Omaha daily bee., 1888-08-26
THE SPECULATIVE MARKETS.
An Immense Volume Of Business in
Wheat
THE PIT NERVOUS AND EXCITED.
Corn Rules Weak-Oats Dull and
Lower-Moderate Business i'm Pro-
visions-Cattle Unchanged
Hogs in Fair Demand.
CHICAGO PRODUCE MARKET.

to The BEE. Wheat opened about &c of.
First official quotations were S91lc for Sep
tember and 92c for Decemoer. There was
very little trading in December around the
opening above 9l150gl &c, which was really
the market. The excitement right at the
opening was very great-almost as much so
as yesterday. For the first time in week
cables came in rather tame, though, and
there was an indication of serious set back.
Then crop reports are somewhat better than
the radicals have been trying to make them
selves believe was the case. Wheat in the
northwest has not been entirely destroyed, as
some of the people on Change have been led
to imagine by their speculative advisers.
On the whole the bull spirit was cooled
down to some extent. Outside buying is
more general now than IT has been at any
time. 1t was the support from that quarter
that made Cudahy and some other local
operators of Importance and weight
think they had run against stone wall
when they undertook to hammer the market
to pieces this morning There was a sur
prisng small amount of wheat for sale con-
sideringly the severity and abruptness of the
break. After some little hesitation the mar
ket advanced 1IGo34c and seemed firm at the
recovery. The principal pressure was on
December, for which delivery Hutchinson
was free seller, as he has been ut intervals
for a week. He was big buyer for Septem
Der, however, and his operations served to
still further narrow the difference between
September and December from &c at the open
ing to &c. Chicago No. spring is clearly
in high favor with men who are not afraid o
come into contact with actual grain. Nearly y
1000, 900 bushels have been shipped out this
week, the clcarances for yesterday alone
footing up $4,000 bushels AT sundown the
stock of No. spring in the regular ware
houses here was not much, if any, above
3,00O,0 bushels. This will show reduction
in total stocks of about 100000 bushels since
last Saturday. The strength of the cash
market and nearby options has revived the
gossip on the subject of deal, though
there is nothing in the situation
to justify such apprehension beyond
the fact that Hutchinson is large
owner of cash wheat and holds contracts
for many millions more for September de-
| livery, against which he is supposed to have
| sold extensively for December. This might
mean a good deal with anybody else. II
| may mean something with Hutchinson, and
| that operator is giving out mysterious tips
| about the immense value that yet may at
| tach to September wheat all of which is va
| riously construed The local market ranged
S9h9glc for September or 9l4@92Hc for
| December. Fluctuations OF 40l4c were
| frequent, and the explanation offered for
| these violent churnings were not satisfactory
or conclusive The market was in u state of
| high nervous excitement and subject to un-
| reasonable and unreasonng fluctuations
| most of the session. 1t was alternately very
| strong and uncertainty weak, but on every
| bulge, from 10 O'Clock on, it was noticed that
| there was plenty of scattering wheat for
| sale. The underlying Impression seemed to
| be that, however much higher prices might
| ultimately go, good, healthy reaction was
| now in order. Naw York and most of the
| larger markets were clearly of the same
| opinion, and for the first time in four
| days the bears venturcd to present some
| thing like an organized front. They seemed
| to feel that they once more had lighting
| show The closing range was not many re-
| moves from the opening and the inside. The
| volume of business in the pit was immense.
The corn market was weak to lower with
| only fair business and mostly on the part OF
| room traders. Fine weather, cheerful crop
| prospects, continued big receipts and sym
pathy with the sharp break in wheat were
the weakening influences. September sold
| from 4J2l to 449Sc improved IA triftc, closing
with September about l3sc lower to May
about &c lower. New crop futures were lesa
active and easy.
Oats, led by the other cereals, ruled dull
ana lower, With Ohly Ialr tIaulhg All dlOne
the line mt decline of 144tsc in most fu
| lures.
In provisions the days trading was only
| moderate. On the call and again during the
| closing fifteen minutes of the regular session
| there was considerable life, but in the inter
| vening period business dragged more or less
| In tho general market n strong feeling was
exhibited. Lard suffered a limited reaction
from Yesterdays sIdien advance, but fo
| pork closings showed an appreciation of 1J1
| l2,$c. and for short ribs of l2l5C0 l5c. Ih'
decline in lard was only s.. The best prices
obtained for short RIBS and pork prevailed
just previous to the adjournment, and forlir
| the ODpuinp