Omaha daily bee., 1889-06-26
THE SPECULATIVE MARKETS.
A Glorious Victory For the Bulls
in the Wheat Pit.
NORTHWESTERN CROP DAMAGES
Corn Rules Quiet in the Way of
specuiation-Oats Fairly Active
More Strength in Provis-
ions-Cattle Slow.
CHICAGO PRODUCE MARKETS. q

CHICAGO, June 25. Especial Telegram to
| THe BEE. Mot for long time have the
bulls had such a glorious victory, glorious in
the sense of the utter route of their compet-
itors. But the glory is probably less appar-
ent to the manned and disabled bears, who
are left licking deep wounds, wounds repre-
sented by a loss since yesterday of 299c in
July wheat. The market opened with q rush
to buy a. &c over the closing figure of the
day before, and it did not rest until 15c more
had been added to the initial price. June
having then reached 5S%c and December
7SSSc, the advance was temporarily stopped,
but though the offerings were very heavy,
the reaction produced was only about lsc,
and after playing around 1870 in an uncer-
tam way, another deluge of buying orders
gave the price n fresh start, and this second
upturn was not stopped until July reached
1890. The atmosphere was thick with news
of character to make the boldest bear
shake in his shoes and quickly turn him
from his allegiance to that side of the
market. There were many additions to
yesterdays news of crop damage in
the northwest. Reports were in circu-
lation that representatives Of harvester and
reaper manufacturing companies were
having many of the orders previously given
ohcH III buhOOu CuuCelleu, Inc mOSU lf1u-
ental piece of news" however, was that
disseminated by leading commission houses,
giving reports of their correspondents in
Kansas, which showed a most unexpected
state of affairs to be existing there The
magnificent promise of that wheat growing
state, according to these reports, has given
place to a dismal failure Rust and blight in
the bottom lands of many important sections
have cut down the previous. promise of 30
bushels per acre to q beggarly III or 15, and a
similar lugubrious tale was told of the
wheat fields of Maryland. Black rust aud
blight had there been busy Also and the
present promise is reported to be no better
for Maryland than Kansas. AS if this would
not suffice, the leading article from the Neue
treie Presse, OF Vienna, was cabed, which
confirmed the worst which had previously
been told of the damage to the Russian and
Hungarian crops. The regular cables to the
board were of the same firm tone
as the dispatches, aud was added cause
to the disquietude of the bears. Clearances
disappointingly small, and the enthusiasm
over the apparent bull situation did not ap-
pear, from what reports came to hand from
New York, to have impaired much energy
to exporters at the seaboard, Part of the
apathy of buyers for foreign shipment was
ascribcd to the scarcity of freight room and
partly to the buying limits having been ex-
ceeded by the sudden advance here BE this
us IL Illuy, uUcT0 Is cVluontlV less alarm over
the situation in Europe than here to-day
After the price for Julyha reached 794c
there was pressure to sell which reacted to
i914c, but the buyers appeared to be laying
in wait for just such chance, and the dlals
recorded advancing figures until the price
reached S0l4c, which, after a few minor
fluctuations, were finally established as the
closing figure December, moving up more
slowly, closed at 1899 These prices show
gains since yesterday of 2ssc in July and 21Sc
| IN December.
The corn market was quiet in the way of
| speculation, but the feeling was firm owing
| to the continued moderate receipts, back
ward condition of the crop and to sympathy
with the sharp upturn in wheat. July sold
| at 351s (035asc, and closed at 35$8c. The ship
ping demand was about as usual and en-
! gagements were reported for 20i, 600 bushels.
| The receipts to-day were 500 cars, of which
| 215 graded No. 2. At the close seller July
| was n higher than at the close last night.
Oats were fairly active and firm, in SYM
| pathy with others. Any special tendency to
| advance was checked, however, by free
| selling on the part of prominent operator,
| particularly long futures. There was a fair
| trade in July at 23c, with September at 1Ec
| discount and May offered at 261sc. The re-
| ceipts were large with 40 out of 216 cars
| passing into contract grades. The posted
| withdrawals were much smaller than re-
| Gently and a mild inquiry existed for No. 2
| to 20 TO store at 22$4 0g22JSc.
The provision trade showed more strength
| anu dCli'llS. SaSu buyers were again
favored with large domestic and foreign or
| dere and in speculative way there was
| also more doing. The future trading, how
| ever was too local and professional to give
| entire satisfaction. The receipts of hogs
| scarcely reached expectations and, encour
! aged oy the stronger feeling in the grain pits,
| more confidence was displayed all around
| Higher prices was the rule, and as the close
! of the session approached something of a
| boom was witnessed For the day the ad-
vance actually established amounted to
| l714c in pork, 5@7119c in lard, and 7111@01216c