Omaha daily bee., 1889-05-09
THE SPECULATIVE MARKETS.
Prices Failed to Decline In Conse-
quence Of Rains.
BIG SHIPMENTS, GOOD SALES
An Uneasy Feeling in Speculative
Hogs What is Doing In Live
Stockholm Follows the
Rise In Wheat.
CHICAGO PRODUCE MARK ETs.

CHICAGO May 81 Special Telegram 70
The BE. The rains that the farmers have
been praying for fell upon the spring wheat
districts back Of st. Paul yesterday and last
night, but tie decline that was to occur in
prices has not yet materialized. On the con-
trary, the course OF prices was upward, ana
all because Of the activity in the cash wheat
market, and popular disbelief in sufflcency
Of rain fall. The morning dispatches brought
the news that more than thirty boat loads
had been worked in New York yesterday,
and little while afterward it was stated
that fourteen more had been worked this
morning. This was subsequently modified
to 'eight loads worked and six working"
New York was buying wheat here all day,
however, ana the sudden increase in bust
ness from that quarter toward the close
started the market up with a rush, the belief
obtaining that arrangements had been made
for the moving out of larger quantity of
wheat than had been stated or even pre-
dicted. There Is plenty of available tonnage
on the Atlantic seaboard, and ocean rates
are now easy. Shippers rnd themselves able
TO command about their terms, and holders
are quite willing to sell their goods Alto
gether the occasion seems ripe for a
good export movement. Gables were gen.
orally weaker, but that does not always sig
Nifty foreign willingness TO take wheat on
favorable terms. The most conspicuous
feature of the domestic wheat trade is the
large and steady out movement Of wheat.
The receipts were very light everywhere, ex-
cept at Minneapolis, and the arrivals there
merely represent transfer of country ele-
vator stocks owned by the millers to their
city warehouses. Everywhere else, at
primary points, receipts are far smaller than
shipments, and clearances from seaboard
points are moderate. The flour trade has a
better tone, and domestic consumptive de-
mands are likely to prove very important
consideration for the remainder of the old
crop year. The market opened about where
1t left off yesterday, near futures showing
some weakness, however, at the start.
Logan and Schwartz Dupee tried to buy a
little May, but before they could get what
they wanted, the price was run up from
around SIC to S6&c. June gong TO SAC. This
started a rapid advance in July, which
jumped from 7S3sc, near the opening, to
7916c. At and around 79c, Hutchinson, Ream,
Cudahy, and, in fact, all the local high
rollers" were sellers. This broke the mar
ket back &c, and during the better part of
session IL hesitated around 7SSIc. Several
times break seemed imminent and the
local crowd got 'loaded" that way. The ex-
pectations OF break proved delusive, for
about quarter before l o'clock the market
started up again and did not stop until 7034c
was touched, a sheer ascent of over 1c. The
close was 79S@NAc, net gain Of ll4c
on the day. After the early bulge May
wheat sold back to SAC, and June to S231c:
but these months were carried up by the
boom in July, May going to S5slc and June
to S3Mc. 1t was exceedingly difficult to trade
in May or June in a satisfactory way. The
anxious traders had no show for bargains at
any stage of the proceedings. Late news
from the northwest denoted sudden change
In weather conditions. Yesterday they were
frying eggs on hot winds;' to-day it is cold
and raw after the rain; and snow is reported
of the nOrtnprlV pDintS There
more buying orders for northwestern ac-
count, to-day, then have been sent any day
in many weeks. st. Louis was also n good
buyer, presumably on bug and drouth re-
ports from the winter wheat points.
The local crowd got decidedly the worst of
the deal to-day
The continued heavy shipments and excel
lent demand for export and home use have
had generally hardening effect on prices,
and to-day's firmness was due to those
causes and to the resulting endeavors of the
shorts to stop their loss. The quantity of
No. 2 in store here, exclusive of white corn,
is now down to 100000 bushels. Reference
to the quantity cleared from the Atlantic
ports, heading these remarks, shows con-
siderable increase. There was very little
for sale when 1t was wanted, and the shorts,
by their efforts to cover, advanced the
market on themselves. The opening prices
were about sc over the closing figures of the
day before, and the first quotations were the
lowest of the day. Outside domestic markets
were firm in sympathy with Chicago, and
the market here was helped by the strength
in wheat. The market ruled firm all day,
and was al its best at the close. Prices ad
vanced along the whole line, and iii the end
showed gain upon Yesterdays closing
figures of from "a to lc per bushel.
Oats fully recovered the loss of yesterday,
ruling irregularly strong to s9@l5c higher.
Trading was only moderate and chiefly local
in its character, with some operators buying,
who sold previously, and shorts generally
desiring to cover May sold up to 239Sc
with 4 later firm tone, and there was fair
business in June at 2315 5(924c, with July at 4
@4c premium. No. 2, to go in store, sold
1ac better at 23l4c and trading IN cash lots
was chiefly by sample.
In provisions the feeling is still Dullsh.
Hog receipts, so far this week. have fallen
short of expectations and, with better prices
at the stock yards, the side of higher markets
has gained ground. In connection with the
hog movement, the impression also appears
to be spreading that the Armour and Cudahy
influence is now with the long interest. The
parties named and their immediate follow
ing, it is alleged, succeeded in securing a
large amount of property on the last break,
and are in position to make their power
felt, In the speculative trade an uneasy
state OF affairs at all events prevails, and to-
days changes in prices resulted in a sharp
advance all around. Based on yesterday 8
closings the actual appreciation established
In pork amounted to 25930c, and in lard and
short ribs, to &c.
CuInAEn I,fVE Gpnru Il