Omaha daily bee., 1889-05-04
THE SPECULATIVE MARKETS.
Unfavorable Weather Reports In
fuencing Transactions.
RAIN NEEDED IN THE NORTHWEST
Prices of Grain, All Around, Some
what SITTER Than on Thursday
Cattle Ruiing Mark
edly Higher.
CHICAGO PRODUCE MARKETS.

CHICAGO, May Especial Telegram to
TuE BEE THE wheat market had q stronger
and healthier tone, today, and prices aver
aged better than those of yesterday. The
enumeration Of new factors and influences
includes the following: Weather reports,
public and private, note unseasonaoly cold
weather throughout Kansas and Nebraska,
and sections of Illinois and Indiana; and
dispatches were received from Kansas chron-
icling "a killing FROST last night over con-
siderable areas. This latter was the most
sensational item of weather news in crcula-
tion. 1t excited the bears and bulls more
than anything else The northwest poured
in stories of dryness and reflected serious
apprehensions of damage, should generous
rains fail to fall within the next three weeks
To allay this sentiment, however, the
weather bureau advises the approach OF a
lower barometrical area in the northwest,
indicating possible rains tomorrow. Winter
wheat districts supply a diversified crop of
reports. From southern and central Illinois,
Indiana and OHIO are heard great num-
ber of complaints of dangerous drouth and
OF developments of insect life TO an alarming
extent. Locally, the demand for cash wheat
Is quite urgent. The blackboard gives the
quantity inspected yesterday at 600 bush
els and well defined reports were in circula-
ton late to-day that an order for lOOOoO bush
els was IN DTOCcSS Ol DclUS Dlltu. spring
wheat finds the market 2(93c above the May
prices. so reliable people say. Wheat in Min
neapolis continues to be quoted 5(G1c above
Chicago for similar grades and the feelirg
there was firm to-day. Liquidation for the
northwestern account has been heavy for
three or four days, yesterday particularly,
and the opinion was held in well posted circles
to-day that "light-waisted'' holders had been
pretty generally forced in, leaving only heavy
weights whose property bears, up in
that section, did not feel safe in cunning
for" and who would not be likely to be
forced to let go. The indehnable pressure
from the northwest, which has been
hanging over the market like wet
blanket for several weeks, was there
fore measurably lifted to-day, and the
snap and moderate buoyancy observable was,
in part, due to that cause. July wheat opened
this morning at 7713c, having sold down to
771c on the curb yesterday afternoon. The
market was not long travelling up to 171Sc.
1t sold off to 71l2m179sc later, but rallied to
7794c and did not get below that figure. Twice
II broke from 7S14 C back to 1Ia4c, but 1t went
up again with click and snap, indicating
genuine strength. Once, between IL and l
O'Clock, the price got TO $3.50, and during the
last fifteen minutes of the session the
strength became still more pronounced, the
price going to 7S9sc, with urgent demand
from the shorts as well as for investment ac-
count The closing quotation was 7Sl@c
June wheat opened at ISAc, ranged from
7SaIc to S0l5c and closed at S04c. May rested
at soc nominal. Heavy Withdrawals of
corl from store and active shipping inquiry
were stimulating causes of the strength
shown by the market. Gables were only
mildly encourag ing, but begin to assume a
more favorable tone. The low price is evil
IDENTIFY encouraging free buying among the
consumers, the uncertainties OF the next crop
being also, of course. a governing feature
Receipts were less than looked for and to-
morrow's estimated arrivals were still
smaller, being figured at 260 cars. The sea-
board markets were frmer and the demand
for export reported thence was good. The
reported frostS in Kansas and Indiana helped
to stiffen the market AT the opening, prices
starting at an Improvement of about n over
yesterdays final quotations.
The frmness of the wheat market lent
some sentimental strength to corn, and the
op ng strength was well maintained all
day, with closing figures showing an i'm
provement over yesterday Of from 4 to &c.
Oats were quiet, yerging to dullness in the
speculative way. The volume of new busi-
ness was not large, though there was consid-
cradle disposition shown TO change May into
more deferred deliveries. The selling
pressure to sell and the difference between
this and the two following months
was very small. Fair outside trading orders
In June and July were noted, with clique
houses desiring to sell May and BUY June a,
&c difference. May opened strong and sold
up to 22s4c, or sc Improvement, with July
touching 23c, and later ruling slightly easy
Car lots to go to store were dull, with 22s6o
paid for No. 2, and most of the cash business
was in samples
The provision trade was in slow condi
tion. For cash property the demand showed
marked increase, but in the line of specula
tion, an unusually uninteresting day was ex
perienced. Acknowledged leaders gave the
market little or no attention, and with the
general class of attendants in the pit, there
was no disposition to branch out. From the
start the speculative operations fell under
even the ordinary average, and there was nj
development to attract attention. During
the morning the bear side was assisted a lit
tie by advces received from the stock yards
but tho weakness suffered was more than re
covered subsequently as rule, comparet
with yesterdays last quotations. At the ad
journmcnt prices showed an advance of 216 "a
&c, while short ribs were unchanged to PA,
higher, and lard the same to 21ac lower.