Omaha daily bee., 1888-10-07
THE SPECULATIVE MARKETS.
Wheat Higher Than at Any Time
For Five Years.
HUTCHINSON A LARGE BUYER.
Commission Men Pursuing a Conser'
vative Course -Builish News From
the Northwest-Ihe Cat
tie Market.
CHICAGO PRODUCE MARKET.

CHICAGO PRODUCE MARKET.
CHICAGO, Oct. 6~.-ISpecial Telegram to
The BEE. 1-Wheat advanced over &c to-day
and closed near the top and at substantially
the best prices Of the week, and at the best
prices obtainable for five years. The volume
of dealing was large around the opening and
there were seasons of activity throughout the
session, but no signs of special excitement
We c visible until late. TIL largest buying
was by clutch" There was not much
wheat FLOR sale and u~sellers were able
to obtain almost their own prices for what
they parted with. A good many outside or
ders were filed. These were nine times out
of ten to buy. II the public could place its
orders the market would probably be much
higher. Such, at least, is the opinion of
good judges in trade. The policy of commits
sion merchants still very generally tends to
the encouragement of miscellaneous new
business in wheat, more particularly in De
cember. Commission merchants are usually
very stiff on the subject of margins and oper-
ators are compelled to restrict dealings TO
safe limits, which is better for everybody
while the excitement runs high. Northwest
news is more bullish to-day than
ever. Buyers away back in the inter
" atS "a iiS ~ Nhes 49,
fabulous, almost. At Duluth December ad-
vanced to 81 3lsl and May to sl.34. In Min
neapolis No. / hard for October was quoted
at s1.3l and for December at sl.32, No. 1
northern being 81 81 for October and sl.2S for
December. This makes an advance of 5d6c
in Duluth and &c in Minneapolis. New York
and st. Louis were 3d4c higher. Gables
fail to reflect excitement abroad. Notwith-
standing the fact that wheat is 5(d30c higher
at all primary markets than it was a couple
or three weeks ago, the receipts DO not IN
crease. This may mean that there Is no
wheat to cone forward, or it may mean that
farmers are determined to squeeze the last
drop from the lemon that has been put IN
their hands. Rarely, indeed, does the mar
ket advance at a time so felicitous for the
farmers. 1t comes generally after the wheat
has left the farmers hand. This year 1t
follows hard upon harvest. The failure of
wheat to come forward on this bulge, coupled
with the resolute refusal of three of the
leading longs to sell a bushel, has made the
bears very nervous and curtailcd their oper-
ations to the minimum. Whenever any
body starts in to buy wheat the sources of
supply seem 10 dry right up. The specula-
tive market has not been so bare of offerings
for a long time. The opening range of prices
here to-day was Sl.165G for November,
SLIP for December and sl.19 for May, a
jump over night of about &c. Tn initial
quotations were the lowest of the day. De-
cember was not long in getting to Sl.20 and
May to Sl.2ll9@Sl2l&4. There wasa pause at
this range for a while and then reacted &c or
such a matter. About noon another furry
occurred, December going to Sl.2l and May
to s l.23. From this exalted level there was a
reaction of over lc, followed by a lightning
bulge of about &c III December, the previous
high water mark being passed. For Decem-
Der 81. % was paid and for May Sl.23. This
record made the days advance 6066l4c, the
greatest gain being in May. The latter month
ranged l5s@l@sc over December early, the
difference gradually and almost impercepti-
bly, widening as tire session advanced, until
it was &c. The last prices show the two
months only lie apart. The final squirt was
the most exciting incident OF the day. 1t came
unexpectedly, and there was no stopping it.
The floor in the vicinity of the pit was
throngcd and the scene was like that wit
messed on Monday and Tuesday, when the
era Of great bOoms and wild fluctuations was
inaugurated.
ing and sensational in the history of the
grain trade since the Franco Prussian war.
The demand for corn at the start was largely
from the short interest, who were alarmed
by the extreme frmness and advancing ten
dency of wheat. The firm tone Of foreign
markets also tended to strengthen the feel
ings of holders, and the fear of only small re-
ceipts Of contract corn during the present
and next month was likewise an argument to
parties who have contracted to deliver that
grade in October and November. New Or
leans exported 2S, ZOO bushels to Liverpool
yesterday, and from the principal Atlantic
ports there was q fair evidence of the pres
ent prices beng within shipping limits. The
opening buying furry was succeeded by free
offerings, which caused a reaction from first
quotations and a gradual weakening, which
was added to BY reports of heavy loadings OF
cars at country points, which are expected to
increase next weeks receipts considerably,
There was a sudden and material decline in
the last few minutes, but the very strong
closing to the wheat market caused as RAPID
a reaction. The closing price shows a decline
Of 4mssc from yesterday on near options,
while May closed 4@5sc higher.
Oats were quiet but firm within a narrow
and unimportant range, with May in the
futures, improving about &c from yester-
days final trading price, with 294c paid.
Year has been neglected for a few days and
was nearly nominal with a fair inquiry for
the near months, while December was quiet
around 25Hc. A fair proportion of the re-
ceipts graded No. 2 and were offered on the
regular market with sales in store generally
at 24l4c, or the same as yesterday.
The provision trade failed to as
much attention as yesterday. The opening
was strong but the bears speedily discov-
cred a disposition on the part Of
ize, and by some free selling
succeeded in breaking the market quite
badly. For a time prices receded without a
reaction and a rather heavy feeling held con-
troll. Later, however, there were more buy
ers than sellers, and something Of a recovery
set in all along the line. Still the break
made prices average somewhat lower on a
majority of deliveries than yesterdays
range. At adjournment October pork was
unchanged, November pork closed at a de-
lard of 1214c, October short ribs, year lard,
January lard. January pork and January