Omaha daily bee., 1889-05-24
THE SPECULATIVE MARKETS.
A Bit of a FURRY Started By False
Reports.
GENERAL DEPRESSION RULES.
Corn Goes Up a Very Small Fraction
Oats Quiet-Provisions Brighten
Up a Litue-Hogs Go
Slower.
CHICAGO PRODUCE MARKETS.

CHICAGO, May 23.-lSpecial Telegram 10
THE BEE. Wheat prices averaged to-day
and the general tone of the market was
stronger. Yesterday afternoon "in the
Offices" quite scare was generated on the
circulation of pointers by the weather
prophets that there were going to be frosts
throughout Wisconsin, Michigan and North
ern Illinois, Indiana and Ohio. There were
slight frosts Tuesday night and further
frosts last night, but they were neither as
severe nor as general as was anticipated.
Many sections were touched by frost, but no
damage has yet been reported to anything
excepting Strawberries A little of such
sufficcd to put the price up ION the curb"
last night, and induced more or less covering
this morning These and the export clear
ances, which, in wheat alone amounted to
2l5, 900 bushels, induced slight advance.
The initial range was S0s1c for June, 76Tc
for July, and 75$sc for December
July advanced to 1890, and there was n
rafting trade for time. The price worked
back to 16ssc, and jumped again, on private
cables that the French stocks were being
rapidly reduced and that quotations were
higher. Public cables failed TO confirm this,
and quoted both the French and English
markets as weak. This was especially true
as TO the English markets. On the second
bulge July got up to 76Mc, but thereafter
values tended down. Non-realization of
frost anticipations was followed by predic.
tions of moderation in temperature through
out the west, and there was nothing in the
situation at home or abroad, according to
latest advices, upon which the bulls could
build strong hopes a renewal OF depression
was the result, and lower prices followed
The bulls lost the spirit they had displayed
earlier in the day. Trade was of moderate
proportions and chiefly local The crowd
leans to the bull side, but fails to see any
thing in the situation to warrant vigorous
buying, or large investments at this writing
If the export clearances keep up at the rate
indicated in the postings the cash market
may be expected to feel the effects, but just
now the depression felt in futures has COM
municated itself, to some extent, to the cash
trade 1t is thought that the steady out
movement of wheat shows that property is
wanted. The reduction IN the visible stocks
this week will be large About l O'Clock,
July was quoted at 76Ac, and at the close at
1890. June wheat ranged from SO94c at the
opening, off to SOC, up to S0Jsc, and back to
S04c, where it rested December ranged
from 751S@T5asc, and closed at T513c. The
closing prices indicated u change of about 14c
for the better sample Grain men report n
better inquiry for cash wheat with but little
business resulting.
Corn was governed in addition to inhu-
ences to be named later by the course of the
wheat market, and, like it, the feeling re-
garding prices was strongest during the
early part of the session. Some gain was
made, however, though sc was its diminu-
tive measure. The market for corn started
to some extent the improved feeling i'll
wheat, and n more active speculative demand
was experienced. The reported frosts.
though not supposed to have done
any injury to corn, created q feeling OF un
easiness in the minds of the shorts who
were fairly good buyers. The very heavy
export clearances noted at the head of these
remarks was another encouraging feature on
the bull side of the market, and the liberal
quantities inspected out of store here like
wise helped to drive some shorts into the
market as buyers. The shipping demand
was good and at slight Improvement over
yesterdays closing prices.
Oats we're quiet within nearly yesterdays
range The tirmness in wheat and corn was
reflected, in manner, on the speculative
branch of the market, and although the de-
mand for oats was not at all urgent, there
was no pressure to sell. June ranged at 225s
(D229lc, with July touching 22Tc, while new
crop deliveries were neglected and May sold
as high as 221sc. The receipts were liberal
but grading was poor, while Withdrawals
from store were reduced to 73,400 bushels.
No. oats were dull and saleable at 22]9c.
The provision trade reacted sharply from
ing of pork by Wright and other professional
Spectators known to be on the short side,
occasioned boom in that article shortly
after the opening that affected the entire
market. Lard was less sensitive to the ad
vance witnessed than were pork or short
ribs,yet it sold up from the first prices quoted
a good cents. In pork the advance made
from the lowest quotations reported was 40c,
and in short ribs l7}6 cents. The upward
movement was also attended with considera-
BILE activity, and for awhile there was more
stir and excitement than have prevailed for
some time. When the shorts, whose buying
caused the reaction, withdrew, however,
trading quickly fell off, and with larger offer
ings the market experienced a downward
slide. Pork sold off about l5c, lard 216c to
DC, and short ribs l0c; still, closings were
higher. as a rule, than yesterdays last prices.
Lard rested unchanged, but in pork the inn
provement established was l71ac to 221Sc, and
in short ribs &c to 7l5c.