Omaha daily bee., 1889-03-22
The SPECULATIVE MARKETS.
Hutchinson and Fairbank in Their
Famous Roles of Dairymaids.
HOW THEY MIXED THE SEARS
Corn Closed at a Slight Advance
Oats Observation-Disclosures ke-
stricted--Cattle About the
same-Hogs Higher.
CHICAGO PRODUCE MARKET.

CHICAGO, NlHTCn Zl.-lopeclal lelcRTHm 10
The BEE. The May wheat shorts were
'milked" to-day. Hutchinson and Farbank
were seen at their best in their famous roles
Of dairy maids. The labor of milking the
bears was TO them pleasure, and it seemed
to be attended by no risks. In their hurry
to get through the unpleasant performance
IA quickly rs possible, the bears neglected to
give expression to their customary notes of
sorrow for "poor Fairbank." They even
neglected TO figure ON what his losses ought
to be up to date. May wheat closed yester-
day afternoon at 96%c. 1t opened today at
about 97sl@9sc. BY Ii o'clock, an hour and
half after the opening, the price was about
81. The extreme outside was si0oll, or SIC
better than yesterdays final quotations. On
this bulge, which was a strictly local affair,
there was very liberal realizing, and the
price worked back to 9Si1c. The market,
however, failed to go to pieces, and there
was some recovery from the decline.
The other markets and the late futures IN
this market reflected only in minor key the
strength in Chicago May. To-day's boom
may be described truthfully as "shorts'
bulge" The bears have been gettirg very
reckless recently and they "sold themselves
In the hole" The concentrated buying by.
heavy for several days, and it evidently ap-
sorbed all the wheat for sale. To use COM
mon phrase, ''the crowd was baled out"
Anything was likely to turn the market up.
Tie publication in the Daily Business of
yesterday of a summary of the figures of the
London Miller on the question Of the sup
plies of wheat for Europe for the remainder
of the crop year, and the reproduction in the
Tribune this morning OF the same conclu-
slons, was one of the things that caused the
strong opening. The many evidences that
nave been accumulating of late of the re-
newed activity in the consumption and ex-
port trade was another factor, and
the actual oversold state of the
market was still another. The
appearance of Lyon and other stalwart
bulls in the pit bidding for large blocks was
the only additional force needed to start the
ball rolling, and that was supplied. This in
brief explains the origin and cause of to-
of long wheat bought at cheaper figures came
out on the advance, but the short interest
was SO large and the change of sentiment so
general that the market did not stay down.
May worked back to 9S16c, but rallied to
99s@c, and held steady at about 99c during
the last end of the session. Right at the last
the market advanced to $3.50 and closed
there. The trading in May was very heavy,
and in July fair volume of business was
done, but the excitement was less The
opening was at S616c, or &c better than yes
terday The highest point touched on the
first furry was SIC. The market settled
back nearly to S6c and on the subsequent
rallies only advanced to S69sc, closing at
s6xc.
slight advance partly in sympathy with the
strength in the wheat market. There was
again some evening up in the matter of
some shorts taking profits and longs sub
mitting to moderate losses, but on the whole
the volume of business was of light order
and manly local IN character. The closing
prices show an improvement of Ac over
those ruling at the corresponding time yes
ter3ay.
Oats were firmer though rather quiet aside
from May, in which there was fair trading.
One or two Of the prominent operators
bought considerable of the month named at
2534Q125ISc, chiefly to cover shorts, with the
receiving houses the principal sellers. There
was q moderate call for June around 25L4c,
with 2511c barely touched, while July was
dull.
Receipts and estimates for tomorrow were
fair, while nothing of consequence was with
drawn from store and little disposition
was shown to purchase No. regular, with
prices much the same as recently, around
25369251Sc to go to store.
In provisions the business transacted was
disappointingly restricted. The opening
showed a continuation of Yesterdays bull
movement, ana for pork the prices indicated
an advance on the early transactions of 171Sc,
for lard of 21c and for short ribs Of TIC. In
the morning trade, in fact, the feeling was
decidedly strong and for a time the outlook
promised all that the holders could desire.
Before the session had progressed far, how
ever, it became apparent that the buyers
had no intention to follow another rise in
the market. They limited their demand or
withdrew altogether, and when parties
anxious to realize offered their property they
found it hard to sell. The buyers only pur-
chased when the prices asked by the sellers
suited them, and with the excessive offer
ings the prices pursued the only course open
for them, and that was to drop to lower
the tendency was bearisb and from NJ the hest
quotations established pork sold off 2716c,
lard 7]6c and short ribs 1910. The closngs,
however, were the same as yesterday to 21SC
lower for lard, and only 21ac off for pork and
short ribs.