Evening capital. (Annapolis, Md.) 1884-1910, 1888-10-03

WA Exeitement In the New York nnd
Chicago Markets.

MIA Excite mGMB - tM8 <tG1 AD@@ -
Chicago Markets.
NEW YoRr. Oct. 3-The feeling In the
wheat pit before the closing was decidedly
nervous and mixed The September squeeze
did more damage here than in Chicago, Tor
the reason that all the money was made there.
Conservative grain men looked for reaction,
as they considered prices too high Wheat sold
considerably higher than It's export price,
which is prima facie evidence that the market
was purely speculative one They do not
look for great activity nor marked huctua-
tons after the present market settles into
its normal condition, which viii probably
take place before the end OF the week.
A great deal Of attention Is conferred IN
Chicago, and the talent is trying to read the
operations Of s'Old Hutch It is said that
the great squeezer sold between 4, OOO, 600 and
1000 900 bushels of December wheat M nday,
and this fact nonplused the produce men
more than If he had bought it. The opinion
prevails that q reaction win take place, but
as the wheel Of fortune Is being whiried In
Chicago the New Workers are all at sea-
The market opened excited and feverish,
the trading being in December wheat De
cember wheat opened of cent and until the
Chicago market opened was very irregular.
Corn was strong
When the market opened in Chicago amid
widest confusion, 1t was reflected here. CHI
cago opened at 104sl, quickly moved up to
1857, down to 106s6, and then took steady
pull upward Hutchinson's action in selling
5000, 900 December wheat Monday was ex-
planned by q dispatch, which said that he
went cunning for two of his opponents,
Cuddy and Kent. They were short and he
advanced the price on them, frightening
them out and compelling them to buy OF him.
The market here was the scene Of wild ex-
element, with prices in sympathy with those
from Chicago.
Prominent commission houses are advising
their customers to keep out Of the market
until 1t settles down to q healthy tone. 1t Is
too speculative at present, which Is only
natural cause when one man holds the reins
of power.
The Chicago correspondent Of Counselman
g. Day says, in regard to the grain market:
at is raining hard in the west, and this VIII
help the strength of wheat and corn, because
it is unfavorable to the shipment OF the
former and will mature the latter. What
the outcome of the next two or three days
will be it is impossible to say. 1t would seem
from opinions expressed by large houses that
great many shorts have covered, and there
Is Ioir OUTLOOK Ior QuleVer leeunS anu Aeo0
activity, and very likely reaction viii be in
order However, we do not expect to see
December wheat sell at 81 again.
''The September corner has brought facts
into more prominence than could have been
done in any other way. With wheat at $l.25
$3.50 and SO per bushel, hardly any came out.
1t is fair to presume that the receipts viii be
very light for long time
Conservative bulls say that wheat is act
ually worth S1.05 to 81. 10 on its merits, judg-
ing by the supply and demand in the north
west.
Bank presidents and owners Of elevators,
who have no interest in the market whatever
and who have had life long experience, say
that wheat is worth $l.20 to 81 rs now on its
merits. Wheat is thought to be purchase
on all reactions The bulls have confidence,
they have made the money, have broken the
ranks of the bears, have all the natural situa-
tions in their favor and are likely to use it all
for its full strength, and il we get wet weather
this month November will see big whirl 1t
p rainy and cold in the northwest