Omaha daily bee., 1899-10-22
COMMERCIAL AND FINANCIAL
Wheat Drops Below Seventy Cents for First
Time in Extended Period.
BLACK OUTLOOK FOR BULLS FROM START
Market Takes sharp upturn, hut
Longs Lnck Confidence to sustain
Rnlly-Othcr Commodities
Show Substantial Gains.

CHICAGO, oct. 21.-Wheat got below the
IOc mark for December today, establishing
u new low record for this option. t.iqulda-
tion induced by steadily Increasing stocks
in connection with an apa'hotic foreign de-
mand CAUSED the reduction in price. De-
cCmbcr closed with a loss of 9sdIac at $3.50.
Corn and cats were relatively strong and
closed a shade higher. Provisions ruled
steady and closed trife UP all around.
Wheat opened weak and for the first two
hours cultivated further htaylness. Lower
cables and indications of a heavy increase
in the visible supply discouraged longs who
began to unload freely from the start The
market showed considerable stubborn
ness, however, yielding grudgingly and
finally when the price got fraction below
zoe the buying became so pronounced that
sharp upturn followed, the opening loss
being fully reganed But the improve
ment was only temporary, as the bulls lost
, confidence owing to flood of bearish sta
tistics. Then liquidation and short selling
began to weigh the market down again and
the market continued to slump until the
, end. closing weak at the bottom of the day s
range December opened Ac lower at lOu
1Olsc, declined to $3.50, rose quickly to IoI4c
and declined again to 697sc at the close.
Chicago receipts were ~ cars four Of
Duiurh i got e S15 cal cars S. compared With @ sS3
for the corresponding day a year ago. The
worlds shipments to Europe during the
LOCO, 900 bu. in excess of uhe weekly require
mentS Indications from Stock-taking CEN
tiers were that the visible would increase
over 100000 bu during the week. while
the amount on ocean passage showed "a
liberal Increase Shippers spoke very dis
Coura gingly of the prospects for export
business, claiming that foreign bids We're
farther from the market than ever today.
New York reported but twenty boatloads
sold for export. Atlantic clearanCes in
wheat and flour equaled 10000 bu.
BulliSh country adviceS, moderate receipts
| and an excellent cash demand strengthened
corn. There was a soft spot early owing
| to the slump in wheat but as the session
progressed the market became broad. with
| buying general and a Substantial gain was
! established. Part of this was lost, how
| ever near the close on profit-taking. Re
ceipts were 473 cars. December opened q
shade lower at 303s43O1Ec. sold sparlngly at
| 30asc, advanced to 304a307sC and declined
to 301aG303sc at the close. There was very
| little speculation in oats, the market hold
Ing steady with corn. Shipping demand
| fair Receipts, 254 cars December opened
| a shade lower at 22l2c and advanced to 225sc
at the close
Provisions ruled steady, with prices up a
| triie all around, owing to the strength in
| corn. Packers bought freely of pork and
| lard. January pork closed &c higher at
| s9S5, January lard 2Iac higher at $5.32lA
| and January ribs 21e@oc higher at $3.50.
| Estimated receipts for Monday: Wheat,
| 132 cars; corn, 46O cars; oats, 2i0 cars; hogs,
| 36, 900 head.