Omaha daily bee., 1889-05-15
THE SPECULATIVE MARKETS.
Chicago Bulls Making Great Strike
for a Rise.
CONCERNING THE NEXT CROP.
Wheat Sales on Change Hating
Corn and Oats Likewise Dull in
Trading-Tbe Cate Market
Follows the Produce.
CHICAGO PRODUCE MARKET.


CHICAGO, ,May14.-T Special Telegram toTHE
BEE. Captain Phillips had sample OF
wheat, on change, from southern Illinois
Everybody went into raptures over ii and IL
was finally shown TO Mr.. Hutchinson, who
examined IL critically and then remarked,
"too much straw; too rank growth to make
good wheat" The other agriculturists in
the wheat pit discovered that the stalks
were disproportionately large for the size of
the head. About this time Steever showed
a letter from a town in central Kansas to
the effect that the farmers in that section
were Offering TO sell their crops of wheat for
81 per acre. The weather of the past ten
days is represented to have done consider
able damage to Kansas crops. This is IN har.
mony with a letter from Hutchinson, re-
ceived yesterday, and with advices received
by Buell. and others during the past few
days. The general impression seems to be,
however, that the Kansas crop is going to he
phenominally large. The local market was
very dull and veiy narrow, what tendency
was developed was in the direction of lower
prices. The small shrinkage in values was
mostly the result Of slight decline The
opening price was &c off for July and Sep
tember and smaller fraction for May ard
June. Remote futures were heavy and
dragging all day. 1t was found difficult to
execute selling orders in them, except at
concessions and operations in July, the most
active month on the list, were on restricted
>scale, though occasional periods of activity
were noticeable. Toward the close business
livened UP somewhat and the market hard
ened This was on the reported working of
eleven boat loads III New York, and local
sales of 10000 bushels of cash wheat. New
York failed to report any clearances this
morning, circumstance which dampened
the ardor of good many would-be bulls
early in the day. and helped to stimulate
short selling on the part of the scalpers. The
public is following the example of the heavy
professionals and "waitlng,n apparently.
Big bears are getting very cautious. They
seem 10 feel that the unraised crop
has been sold down to as low figure as it
is safe to go for at present, though they
might be tempted to put out good lines
on any Important rally. July wheat opened
at 7S1sc, sold down to 7S5sc and during the
whole session failed to go beyond the limits
of 1896 low and 79c high. The favorte
stopping point was 1S4c. Hutchinson was
buyer of wheat at 7S9s@1S34c and seller at
ISA@1SBc. Pardridge bought in the 300,-
900 he sold Linn yesterday, and Cottrell sold
notable transactions of the session, and
they were only worthy Of mention because
of the mOnotonous duliness. The close was
7S94@1S5sc. May wheat ranged at $500
less gossip afoat toward the end of the ses-
SION about a good-szed trade in cash wheat
and vessel room was taken for 6S, 900 bush
els. portion of this room was for %, 900
bushels of hard:wheat sold for shipment YES
terday for 96c. To-day another ~, 900 bushels
of similar wheat went at 95l3c, and some
where between &c, 900 and 50, 600 bushels Of
regular May wheat" was bought for ship
ment on basis of SAC.
The receipts of corn were heavy, as noted
above, and large proportion being graded
No. was, at first glance, a most dscour-
aging circumstance to the bulls. A heavy
corresponding scarcity of grades which have
been chiefly in demand by local shippers for
account of eastern consumers. Stocks here
are light, 1,2l8,0O2 bushels having been the
entire quantity of contract grade at the close
Of business on Saturday last. Vessels find
considerable difficulty in getting loads with
out having to take on at three or four
different elevators There was good buying
of June and July deliveries by prominent
operator at around 34l4c for the former and
Doc for the latter. The market maintained
the advance near the opening and closed
firm. Tho principal feature of the days
business was a scarcity of cash corn, the bulk
Of to-day's receipts having been delivered,
in fulfllment of premium contracts for May.
The advance over Yesterdays closing quota
tions, established in the end, was sc in May
delivery, nc in May and June, and 1sc each
August and September.
some trading at 4c advance. Receipts were
less than anticipated, and the market in
directly shared the strength in corn The
trmness was also helped because of inquiries
for large lines of cash oats for shipment
Trading was chiefly in June and July, with
the latter touching 23ssc, while, for Sep
, tember 2311f0o23ssc was bid. May sold mod
erately at 22st stC623c; and No. 2 cash oats
were around 221Gc
Provision traders were treated to a much
weaker market than they expected. The
receipts of hogs here and at other points hay
ing again exceeded the estimates, the bulls
found it convenient to withdraw, and trade
was practically handed over to the bears.
Even Cudahy and Armour showed q dispo-
sition to sell property openly, and
from the start the movement
had but one direction and that
was in favor of lower range. Declines
followed declines in monotonous manner,
and the days business rested either at in
side prices or figures approximately the
same. In pork n break was suffered, based
on yesterdays closings, amounting to 2711c;
in lard to INC, and in short ribs to 1O9l2I1c.