Omaha daily bee., 1888-03-08
THE SPECULATIVE MARKETS.
Bears Control Transactions In the
Wheat Pit.
FREE SELLING BY HUTCHINSON.
Corn Falls on on the Prospect OF large
Receipts-Oats Follow the dc.
clinc-Provisions Show Con.
siderable Strength.
CHICAGO PRODUCE MARKET.

CHICAGO, March T.--[Specisl Telegram TO
the BEE. There was news enough in tho
wheat pit this morning, and most OF 1t
favored the bears. The slump in corn was
an influence on the same side of the market,
but at the weakest point tho decline in prices
amounted only to sc from opening figures
and the l. o'clock close was only &c below
the opening for May delivery. Hutchinson
was n particularly free seller at near the bot
tom price, but the market took his offerings
and even advanced little before the close
There was scme buying for country specu-
lators In the winter wheat sections, but, in
general outside orders were not extensive.
Probably good part Of the buying was by
shorts, who had profit in their sales. May
wheat opened at S0ISc, sold down to s0IS6e
s0ssc, then up to s0I5CdsOssc, declined .gradu-
ally and with occasional slight reactions until
s0]sc was touched. During the. last half
hour rumor was circulated that the engi-
neers strike would surely spread to the Rock
Island road, and on this news there was somo
demand from shorts which sent the price up
to S03sc, which was. the I o'clock closing,
The highest price reached was on news Of
the emperQrs illness and an incorrect post
ing which showed considerable decline in
consols. When this was corrected the 'war
scare was annihilated. June wheat opened
at S03ic sold up'to S07Sc, down to S0)1c and
closed at o'clock at S05S(GS01c.
The local crowd started in to sell corn this
morning but for the first hour or 50 had only
Indifferent success in holding the market
down. When they got 1t down, as they did
occasionally, 1t seemedquie elastic for time
and would jump back whenever there was
ever, the critical point OF 53c for May corn
was passed and then there came out flood
of long corn which OF itself brought
about the remainder Of the break suffered
during the session. Hutchinson was a prom
inent seller of corn and the inclination Of
local traders seemed to agree with him in this
instance. The report that the Burlington
road was getting In good running order again
and would soon bring in large guam
ty Of corn occnn wnSh had the been strs s
was bearish feature to-day So when the
late report came that the strike was spread
ing, it caused some reaction just before the
close. May corn opened at 53ss@53}2c; sold
at 53llc then down to S3i4@539sc, then down
to 53c, up to 53sSc, and hung some time be-
tween 53lsc and 5314c, then dropped gradu-'
ally and with frequent reactions of sc or
more to 52>S952@sc, closing at ! O'clock at
5255652sic June corn opened at 52Jsc, sold
down to SEC, and closed at o'clock at 52l4c.
There was rather active speculative trade
in oats, with Hutchinson the largest seller,
and the market declin6d,' following the lead
Of corn. May oats opened at sec, sold down
to 81 &c and closed at 81 &c at O'Clock. June
oats opened at 81 &c, sold down to 81 sc aud
closed at size at O'Clock. For July oats
30I, was asked and August oats sold at'2Sc.
The provision, trade showed considerable
strength Lard and short ribs were n little
heavy, but in pork the movement was more
satisfactory for the bull side than for some
time In the latter article the trading, es-
pecially early in the day, was also quite ami
mated and prices sustained "a substantial ad-
vance, resting at 1 O'Clock 12l9@l5c above
last nights closing. Lard suffered a decline
of 81 &C and short ribs of 213(G5c.
AFTERNOON SEsSIoN-Wheat higher; May
closing SOs4SO7sc, June size. July 81 ls0StAc
Corn stronger May closing 52T@53c, June
firm Pork was 2I1 c higher; March closed at
$780, May at sl4 O211a Q6l4.O5 and June. .$l4.07'
bid. Lard advanced 219c; closing at S7.62I
for March, S7.7o for May, S7.75 for June and
81. 80 for July. Short ribs were quiet, but
shade firmer, and closed at $40 for March,
1920 for May, s7.2211 for June and s7.35 for
Jnly