Omaha daily bee., 1888-10-13
THE SPECULATIVE MARKETS.
Wheat Strong, But Fluctuating
Within a Narrow Range.
LIMITED TRADING IN CORN.
Oats Rule Dull But Firm-Proyisions
without Special Feature-Cat
tie Still Slow-Short-Lived
Boom in Hogs.
LIMITED TRADING IN CORN.
CHICAGO PRODUCE MARKET.

CHICAGO PRODUCE MAkhEI.
CHICAGO. Oct. l~2.-lSpecial Telegram TO
THE BEE The fluctuations in December
wheat today were compressed within limits
Of Sl144@llsi9-a little less than &c. May
changes did not extend beyond the range OF
tl.l4mllII. May discounts went from ! TO
&c, greatly TO the disgust Of professional
straddlers. Indeed, il has not been a profit
able season for straddlers, no more than for
bears, except for such Of them as proceeded
backward, like the crab, reversing their
usual tactics. There was a wild and excited
opening. Within the first three minutes the
price Of December Travelled from Sl.li 10
el.lsik and back to Sl.l6, and within five
minutes thereafter il had gone back
70 sl.ls and was on its way down TO
fpl43l, which was the inside price OF the day.
'Lay was less yeasty, but II moved from sl.l6
70 81 .lila, while December was making its
initial squirt and il worked down TO $l.l4
with occasional violent reactionary spasms
~rallying nearly lc from the inside. The early
strength may not be lnaptly termed a contin-
uation Of Yesterdays boom. Shorts and bull
scalpers were more eager buyers. They com.
prised the feet-foo;ed quarter horse of spec
ulation. Come what might, they were not
going TO be left. From the jump the crowd
was crammed with 'long wheat II came
out in a food and overwhelmed the
market. The mass Of il was sold
at about top figures. The market
was smashed fat under pressure and
as prices kept sliding dow the crowd turned
en- masse and sold. At the bottom the selling
was especially vigorous. 1t was not until
the market looked as though it was going all
10 pieces, and prices were pointed unerringly
TO q. 10, that the bears regained a full meas
ure of confidence. 1t was then that early
sellers became buyers, and an immense
amount Of wheat was absorbed before the
crowd ''got onto the changed condition. A
scramble ensued, December climbing rapidly
to sl.l714, and May following more slowly ~
@2c behind. Speculative values did not hold
AT the full outside, but they were
not again suffered 10 slip back as
far as previously, and trading for the
last hour was on a basis of passa5le
steadiness, if that term may be applied to q
market that is in a state Of continual ner-
vousness. Dealings, though not up to the
average of some of the big days, are large IN
the aggregate. The market is not narrow, as
some assume. 1t is a big, broad market and
there is less of gamble IN II than there
was when operators Of small means were aC-
customed to take large lines because
UQCtuatlODS were SundIl. lTdue TdplulN aQ-
justs itself 10 the altered conditions and the
great popular interest in the market is shown
by the ~vastness of the aggregated trans
actions. AS for Hutchinson he is still in
the market on a large scale, but he
gets ten tunes the credit he is entitled
TO for the movement Of values. He is
only one big man among many.
The long interest is widely distributed not
only in late futures but also in December.
The market is unquestionably heavily over
Anla fnr Ia.nnhar That AnnS mot mann n
corner but il means that some Of the
shorts are exceedingly nervous over the
prospect and il may result in the abandon
ment of December for May by scalpers
sooner than would ordinarily be the case.
The rest of the market was relatively weaker
than December to-day and a good deal Of
business was done in the way of filling De
cember contracts and putting out new lines
to som extent for the widening
of the difference between the two months.
During the forenoon Orr worked a cargo
of spring wheat mot No. l hard, as some had
IT, for Buffalo at $3.50 C. i. +. This is equiv
alent TO a l0c premium over December in
Chicago. Closing prices here are a shade
lower than yesterday for December and fully
lie of for May.
Corn was freely sold at the opening by
parties who have been regular buy ers OF
late and declined in early dealings &c under
the closing figures Of the day before. The
demand for export continues 10 take out
moderate quantities, as is seen in the figures
Of clearings from Atlantic ports, and the
shipping demand al this point is fairly good,
representing a free consumptive use of the
articles in home markets at present prices.
Thu speculative values of No. ., however,
are governed more by a fear Of manipulation
in near months than from any other cause,
future large supplies from this years abun.
dant crop influencing mainly futures com
meDcing with January Of next year. Re,
ceipts were within two cars of the exported
quantity and for tomorrow promise TO be
still larger, being figured at 800 cars. The
large receipts helped, of course, TO weaken
values, but the fear of manipulation causes
short sellers 10 exercise considerable caution
The average of the days business was at lower
figures than yesterday and the close was
weak a, 45I@i5Ic for November. being !
loss of S@s.c since yesterday, May closing
level with its price at the closing hour on the
previous day.
Speculative trading in oats was confined
chiefly TO the May option which was more
active, ruling irregularly higher, while neal
futures were quiet and rather dull though
hrmer, with 4(assc advance. Under spirited
bidding, which was attributed TO the shorts
May sold up to sS$Ic after an easy opening
with light trading at that figure and a subse
quent reaction to 29Ss d29Lc, due TO fire.,
selling. No. , oats in store were &c higher
at24hc, with seller the month at nearly tn,
same figure.
In provisions the days business was
without special feature. Hutchinson
early in the session, bought considerabl,
pork for January, but later he took advantag,
Of the strong market and unlcaded the bull
O. his purchases. In general tradinl
there was no marked activity and for seyera
days past operators acted as If they were un
decided about the future of trade. Prices
however, received better support than yes
terday, and at the adjournment of chang,
November pork, January lard and Januar!
short ribs showed an advance of 2Hc AM
November lard, year pork and January porl
of nc. The October product was quiet an(
unchanged.
CHICAGO LIVE STOCR.