Omaha daily bee., 1889-06-18
THE SPECULATIVE MARKETS.
Bulls and Bears Unite on eoc AS
the Wheat Top.
RAILWAY NEWS FOR WALL STREET
No Material Change In Corn =
Oats Remain steady-Provisions
Up n Fraction-Cattie Dull
And Rather Weak.
CHICAGO PRODUCE MARKETS.


CuicAeo, juno 17-lSpecial Telegram to
THE BEE. Wheat here and in New York,
as well as at minor markets. opened any
where from 15c to 11Gc higher than Satur-
days closing range. The wheat pit on the
Chicago board of trade has not been so
crowded with traders in months. AS the
result proved, pretty nearly everybody had
.some wheat for sale. Trading at and around
the beginning was on basis of 19jsc@304c
for July and 1Sc0D1S4c for December. This
was about lc better for July than was OBJ
tainable at the close of business Saturday,
and &c better for December. Around soc
seemed 10 be the point marked in tho specu.
ative mind as the top for the present, at
least. The longs looked upon soc
good figure to sell out their hold
ngs and the bears to put out
fresh lines. The consequence was that the
market big, broad and strong as ID seemed
to bo on the surface, was overwhelmed under
load of offerings, and PRICES broke. The
break did not get fairly started until about
noon; July had settled back in the meantime
to 1910, and once it got to i956@I92(c; De-
cember had also yielded somewhat, and hung
at 71Ac. All the morning conflicting reports
came in about rains in the northwest. The
weather bulletin did not mention rain, but
the barometer was low up there and tho
indications pointed strongly to rain. Private
advices on the subject were fatty contradic
tory, and the same was true as to adviccs on
the northwestern crop prospects. Farmers
and others, who wrote or wired to their
agents or friends, had great deal to say
about the damage already done, and about
the urgent need of rain at once; while
strange to say, practically everything from
p,.,nc al thn ~
This gave ground for the openly expressed
suspicion that the railroad reports are being
given out for Wall street digestion, rather
than for the information of the
grain trade. The most sensational item
that was Sprung on the floor was the state
ment that cash wheat had broken Zoe in ST.
Louis. A little bit of squeeze was run in ST.
Louis last week. and it seemed to have cul
minated Saturday. The cash wheat market
in that place, to-day. got back 10c nearer its
proper relations with June and July. That
was all there was TO the lcc break, but it
served the purpose of causing vicious break
in the futures here. The crowd in the pit
from being strongly and aggresslvely bullish,
became intensely and unrcscrvedly bearish,
and was in that mood at the close. Un
doubtedly great mass of long wheat was
unloaded and great lot of wheat was sold
short. Some think that it is now 'short
MARKET" instead of a long Market"
the ShOfU Interest De.nB especially ne0Vy w
December. July broke TO 1Sl4c, and De-
cember to T64c; gauged, by Saturdays clos
ing range, this showed a decline of 13c to
sc; and by the top prices OF the morning
break OF &c to2c. The last prices were at
q slight recovery, viz: June SOl4c, July
7S4c, September T4c, December 162l@
76Xc The dealings were on very large
scale; Hutchinson was a bidder early "for
effect, and tremendous seller all the rest
of the day. He econtriputed largely to filling
the crowd up. ''''
The corn market ruled steady ana firm, in
I -ifte of some reasons which, at first, ap-
peared to promise q different result. Thc
receipts were much heavier than had been
estimated on Saturday. and for Tuesday the
estimate was for 5e3 cars. Export clearances
were very light, and orders on either side of
the market scarce. The early strength in
wheat was considered favorable feature by
the spectators in corn. business in the
speculative branch of trade was small and
chiefly local in character. The fluctuations
were narrow and prices show following
changes from Saturdays closing figures:
June, July and August, sc higher, and Sep
te1nber at the same as on the closing day of
the previous week.
Oats were stronger early, with trading
from &c to &c advance, and this WAS fol-
lowed by decline of Ifc The strength at
the opening was attributed to sympathy
with wheat, but the increased offerings at the
top proved too much, rs there was a lack of
demand except at old prices. Speculative
trading was not heavy, and an unusually
large decrease IN the visible supply did not
affect the course of values. July sold up to
22sl@12277sc, and BACK to 225Sc, with Septem
ber at 22$$4c, early, to 22ss(n2219c; Oc-
tober was offered at 22JS923c. No. 2, regu-
lar, was quiet around 22ssc
In provisions the week opened without
much stir. Early in the session indications
of increased outside buying made pork adj
vance quickly 15c, and short ribs from pa to
&c. Lard, however, was practically unds-
turbeu, and failed to sympathize with its
companion articles. The upward turn in
short ribs and pork proved, subsequently, to
be poorly supported and was soon followed
by an easier feeling Trading in the specu-
latve way was spasmodic, and, upon the
whole, under the average. Based on Satur
days last prices, pork closed unchanged to
Be higher and lard and short ribs unchanged
to 213c higher.