Omaha daily bee., 1889-02-27
THE SPECULATIVE MARKETS,
Wheat Averages Considerably
Lower For the Day.
CORN VALUES ABOUT THE SAME.
Provision Trade Somewhat Unset.
,~tIed-Cattlc Business in Unsat-
isfactory shape-HoEs
Take n Drop.
CHICAGO PRODUCE MARKET.

CHICAGO PRODUCE MARKET.
CHICAGO, Feb. ~2G.-TSpecial Telegram to
The BEE. The wheat market was gary"
around the opening, ana prices were appre
ciably higher than at yesterdays close, but
the snap and fizz did not last. The tone got
weak later, and the peg" was necessary to
the prevention Of a break. The news was
rather bullish at the start. Becrbohm made
the decrease 1,0Os, 900 bushels in the amount
on passage, and the reports from the sea-
board were that the exports of flour from
New York and Baltimore yesterday footed
up 1000 barrels, New York s~upplementing
this by the shipment Of 10000 bushels of
wheat. Then again, 'tips" were out that
wheat was going higher. The open support
given the market at the close yesterday by
Fairbank may have been the origin of these
tips at any rate, they were afoat and in cir
c%ulation. This sort of market intelligence
served to put the price of May
wheat up to sl.09l4. 1t opened at
s1.0s5E, or &c over yesterdays close, with
July officially quoted at 94i{c, though lew
trades were made above gi36c. At the
''hardcst'' point of the morning Bloom
jumped on the market with hob-nailed shoes,
using Irwin s. Green as his brokers. He
had heard that the big 900, 900 bushel wheat
deal had fallen through on account of the
failure of the wheat to come up to the stand
ard of the samples upon which the sale had
been made. The report was false, and grew
out of the refusal of the elevator people to
let the Inter Ocean take on a load until the
principals, Messrs. Mathews and James,
could see the wheat. The gentlemen did
not reach the dock until dark last night, too
late to look at the wheat. They were on
hand this morning, and were highly pleased
with the quality of the grain. The vessel
was accordingly loaded this forenoon. Out of
this incident sprang the report on which
Bloom and his friends operated, and which
resulted in a break of 2s< C from the top. This
loss was partially recovered before the end
of the day, but the raid left a weak under
tone through the larger part of the session.
An enterprising commission merchant had
some samples of California wheat on change,
upon which he was trying to get profitable
bids, with "a view to bringing some here.
With occasional reaction May wheat broke
from sl.0914 to 81 .0616. The bottom was
reached shortly before l O'Clock. The re-
covery was slow and seemingly forced. The
early bulge satisfied the floor traders that
the nervous and timid short interest was not
large or dangerous and the fact that flour
and wheat is going out of the country in
accelerated volume found it's offset in the
thought that the export business is being
done on u vastly cheaper basis than Chicago
prices, and to the additional fact that the
receipts at this point prove that values
are attracting cash property from
all points within II reasonable circumference
of Chicago, east as well rs west. This is a
good thing for the country holders of wheat,
but it does not induce spectators to invest,
except upon the theory Of manipulation.
b.. Later in the day there came reports that
considerable new business was being done
at the seabOard for foreign account, and color
was given to these statements by unquali-
tioJl,r q 4 ran ~ 40 l1no frpr, hpfb tho IL uliuh and
continental markets. Dispatches were also
received raising the total amount of -four
cleared from the Atlantic ports to 60, 600 bar
rels. The bears started the story that this
-four is being shipped to Liverpool and Lon
don to take advantage of cheap storage at
those points. This was stamped as 'thin''
by those bcstqualiticd to Judge as to the facts.
The market took on a tone of greater firm
S1.OS19, but reacting to $l,07I. The close
was Sl,OS1s. Guaged by the clos
ings, the market shows no especial
change from yesterday, but the average
terday. The range for July was narrow.
That delivery sold as low as 9313c on the
Bloom raid, but recovered easily, and stayed
around 9334@94c, closing at 94Sc.
There was a fair amount of business done
in the earlier part of the session in corn, and
it was scarcely affected by the weakness pre-
vailing at the same time in wheat and oats.
The demand from shippers 10 the eastern
and domestic markets was likewise good,
but was confined to the lower grades, which
sold to-day at some Improvement on yester-
days prices. The effect of the improved
grading will without doubt be to make a
closer approach of price of No. 2 and the
grades below. Trading was on the whole
light and of the same generally local charac-
ter so often noted of late. The fluctuations
were narrow, and the prices at the close
show scarcely any change from Yesterdays
final quotations.
In oats a liberal trade was recorded at a
4@14c decline, with May the f%ayorlte. The
opening was about steady at 279Sc for the
month named, but under the increased offer
ings and the lack of support an early decline
occurred with heavy sales around 27l6c. The
market touched &c, with a subsequent par.
tial recovery. Little business was done until
the prices reached the lower level, with the
near months neglected, and June dull and
weaker. No. ? cash oats sold at 25ss @29c to
60 to store, with most of the trading by sam-
pie. Out of a total OF l43 cars, 81 passed into
the contract grade, and no withdrawals from
store were recorded.
Provision trade was somewhat unsettled.
The unexpected heavy run of hogs. accom-
panied by the decline in the same, occashoned
a weak opening. The initial sales were made
at prices ic off from yesterdays closlGgs in
pork and &c off in lard and short ribs, and for
n time the market rather promised still fur
Their depression. Speculative offerings, how
ever, were comparatively moderate, and as
there was apparently a buyer for every seller
in the pit, q reaction was commenced. Pro
ducts of all descriptions showed an improv.
ing tendency, and while the advance was
slow, it was well maintained, the closings all
around being at extreme outside figures.
Trading was quite talr, with the old bear
contingent remarkably conservative in their
operations. Cash pioperty was also fairly
active. Considerable lard bought for March
delivery was secured for shipment during
the week. The fayorite futures with the
traders were May, June and July. May was
the pivotal month. 1t sold at 81. 15@ll .32h
for pork. s .s2h@8.9O for lard, and $4,000
6.0.19 for short ribs. Pork for May closed at
Sl1,3aIs, lard at 81. 90, and short ribs at
&,0Tl5. June was 1h@l0c higher than May
for pork, 21Sc higher for lard. and 5@7I9c
higher for short ribs.