Omaha daily bee., 1888-07-19
The SPECULATIVE MARKETS.
Wheat Improves in Spite of Ham,
mering By Hutchinson. g..
CORN ALSO RULES STRONGER.
Oats Quiet, But Steady-Provisions
Regain Tuesdays Lost Ground
Cattle Firm at Former Prices
Hogs Still Active.
CHICAGO PRODUCE MARKET.

CHICAGO, July lS.-fSpecial Telegram to
INK BEE. Wheat cables were strong again
to day, and unlike yesterdays messages they
brought buying orders. Nearly all foreign
houses had string of orders all running one
way. A reduction of l,2SO,OO0 bushels IN the
amount on passage was mentioned in the
boards early cable. That gave the bulls
courage on the curb and August was bid up
TO S0hc The regular opening was soc for
both August and September. There was
good general buying at the start and scdlpers
got loaded up in anticipation Of sharp
rally, New York filed up the crowd and
Hutchinson was also free seller 1t was
common report that Hutchinson had sold
1,0OO,O0O to 1900 900 calls yesterday after
noon around SOC and that he didn't propose
to let himself be called if he could prevent it.
This is one of the things that can't be proved,
of course, but nobody could be found on the
floor who had any doubt as to the truthful
ness of the story. Certain it is that every
time wheat pokcd its head above soc Hutch
inson's brokers were there to hammer it,
Buying during the past ten days for
foreign account has absorbed good
deal of wheat for all deliveries
and there is active export inquiry
for cash wheat in this and other
markets. Inc local STOCK OF WneaJ Is DclnB
practically held off the market by carriers
and elevator people, aud it is also difficult to
get wheat at Duluth. Receipts of new wheat
AT st. Louis and Baltimore are moderate and
that arriving in st. Louis is Of inferior quail
ity. Baltimore receipts grade well and 90
out about as fast as they come in Baltimore
wires that Chicago is ) cents bushcl too
high az compared with seaboard markets.
Crop advices from the northwest are con
fiicting. AS "a rule the news from there is
to the effect that the DrOSDpCt never
better. But this is now and then
varied by reports of rust. The weather
abroad seems to be improving some, but for
eign speculative sentiment has undergone
no change. 1t is still bullish. The local
feeling is of the same tenor, but trade is still
narrow. 1t is of dog day character. Har-
vest prospects in Michigan are greatly i'm
proved of late and are yet "on the mend" ac-
Cordng to all accounts. The calamity that
threatened to ovcrtake Michigan wheat
seems to have been in great measure
avcrted. No special Improvement is heard OF
in other of the damaged DISTRICTS The
range of the market to-day was 199S 0DSO1s { for
August, 19hWS0c for September and S26o
S2%ac for December, with averaged prices
much nearer the top than the bottom. The
market has strong undertone and closed 4
W11c better than yesterday. The volume OF
trade was larger than yesterday consid
crably and u better spirit prevailed on
Change.
The corn market was strong all day, ruling
&Mlc higher than yesterday most OF the
session. The opening was at Il small shrink.
age from yesterdays closing range. August
advanced from 1890 to fIa.c, other months
experiencing a similar Improvement. The
gain was due to covering by shorts and
TO an alleged discovery that several boats
wcre being loaded with corn, of which no re
port had been made by shippers or agents
The amount of tins corn was varously esti-
mated at from 100000 to 100000 bushels,
much of which is expected to show up in to-
morrows returns of the inspection depart
ment. 1t was also quietly given out that
Geddes, Warren, Dunn, Baker and
Hutchinson are and have been ship
ping out large quantities of corn
direct export orders. Hutchinson
was conspicuous buyer of August and Sep
tember corn, as was Cudahy. The general
crowd was also buying on a scale of some
liberaity. The volume OF trade was quite
generous.
Oats were devoid of interest, ruling quiet
and practically steady on near futures, while
longer months were 1s0l4c lower. The at
tendance of spectators was not large and
there were outside features worthy
of mention. Transactions were again con-
fined within narrow limits, uue to ''short'
interest in July. This month was relatively
tirmer than the others, although it opened
! point lower than yesterdays close and
ruled nearly steady around 3lc, with August
at 25a6 U25Skc and September ASsc. No new
oats of any consequence have arrived and
cash No. 2 in store was equally steady at
AS4c, with no special demand, while trading
was chiefly by sample.
Provisions more than recovered yester-
day lost ground and the sentiment of trade
was upquestionably bullsh. Light market
ing of hogs, combined with good cash de-
mand for the product, has worked radical
change in feeling. The shorts have become
anxious to reduce their outstanding lines
and more conservative course is followed
by professional bears. The market was also
strengthened more or less by the improve
ment witnessed in grain. In pork the ad
vance actually established was l112@20c, in
lard ii5c and in short ribs lOc.