Omaha daily bee., 1888-09-30
The SPECULATIVE MARKETS.
Hutchinson Continues to Squeeze
the Unhappy Shorts.
SEVERAL LOSE THEIR TEMPERs.
The Old Man Endures Their Gibes
For n Time and Then Leaves
the Board-The Great
go. Wheat Corner.
CHICAGO PRODUCE MARKET.

'~t SfN
The BEE. There was a scene of wild ex-
element on change during the last twenty
minutes of the trading session and right at the
closing point the turmoil was at its height.
| The floor was thronged with strangers and
the galleries were packed to suffocation. The
multitude gathered around the place where
Mr.. Hutchinson was sitting with his back up
against the pillar. He stood the ordeal
good-naturedly until wrathful and 'funny',
members began getting personal in their at
%tentions. For nearly half an hour he was
made the butt of the jeers and filings of every
body who could get near enough to him to be
heard. Some of these remarks were in
tended to be witty and others were venom
Gus and pointed. The old man stood it up to
within five minutes of the close, and then he
got up and left the board, making his
way out via the cash crowd, followed by
hundreds of eager men. For some little
time before the close Seymour was paying
sl.S5 Tor cash wheat in car lots. Just before
the tap Of the bell McHenry stood on the
edge of the pit and vociferously bid for Sep
TENDER wheat. =. b. Weare, standing at
his elbow, bid that 'for any part of 10, 600, 900
bushels for September delivery" At the
same moment, and not ten feet away, Billy
Linn offered leash wheat" at sl.15, and for
five minutes after the gong sounded Henry
Parker split the air with offers to ''sell
wheat" for 81. 10 per bushel. The mob that
crowded this part of the floor was uncon-
trollable. When McHenry made his $500
bid for September u great shout went up
and from then it was an unbroken yell from
hundreds of threats. The crowd in all parts
of the vast hall were wrought up to a high
pitch of excitement. The scenes that were
witnessed when the Harper deal collapsed
were tame compared to that to-day. Tie
public did not wake up then until
it was over. September wheat opened
at 81 LOO. There was some business done on
that basis, and after 12 o'clock sales at 81 40,
$1.T5 and $500 were reported, Mccormick
paying 81. 90 to Hutchinson direct fora 50,000
bushel lot. The interest in the September
deal was unabated and very great curiosity
was felt as to the identity Of the few parties
"Old Hutch" was cunning for. The names
of two operators, who for several years have
been heavy traders on the bear side sof the
market, were most frequently heard in the
mouths of men, and there seemed to be little
doubt that at least one of these gentlemen
had his head IN the vice. The '~'sorest'' peo-
pie on change belonged to the old bear party
and the boys took malicious pleasure in con-
soling with them. Manifestations of
rancour were confined to a compar-
atively small number of individuals con-
sidering the extent of ''open trades'
in September up to a recent period.
The majority of local shorts seem to have
taken the hint and run for cover before the
danger got too pressing. 1t was the general
impression that outside of two prominent
traders, and possibly = dozen small parties,
the shorts are all in and the deal 'cleaned
wheat remained Unchanged at 81. 60 for hours.
the official ear not being able TO catch bids
above that figure In the cash crowd q rat
thing business was done at times, most Of the
wheat being boughtlat $l.45, though there
was trading at sls4so and sl.60, only 1000
bushels going at the extreme up to noon. 1t
12 o'clock Tom Barrett offered IS cars at
S1.25. but Immediately afterward Linn was
bidding s1.4s. Probably. $3.50 would be
to - O'Clock than tine official quo.
tation, SLIGO. The speculative market was
very nervous early. in the day, but
this feeling gave way later to a feeling of
tirmness and a big advance in the whole list
of futures followed. Gables were strong and
quoted an advance in nearly every position.
News from the northwest was publish IN the
extreme. Mcdonald, the expert, got in from
that section and he says there saint any
wheat up there meaning, of course, 'com-
paratively speaking The opening was very
wild and ragged. First quotations, officially
reported were $3.50 tor October, 99ss@995sc
for December, and S1.O115c for May, though
there was considerable trading above and
below this range in different parts of the pit.
The market after some vicissitudes sold off
to 971sc for October, $3.50 for December and
$l.03ssc for May. October went to dis
cash wheat would be dumped, Mon
day, but the crowd soon recovered from
its fright and a scramble for October en-
sued. That month took its place alongside
December, and before the close Of business
all three of the active ADMINISTRATIONS, De-
cember and May-were close together.
People who had bought near futures at a dis
count were happy. Before 12 80 the three de-
l nrs yNyntn Din nf z 4 NJ nnl ny 4
O'Clock December was sl.O5, with October
quoted at Sl.03s< nominal, and May at 81. 044.
At the same moment Tom Seymour was
paying $l.S5 tor car lots. The market
up from the brief period Of early depression.
There were no 'soft spots'' worth mention
ing. Hutchinson's brokers were largely
responsible for the beginning, but
the deal away from the leaders and whooped
things up at a lively rate. The interest kept
up in the pit until the end, but the excitement
there was overshadowed by the greater ex-
spot where Hutchinson was sitting. The
closing prices are at a good decline from the
top. The official closing for December was
Sl.0311, and for May Sl,0314. The volume of
exceeded that of any other day of this most
exciting week.
The excitement in wheat withdrew specu-
lative interest largely from corn, and though
IL ruleu Hrm IL was inactive ana quiet. Inc
tone at the opening was very firm, and the
offerings light, and this, although receipts
were more than anticipated. The strength
of wheat, and the purchases of q heavy
operator were about the only strong feature
governing the advance and the firmness dis
played by dealings. . The inspection returns
showed 693 cars, of which All were No. 2,
and 5000 bushels by canal. The out inspec-
tion was 1922, 1872 bushels. There was a very
good demand for May, and all the futures
closed higher to-day than yesterday, near fu-
lures gaining from 2sc to &c, and those more
distant from acsto &c. The active month,
which is still October, opened at 4l5Sc and
closed at tl%e, split, which is 2s@hc over
Oats were dulE and irregular, with near
futures ruling 4Wssc lower, while May ad-
vanced nearly that mulch, with much of the
days business in. theIway of changing Octo-
Der into long month, with May nearly &c
premium. The receipts were large and with
324 cars expected for Monday, there was no
disposition to buy except at a lower range of
prices, with Octoberrselling down TO 23kc.
September closed tame and nearly nominal
in the absence Of any short interest to sat
isfy. No. Q in store lr to &c there sold sc
lower at 2314c.
The provision trade was affected by the cx-
element witnessed on the floor Of the board.
The shorts for October, November and Jan