New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-10-02
CHICAGO WHEAT GAMBLERS.
ANOTHER DAY OF EXCITEMENT IN THE PIT
HEAVY SPECULATION AND GREAT FLUCTUA'
TIoNs-" OLD HUTCHsH PLANS
TWO FAILURES.
Try TELEGRAPH TO THE TRIBUNE-I

TWO FAILURES.
Ipr TELEGRAPH TO THE TRIBUNE.I
Chicago oct lon the early curb December wheat
sold at 81 O4 3-4. As soon as It was known that
Hutchinson had delivered about 100000 bushels OF
October and that other parties had delivered enough
TO make the aggregate zoe, COO 100000 bushels
weak feeling developed. December was offered down
TO 81 O3 IL but soon frmed up again. III opcheu
regularly at 81 Oh s and sold at 81 Oh 3o, 81 Va 90
and 81 O3 "a within five minutes III was 'nc "'i"0'
and noisicst opening for month 1he PIT was
packed and the uproar so great that the omcia
reporters could not keep track Of prices. There was
AZ times half cent difference in derent parts OF the
pi. ,,.
Hutchinson was a moderate seller and the Immediate
outlook was for lower prices bur ono Oh 'ioso "''
expected things happened which c;tcn serve W Turn
the tide contrary to natural influences Cudahy VINO
Is said to have been short big line for some 'in:,
began buying heavily through Counselman ana ms
own brotcrs His purchases estimated all inc
way from . 800 600 to 100000 bushels and hutch
son sold about the same quantity. LaticrD uio
market has jumped so rapidly on very moderate guy
ing that the crowd disposed to whoop prices UP
whenever anything is in sight that LOOKS ! he o's
buylng order They did this to-day, and prices aa
vanccd cents so quickly that It was almost inposspie
10 buv more than an occasional fvc' or teh.
One broker with stop order al 9l oo -, pa'N
81 OF 3-l. A large commission house kept piuoie
for 100 900 bushels and could not get IL Until 'i'o
price touched al OS. Then tho market pecan'o ~
wild Cudahy Withdrew his Drokers UT tho P'''o io
have gone TO 81 90 4. u
Irucd, ,ly there was rush Of scalpers 10 SOL
ont and with many violent huctuat ohS
December went back to III % hoio
Cudahy resumed his buying but wouiu ''ho
# only on weak spots, which gave room traoers io
chance to whoop the market up, though they ePe
edly tried to do 50. William Dunn q 90 sou proO"
bly COO 900 bushels which Is supposed to have pee
putfo Is heaV
might have advanced 10 to 20 cents. He seemeu
anxious to keep prices from running away ana HIS
action may have prevented panic
Two failures were announced. one an unimportah'
affair with S c. Orr the vctim anu 'he o'no,
Frank Clifford & Co. The extent OF the liabilities Vi
the latter is not known, but 1t may prove se'io''
They traded largely for Fowler Brothers, the Dig
nrovlslon firm but It Is not alleged even that 'ho
Fovlcrs arc in any way involved IN the iaiure'
CIgord was short of wheat and the buying OF II IN
bv the different houses with which he hau uaocS
added to the excitement. ,o
Outside markets have not followed the auNah'0
here II Is believed that the last of the shorts are
now I'm Cudaby IS usually the most obstinate, ana
tho fact that he has covered would indicate hat inc
lesser shorts are also in Conservative coHni''''o
bouses arc refusing to accept orders for eAecuoh Al
80 Wild a market, unless ample margins are up anu
I'm many cases they have declined business vi tNo
ground that the commissions poor compensation
fnp fHp risks
sequence Of failures The scalpers are having hafu
tro 30 n In many cases where they are even on
, marriott their trades will not settle up ana release
their margins Every advance calls for moro money!
and those who cannot respond Will be iorced u su'
pend temporarily. o.., ,u.o.. =,
Hutchinson delivered out more october wheat at
tb close of the session and is apparently looking lor
lower prices on Tuesday. Unless the coun,ryhch
Ind In more buyin. orders IN the morning 'ncre
uleIv to he a considerable decline There IS really
potb;nr TO sustain the bulge. Everybody IS long
little in expectation of continuance Oh tho wiz
snurts Of the last three days, and an attempt 10
realize profits might easily cause ocent orcaA'
II IS . good market TO let alone for the present
The visible supply increased 100000 bushels lhero
- ro,ht,c doing I'm oats but in the market
was active and generally strong The deliveries Oh
cash stuff caused October to lose its premium ana
II closed Ia under November. There were receNeo
$50 cars Of corn 29S Of oats ana inc es'iha'o' Ii
TUESDAY are 77o cars of corn and $50 of oats. Ihc
out inspection 42l,o 900 bushels Oh corn anu
Is eco of oats. -,
1here was Wild furry in october pork and lafa'
Tho former auctuated within a range OF 90 cents
and the latter sold up to 81 32 IL, Dut coseu a'
sl1 O5. Is cents above saturdays close whlie NO
yen,bcr lost 10 cents. There were l2iooo hosS
at the yards and prices strong.
On the curb, December wheat advanced 'ron,
:, O, "a to - OG 7s and at 80 p III. 1t was offered
II Was stated this afternoon that me director W
the Corn Exchange Bank held meeting Ha'ay ,,rt
nigIi to talk over the wheat corner anu us 1toE.
on the bank with which hutchinson Is S 50 CioseS o
identiticd Ii was unanimously agreed that ns 'o,, III
ncrtion with the corner had been picJuuclai 10 tio @
bak and II he continued to deai on ices as in tSe
scale As heretofore and manipulate prices In @ e,o
,u,n,, A. I'm the past the effect would DC ihIuious
TO the bank. It is said that Hutchinson WS t 10 SelI
out lis wheat and withdraw altogether from 9 tnG
markei Ihis the old gentleman agreed 10 uq' hi anu
II j. alleged tnat his sales today III INC h.a5o
and other markets have aggregated ',ooo,VOV Dusi-
rs low much more he has 10 sell Is not ho"Ii, NJ
1ie Weakness on the late curb was que 10 .ne
report that Hutchinson will get out Oh lhe "hed'
deal J., 49,. o,.r bavc raised
tho urice one cent per loaf. owing TO the cohnuGu
advance In wheat aud tho consequent lnctSac tS tbe m
nrlce viii be PUT up another notch OIle & vi Iiv h
Tholesalcrs said There has been no increase uS
,vholcsale dealers yet. but If flour shoud CONTINUE
", odvamce We Will have TO meet the rise'