the early news were so distinctly
bearlsh that an immediate heavy decline
would have seemed perfectly natural, and
the crowd would have approved it. In
stead of that, December which closed yes
terday at from 75i2c to 759sc, did not sell
lower at the opening than 75Ac, and In ten
minutes thereafter was up to I6hc. a dis
patch from Bombay said that n good rain
had fallen there and throughout that sec
ton and that prices of grain were rapidly
falling. Further details of the rain in India
from Allahabad describe the widespread
area succored by the rainfall and the pros
pect of its continuance and further eXten-
sion. The effect of that news upon the
Liverpool wheat market was to cause a
decline of I'd per cental or about 2iAc per
bu:, below the closing price of the day
before. Even with these depressing fea-
lures before them, the traders bought
freely. John Cudahy was a good buyer,
and, as his trading always commands more
IL
ficiently heavy to cause the advance. But
the offerings grew as the price improved.
Both the northwestern operators and for
egners were heavy sellers, and i'm the next
hour and a half the price of December
had dropped to T4Hc. but there it rested.
The expectation of IA decrease in the visible
supply being shown on Monday TO have
taken place this week, with a likelihood of
n steady decrease for the remainder of the
crop year. made the traders pause in their
selling when December got down to that
point 1t gradually recovered again, until
1t once more reached n point about &c
higher than yesterdays closing price, or
755sc, where 1t closed. The excellent New
York bank statement was also influential
in the closing strength.
Corn was fairly active and steady, Keep
ing within a narrow range until near the
ter than the close yesterday The action
of wheat was the controlling influence
May opened a shade lower at 263sc, sold
between 263sc and 2Ic, closing steady at
from 261sc to &c.
Offerings of oats were light and a quiet
q firm tone, and prices closed from &c to
hc higher than they did yesterday mainly
in sympathy with wheat. May opened un-
changed at 2ll2c and sold up to 2l%c, where
1t closed.
only moderate business was done in
provisions. The opening was at n slight
advance on the better prices prevailing at
the yards and the much lighter receipts of
hoSs Good support was given throughout
and prices closed at near the top prices
January pork closed l5c higher at S7.55, jan
uary lard &C higher at 1896, and January
ribs 7lhc higher at S3.77h
Estimated receipts for Monday: Wheat, Sc
cars; corn, $40 cars; oats, 225 cars; hogs
80 600 head.
The leading futures ranged as follows: g..