Omaha daily bee., 1889-02-20
THE SPECULATIVE MARKETS,
Shrinkage in July and an Advance
in May Wheat.
CORN CLOSES AT A DECLINE.
Oats in Moderate Eequest-Proyis-
ion Exhibit a Stronger Front
Cattle Receipts Lighter
Hogs in Fair Demand.
CHICAGO PRODUCE MARKET.

CmCAGo, Feb. 19.-fSpccial Telegram 70
THE BEE. AT the beginning trade in May
wheat was around sl0e%mLlO. II sold off
soon to $l.O9l5. a recovery TO 1907 followed,
and then a rapid break to SlOsa5, with q re-
covcry to Sl.Osi{. The market advanced TO
sl,u0l-, settled back to Sl.0S5S, and in a few
minutes advanced to $l.lla5. This occurred
shortly before - o'clock. The market from
that time until the end of the session was
very excited and nervous. 1t broke back to
81 ,1Ol{, and bulged TO- Sll2lI, settling
artcrward as low as Slllj5, and
closing there. July opened at 945sc, ranged
from 9i[c to 9321c, and closed at 945Ec. a
terrific bulge from Sl.OsI to sl.llas occa-
stoned great excitement, and a variety OF
explanations were offered TO account for II,
That most commonly accepted was based on
the theory that Bloom had sold himself into
n hole, and that when he quit selling there
was no more wheat to come on the market.
Blooms brokers were certainly active buy
ers on the way up, ana at the top. When
the Bloom wheat was covered the market
did not break, strange to say. Then it
leaked out through side channels that
n big local deal in cash wheat had been
consummated. This, however, was kept
strictly within the knowledge of a favored
- utAllA hbv'N lltll tA ilpAAA NA' VIZ NA'DN'
The news heard was that three loads of
wheat had been taken in New York for
Glasgow and that the st. LOUIS millers had
advrncCd the price of flower another 1Oc per
barrel, and that 900 bushels of the best ST.
Louis wheat was about to be shipped to Chi
cago. These matters seemed at the time in.
sufficient to cause a Be jump in the market,
and, as it transpircd later, they were not the
sole cause, though those incidents and
Blooms buying all contributed to the same
end. The market was doomed primarily on
inside information about the sale of Co.,, 900
bushels of choice hard wheat in
the Pacific elevators A and b.
The sale was made by w. II.
Harper, manager of the elevator, on behalf
Of the owners, to A. p. Wright, avowcdly
for the Buffalo mlllers. The price paid was
not given, but both Mcssrs. Harper and
Wright agreed that al you should say &c
above the May price you will not be far out
of the way The inference from This was
that the purchasers bought in the holders
hedge IN May at a difference of &c. Mr.:
Wright offered nc NJ for the rest of
the wheat in the elevators, about 100000
bushels. This wheat. so the story goes, is
10 be shipped to Buffalo, 300, 600 bushels to be
loaded into boats at once, and 300, 900 bushels
to 90 by rail. The wheat in question is very
choice grain and would grade about No. |.
northern, if there was such a grade here.
This IS wheat that 'was held at sc over
May" until yesterday, vet To-Day buyers are
found at about &c over May. ABOUT"
leaves some latitude for guessing. On the
bulge caused by this deal" nearly all of the
strong bull houses sold wheat freely, some
of them very freely. BY the time those who
had the first tips were through buying the
crowd caught on, and there was accordingly
Il good market to sell on. The closing range
of prices marks n gain of l1sc in May and a
shrinkagc of &c in july.
The corn market developed considerable
weakness at the opening, owing to the heavy
receipts, which were ~ cars over yesterdays
estimate. The weather was also an import
ant contributor to the weakness which pre-
vailed, being considered both favorable to n
frecr movement from first hands, and also to
a more rapid curing of corn, giving promise
Of more No. 2 in a short time. There was "A
gratifying increase in the Clearances from
the Atlantic seaboard, and 5000 bush
els in addition thereto was moved
toward Europe from New Orleans yes
terday. The mi for tomorrow
being considered higher than for the past
two days gave the market Il temporary as
sistancc which the later strength in wheat
did much to sustain. Tim market showed a
wonderful power of assimilating corn, when
the price for May lowered around 35b e, there
being considerable pressure to sell, and a
good deal of it found a market. Near~the
CLOSE the feeling was much improved, and
May was wanted at 353sc, when the closing
bell sounded. This, however, is a decline Of
ABOUT sc on Yesterdays resting figure.
Oats were in moderate speculative request
within a slightly lower range of prices.
There were fair transactions in May which
acted Independently of outside influences,
ruling easy to 16@4c lower, most of the
trading being at 2i1a W27}sc. Bids were re-
duced nc on near deliveries, and nothing of
consequence was done, while June attracted
less than recent attention. The Inspected re-
ceipts were liberal and nothing was reported
ms withdrawn from store since Saturday,
and No. 2 regular was weaker, with some
trading at 25l3c, or about a &C decline.
The provision trade exhibited a stronger
front. There was no improvement in the
actual situation, but in sympathy with better
advices from the stock yards, where the re-
ceIpts Of hogs were under the expectations,
n tirmer tone was developed. Traders of all
classes appeared to act with more condolences;
prices in their fluctuations were confined to
n small range and the closings all around
were n little higher than yesterdays final
quotations. In pork, the days advance was
5@719c; in lard, 2ac; and in short ribs, 21l@
Sc.