Omaha daily bee., 1888-10-08
THE SPECULATIVE MARKETS.
Wheat Higher Than at ANY Time
For Five Years.
HUTCHINSON A LARGE BUYER
Commission Men Pursuing n Conser-
vative Course -t3ullish News From
the Northwest-Ihe Cat
tie Market.
CHICAGO PRODUCE MARKET.


Cnfcaao, oct. g Special Telegram to
The BEE Wheat advanced over &c to-day
and closed near the top and at substantially
the best prices OF the week and at the best
prices obtainablc for five years. The volume
of dealing was large around the opening and
there were seasons of activity throughout the
session, but no signs of special excitement
were visible until late. The largest buying
was by Hutch There was not much
wheat / for sale and uscllcrs were able
TO obtain almost their own prices for what
they parted with good many outside or
ders were filed These were nine times out
of ten to buy. If the public could place its
orders the market would probably be much
higher Such at least, is the opinion of
good Judges in trade. The policy of commG
sion merchants still very generally tends to
the discoura cement Of miscellaneous new
business in wheat, more particularly in De
cember. Commission merchagts are usually
very stiff on the subject of margins and opcr-
ators are compelled to restrict dealings TO
safe limits, which is better for everybody
while the excitement runs high. Northwest
news is more bullish to-day than
ever. Buyers away back in the inter
Tor are paying prices that seem
fabulous, almost. At Duluth December ad-
vanced to 3l3i and MAY to ?l34. In Min
neapolis No. hard for October was quoted
at S1.3l and for December at Sl.32, No. l
northern being 81 q for October and Sl?S for
December. This makes an advance of 50t6c
in Duluth and &c in Minneapolis. New York
and St. Louis We're 3d4c higher. Gables
faIl to reflect excitement abroad. Notwith-
standing the fact that wheat is 250C3Oc higher
at all primary markets than it was u couple
or three weeks ago, the receipts do not IN
crease. This may mean that there is no
wheat to cone forward, or it may mean that
farmers are determined to squeeze the last
drop from the lemon that has been put in
their hands. Rarely, indeed, does the mar
ket advance at Il time so fcllcitous for the
farmers. 1t comes generally after the wheat
has left the farmers hand. This year it
follows hard upon harvest The failure of
wheat to come forward on this bulge, coupled
with the rcsolute refusal of three of the
leading longs to sell IA bushel, has made the
bears very nervous and curtailcd their oper-
ations to the minimum Whenever any
body starts in to buy wheat the sources of
supply seem TO dry right up. The spccua-
tive market has not been so bare OF offerings
for long tune. The opening range of prices
here today was Sll6@6 for November
Sll7l9 for December and sl.l9 for May Il
jump over night of about &c. The initial
quotations were the lowest of the day. De
cember not long in getting to Sl20 and
May to :l.2l lIaSl24. There was pause at
this range for while and then reacted &C or
such matter. About noon another furry
occurred, December going to Sl.2l and May
to 81 % From this exalted level there was a
reaction of over lC, followed by a lightning
bulge of about &c IN December, the previous
high water mark being passed. For Decem-
ber 81. % was paid and for May Sl.23 This
record made the days advance GGl64c, the
greatest gain being i'll May. The latter month
ranged la,G1l@sc over December carly, the
difference gradually and almost impnrcept-
bly, widening rs the session advanced, until
show
months only lc apart. The final squirt was
the most exciting incident OF the day. 1t came
Unexpectedly, and there was no stopping it.
The floor in the vicinity Of the pit was
throngcd and the scene was like that wit
messed on Monday and Tuesday, when the
era of great booms and wild fluctuations was
inaugurated.
The week Just closed was the most excit-
ing and sensational in the history of the
gram trade since the Franco-Prussian war.
The demand for corn at the start was largely
from the short interest, who were alarmed
by the extreme tirmness and advancing ten
dency of wheat. The firm tone of foreign
markets also tended to strengthen the feel
ings of holders, and the fear of only small re-
ceipts of contract corn during the present
and next month was likewise an argument to
parties who have contracted to deliver that
grade in October and November. New Or
leans exported $4,000 bushels to Liverpool
yesterday, and from the principal Atlantic
ports there was fair evidence of the pres
ent prices beng within shipping limits Tho
opening buying furry was succeeded by free
offerings, which caused a reaction from first
quotations and a gradual weakening which
was added to by reports of heavy loadings OF
cars at country points, which are expected to
increase next weeks receipts considerably
There was sudden and material decline in
the last few minutes, but the very strong
closing to the wheat market caused as rapid
reaction. The closing price shows decline
of 14MSsc from yesterday on near options,
while May closed l3Wssc higher
Oats were quiet but firm within a narrow
and unimportant range, with May in the
most favor, and relatively stronger than near
futures, improving about l4c from yester-
days final trading price, with 29l4c paid.
Year has been neglected for few days and
was nearly nominal with fair inquiry for
the near months, while December was quiet
around 251c. fair proportion of the re-
ceIpts graded No. and were offered on the
regular market with sales in store generally
ut "a &C, or the same as yesterday.
The provision trade failed to command as
much attention as yesterday. The opening
was strong but the bears speedily aisCoy-
fed disposition on the part OF
some of the longs TO real
ize, and by some free selling
succeeded in breaking the market quite
badly. For time prices reccded without a
reaction and rather heavy feeling held con
troll. Later, however, there were more buy
crs than sellers, and something OF recovery
set in all along the line. Still the break
made prices average somewhat lower on
majority of deliveries than yesterdays
range. At adjournment October pork was
unchanged November pork closed at IA de-
cline of 25c October lard of 35c, November
lard of l2lGc, October short ribs, year lard
January lard, January pork and January
nj he nf ~ a n