Omaha daily bee., 1888-10-17
THE SPECULATIVE MARKETS.
A Continuance Of the Downward
Movement in Wheat.
"oLo HUTCH" BUYING LITERALLY
Corn Rules weaker-Oats Quict-Pro-
visions SUI fer a Decline--CattleAct-
i've But Prices Unchanged
Hogs Lower-Quotations.
CHICAGO PRODUCE MARKET.

CHICAGO, Oct. 16.-lSpecial Telegram TO
The BEE. The wheat market opened weak
and lower on soft private cables and the
pressure Of long wheat. There was no very
large amount offered, but scattering orders
came on the market from every quarter at
the same time. December opened at sl.l04
and May at 81. l0%. The low p~oint-sl.l0 for
December and Sl.l0 for May-was reached
very soon after the opening, and then, with
out any warning, the market started up,
December going to S1.l2ls and May to Sl.l2l+.
December worked back to $l.lOs4 and May
took a position at q premium following De
cember, k@lc. After this second re-
action the market hung around Sll1@l.llI
for December quite a while, but soon after
IL O'Clock it again turned decisively and the
best prices Of the day were obtainable the
last half hour Of the trading session. De
cember by l2:I5 was Sl.l236, May $l.l34
and the top was not reached until
The market was active early and late, the
same as yesterday, with a very dull
period Intervening. The absence Of the
selling pressure was a notable
feature during most Of the session, and by a
good many the temper was mlsiudged on that
account, the opinion prevailing quite gener-
ally that the only reason values did not fur
ther depreciate was for the simple reason
that there was little property offering, and
that il only needed selling to produce a
break. The action, when it came, was from
the other direction. Wheat was wanted, and
still there was little for sale. Outside mar
kets were generally steady and rather better,
If anything. Seaboard markets are not now
far removed from the export basis, and If
foreigners want our wheat at anywhere near
the prices prevailing at export points they
will begin to feel for 1t soon. Tn situation
looks more natural than it has for some time,
though primary markets have yet a consid-
cradle distance to go back or eastern mar
kets to 20 up before they get into
line. A story which found belief
to-day was in circulation to the eff
feet that the market was raided by
Fairbank and Hutchinson yesterday for the
double purpose of disabusing the public mind
OF the idea that a corner IN December was in
contemplation and also to enable Hutchinson
to buy Il large line OF May wheat, of which
he found himself short. The fact that
Hutchinson has been a free buyer of May on
the break lent color to this bit of gossip, and
the undisturbed and smiling front of the
stalwart bulls under the rafting fire to
which the market has been subjected was
the excuse for the remark. A further state
ment was made that the only persons hurt
Dy yesterdays Dfpuh ana us continuance
early this morning were the ''tailers,' who
have been shaken OUT and that none Of
the PRINCIPAL lines of long wheat have been
disturbed or reduced. Information was also
vouchsafcd that the short interest in Dccem-
Der is greater now than it was before the
raid. On the other hand, the bears say that
whatever may happen, the receipts of wheat
up to the end of December will be large and
on a gradually increasing scale. They say
that the wheat farmers are holding back is of
u better grade and that the natural tendency
Of this future free movement will be to keep
values down and prevent any more 'cor.
ners." These bits of talk are given for what
they are worth as representing opposing
views on the subject of wheat values. May
wheat walked right along up to $l.14ss.
Conselman led in the buyings, his purchases
for the day being put al 100000 bushels.
This may or may not be for Hutchinson, but
the crowd elected to believe that it was.
December rose to $l.l3H. The whole list set,
tied back somewhat from the extreme top
but the last quotations recorded an advance
over &c in near futures and 311c in May.
Corn started weak and lower at 434c,
November being &c under yesterdays
close and sold of sharply &c more to 4216c
rallying ut the latter point with an improve
ment observable in wheat and working W
gradually to 43c. Remote futures were
strongest and made slight gains, while Oc-
tober and. November closed H@ssc under YES
terday's prices. Closing quotations were
October 43c; November 43lsc bid; December
4Ut2C SelleT, anu MAY oS'SC Ulu.
Oats opened fairly active with most Of the
trading in May, which was weak to sc lower
early and advanced to 29l4c, ruling dull ant
quiet later with near months nearly un
changed, though tending to weakness
Posted receipts were greater than antici
patcd, including nearly 400 cars, and will
large quantities in sight and a general east
ness elsewhere there was little disposition Il
put out new lines. No. 2 in store was abou
Sc lower at 24c with trading IN cash lot
chiefly by sample.
In the provision market there was a littl
more doing. Not much increase was notice
able in outside trading but regular pi
traders were more inclined to branch out
and as they were doubtless influenced il
their course by orders to sell the tendency o
the movement was bearish. Early in tn
day the trade was subjected to what nigh
be construed AS a mild raid and as a resul
prices were made to average and close lowe
than yesterday. The decline actually SUI
fered amounted to 25c on October lard, 2716
on October short ribs, l5c on Novemoe
pork, lykc on Eeyember lNrd, nc on De
cember, year and Januse1 ard, l2Tc on yea
and January pesa end r. on January shor
ribs.
1--we STOCK.