Omaha daily bee., 1889-05-25
THE SPECULATIVE MARKETS.
Wheat Takes an Upward Turn in
Chicago.
BULL REPORTS FROM THE CROPS
Corn Fiuctuates Slightly and Oats
Are stronRer--Prov'sions Go
Up But Fail to Stay
Cattle Higher.
CHICAGO PRODUCE MARKETS.


CnIcAao, MAY 24-ISpecial Telegram to
THE BEB.l-Wheat was stronger, more ac-
tive, and higher in Chicago to-day. Explain
ations were misty, and everybody took a
different view of the advance, its origin and
the possibilities Of the permanency of the
improvement. The situation, so far as the
public can see, has not changed during the
past few days, but for some reason the
shorts are getting uneasy. 1t sounds funny
to talk about shorts getting nervous on a 1c
TO 11Sc rally, after SOC break, but it is the
truth, nevertheless. Pardridge, George
Smith, Kammerer and the whole list OF local
professional traders, who have been on the
bear side of the deal, were buying to-day
There was also large buy
Ing, for Investment account by
some big fish operating through William
Young & Co., Schwartz, Dupee Sc Co..
Anthony Brown, Weare and half dozen
other prominent people A good share of
this was set down as being for account Of
Hutchinson, but this was merely conjec.
ture. The first notable incident was the
running in" of an out outside "independent'
broker, who has been cutting a pretty wide
swath, recently Oh 'system." The crowd
got ''onto the deal," and the result was the
puithdSc VI u iluc vi DTDUuDly huil
bushels for account of the System" at 1c
loss. This was the joke of the day. 1t was
thought, at first, that this might have caused
the advance, but the market did not go
back. and the conclusion was reached that it
was only an incident and small one at that
instead Of an event. So much for the
'joke." The truth seems to be that the
latest field advices do not come up to the ex-
pectatons of the believers in q
phenomenal crop. Aside from the
possibilities of serious damage to
wheat in Michigan, northern Indiana and
Ohio, from the recent frost advices from
Indiana, Illinois, Ohio, Kentucky and Kan
sas, indicate decidedly spotted" condition.
Wheat is not showing up as we'll anywhere
as was hoped for In short, the promise OF
twenty or thirty days ago is not being main
tanned The feeling that perhaps the crop
prospects have been discounted, is growing,
and offerings are consequently not heavy
No concerted or special effort was made,
to-day. to bull the market, so far as could
be learned. July wheat opened at 1614c,
sold off 16c, and started up, not stopping
until 773sc was touched The advance was
3apid asd there was large trading on the
ascent A reaction to about TIC followed,
and the scalpcrs looked for a further re-
action, but the market hung firm. large
business was done during the day within the
range of 711s0DTssc. Once the price touched
T16c. During the last hour the market
started down several times, but was brought
up with a jerk and closed steady at T18c,
or e4c better than yesterday. December
wheat ranged from 7516c, at the opening,
down to 1850, and up to 76$Sc, closing at
f6ls@76lIc May closed at SIC. and June at
Sic. The average Improvement as compared
with yesterday was &C to &c.
The corn receipts were about fifty cars in
Excess of yesterdays estimates, besides the
arrivals by canal, which did not enter into
the calculations. The weather. was of tho
mos m in hind from n aprirnlturS
point of view, and for to morrow: 1,090 cars
was the number calculated for this point
The clearances from the three Atlantic ports
cere light, but the shipments from here
we're heavy, though they are now falling
considerably behind the receipts. The firm
ness IN wheat appeared to create the
stronger feeling which prevailed in the mar
ket early, inducing, as t,did, good many
shorts to cover. There was considerable ac
tivity at times but for the greater por-
tIae sr the time quletness ruled in the trad
fng The early strength was nearly all gone
towards the close of the market. Shippers
reduced their orders for the cash article and
the shorts appeared to have bought early all
that the present outlook warranted The
close shows decline IN May of Sc; June
closed where it did yesterday, and July
gained 1-l6c.
Oats were nearly steady, and only fairly
active, largely IN the way of changing June
into more deferred deliveries, with July at
Ac premium. The month named sold largely
at 223lc, and the split above. September
averaged stronger, with good inquiry for
No. at 221Sc, and some sales were recorded
as high as 23c Buyers appeared for No.
regular at 221Sc, while cars to go to store
sold at 22Ic. Receipts were greater than
expected by some 40 cars, while the move
ment of round lots was not sufficiently large
to add much strength to the market. The n-
creased selling, later, caused a weaker closing
all around.
Provisions were again higher; the advanc-
Ing tendency shown yesterday was assisted
materially by small receipts and the rise in
hogs, and in the general trade something of
5 boom was experienced This upward turn,
however, failed to command sufficient sup
port to maintain it throughout the session.
During the last hour or 80 there were more
sellers than buyers, and prices fell away con-
Fderably, though the closings showed sub
ltantial Improvement In pork the days net
appreciation amounted from zoe to 2211Sc, and
In, la,l lcIc. iIr frcr. L..k -.