Omaha daily bee., 1888-11-02
THE SPECULATIVE MARKETS.
The Shorts Turn the Tables on the
'" Longs.
UNLOADING BY HEAVY HOLDERS.
A Material Decline In Corn-Less Ac
tivity in Oats-Fair" Business in .
Proyisions-CattIe Unsatisfac-,
tory-Hogs Brisk.
CHICAGO PRODUCE MARKEr.

CHICAGO, Nov. 1.-iSpecial Telegram to
THE BEE. Yesterday there was a small
sized panic among the shorts and they COW
cred regardless of price. To-day the boot
was on the other foot. The longs lndulged
themselves in the painful pleasure Of little
panic and the price of wheat for May and
December broke 4l%c q bushel and the feel
ing in the pit was intensely bearish. To hear
the talk one would imagine that the wheat
market was planted over a volcano that was
liable at any moment to break out and let
the bulls down into.a bottomless abyss. Some
uneasiness was felt early over the discovery
that on the bulge yesterday several stalwart
bulls had taken in the profits on
considerable lines of wheat, their names hav-
ing been flven up by the brokers after trading
hours This served to make weak opening
around 81 .209l for May, and 81. 19l2 for De-
cember. The announcement that 100000
bushels of wheat was being held in New Or
leans to be shipped back to st. Louis in GER
tain contingencies was sprung with some ef-
feet by the bears but by all means the most
important factor early was free selling for
northwestern account. The changed atti-
tude Of some large operators in that section
received wide advertisements. 1t served to
precipitate decline, and the weakness was
further assisted by rush on the part OF local
longs to sell out. A wild and woolly re-
port the effect that Pittsburg had
bought Hutchinson's interest in the market,
was also started in circulation, but the story
found few believers. Later in the day every
thing else was dwarfed by reports that the
big local longs were selling out on each other.
That was the crowning gossip Of the day and
caused genuine stampede. Hutchinson
was credited with beng seller yesterday
and to-day early, but the latest information
concerning his movement was that he was
buying the market down on scale. The be-
lief that he was doing this checked the de-
cline about noon and occasioned rally OF
nearly lc, but the market did not hold
at the recovery and the last OF OF
season of the day. Speculative operations
were on a large scale IN the PIT to-day, and
large amount of business for outside account
was transacted. The break was accom-
panied by greater excitement than yesterdays
sensational advance. May wheat as before
stated, opened around 81 20A. 1t then sold
off to sl.2ol4, up to sl.2Oh, pack to sl2o. up
nc, down 10 81 1879, up to 81 1917 and straight
down to sl.l6M. The decline the last hour
was precipitous and the way exceedingly
''rocky." The feeling at the close was very
nervous and shaky at practically the inside
figure of the day. The last prices were 81. 10
for December and 81. 1873 for May. The i'm
preston obtained firm hold on the crowd
toward the last that not only Hutchinson,
but Baker, Lyon, Fairbank and the Jones'
Mccormick bull contingent had been
selling out for the past two or
three days, and this morning the grand
dump occurred. 1t was thought that towards
the end Hutchinson tried to check the slump
bit could not do it. Chicago is several cents
nearer being "in line" with other markets
to-day than it was yesterday, though other
markets also settled back sharply in SYM
pathy with this market. European advices
indicated continuance Of the hardening
tendency lately observed in that quarter,
but no inquiry for American grain can be re-
ported vet. A local feature Of some signifi-
Cance of late is the steady absorption of low
grade wheat by parties who believe the dis
parity of prices between No. and No. is
too great and the two grades must work
closer together, In some cases the deal has
taken the form Of purchases Of No. 3 and
sales Of No. 2.
The general prevailing sentiment after the
first hour strongly favored lower prices for
corn, but the weakness was not very pro
nounced until about thirty minutes from the
close when, in sympathy with wheat, there
was free selling and material decline from
early figures. The closing of November "a,
3SEc is a loss Of 114@lSsc since yesterday
The last quotation for December-3Sl4c--i.
&c, and May ut 3S5Sc, is 5s01l2c under the
respective prices at the end OF yesterday.
trading.
Oats were much less active than yester
day, though fair aggregate Of business wa'
nnally reCOrueu, CnleHy III MAY. WHICH Wus
about steady and in fair request at 2960291sc
Near futures were quiet and practically un
changed, with light trading in this month
while December was dull. February sole
sparingly at 26lIc. Receipts were moderate
and the inspection sheet showed only 10 pc
cent as passing into contract grades. There
We're few oats offered in store, with gilt edge
quoted at 241ac.
In provisions fair general interest wa
exhibited. The receipts of hogs at leading
western points being, in round figures, -onl.
$1,000 head, against $1,000 for the same day
year ago. Trade opened with strong bul
lsh feeling in control. Early trading il
product was at considerable advance ol
yesterdays closngs, and for time seller
rather held the balance Of power. Th
prices ruling, however, induced Hutchinso
and other longs to unload, and under thei
selling q severe break was suffered. Januar
future for pork sold off from the morning
highest quotations 25c and for lard and shor
ribs l21sc. From the call to the close o
'chango the market displayed weak ten
dency. Closings all round were ut n declin
from yesterdays final figures. In pork tn
depreciation shown amounted to 59l2I9c, i
lard TO 7l5(9l0c, aud in January short ribs