Omaha daily bee., 1888-11-21
The SPECULATIVE MARKETS.
Wheat is Getting Into a Better and
Healthier Condition.
CORN FLucTuATlNe SLIGHTLY.
Provisions Were Easier in Their
Movements, and Lower--Cattic
Receipts Extraordinary-Hogs
Uneasy and Active.
CHICAGO PRODUCE MARKET.

CHICAGO, Nov. 9~0.-ISpccial Telegram TO
TIE BEE. The wheat market is getting
into q better and healthier state. Chicago is
dropping back into Iline with the rest of the
world, and general trade is increasing as the
element OF manipulation becomes less a fact
and more a thing Of history. During the last
few days a great lot of stubbornly.held
wheat has come out, and two or three big
lines went overheard, and the great mass OF
the stun went out on "stop orders" the
limits having been reached. Shorts were
the principal buyers, and it does not seem as
though the market was ovcrsold to a danger
Gus extent. There has been a big break, to be
sure. bat ii does not seem TO have been caused
so much by speculative short selling as by
liquidation of "long wheat That makes
the decline easy, and the incline exceedingly
precipitous. There was a break of SIC on
December wheat, and of &c in May wheat,
to-day. The closing prices show considera-
BILE recovery from the inside. The closing
price of MAJ yesterday was Sl.llI. The
opening to-day was SLIP and the highest
point was S1.l23s. The lowest point was
s1.0ssE. December hadn't spot to its credit
until the session was nearly over, when it
shot up l@Gc from 81 OF, which was the bot
tom. Toward the last the market rallied,
hut acted more like a reaction due to scalping
and pit influences than to Il recovery origi-
mating in digestion of the big load that had
been dumped into the stomach Of trade. Just
when the vast quantity of long wheat that
has been pouring out will find permanent
Judgment is a theme of speculation now.
That property has been licked up industri-
ously, and 1t is now evidently widely dis
tributcd. If there are any large lines
remaining the crowd and the best
observers are away off in their reckoning.
Hutchinson may be long on n lot Of wheat,
but the trade has not had any fear OF him for
a month. He is only powerful when he is
right. When he is wrong he is a football
that everybody delights to take a kick at.
May wheat rallied during the last twenty or
thirty minutes from Sl.0S6 to Sl.0956, prin.
cipally on covering by shorts, but closed &c
lower, at 81 .09sss, or 2aasc under yesterday,
with December at Sl.0556 bid. On December
the net shrinkage amounted to SIC. 1t was
given out, early in the day that bakers
wheat had gone overheard" but the full
force of this fact, il it was a fact, was not
felt until later, A flood of somebody's long
wheat kept sitting through the crowd a good
while before it got very heavy. Hutchinson
was reputed to be a good buyer early,
but he seemed TO- have been
day for bears.
The market for corn shared in the depres-
sion of the wheat market, though trading in
1t was light, and II did not tluctuate very
heavily. There was good buying by receivers
at the start, which impaired a fairly firm
tone to the early dealings, but this soon gave
place to weakness and a lower range, from
the cause referred TO above. Foreign mar
kets were firm, and exporters continue TAX
ing a fair quantity. The prospect of free de-
l~iveries, induced by fine weather, was the
principal governing influence, and
receipts Of $40 cars for tomorrow also tended
to weakness. The demand for consumption
continues good and requires large quantities
TO supply it, but there is no anxiety to lay in
stocks with the present prospects for obtain.
ing them in abundance in the near future.
Opening prices were near the values
ruling at the close Of yesterday, but there
was q lower range established during the
day, from the several causes already emu
merated, and closing prices were fractionally
under those of yesterday. November closed
ut 3914c, being &c under Mondays closing
figures. December at 37Tc and Csc is &c
lower, and May at 3s94 @3s1Sc is practically
the same as on the preceding day.
Provisions were easier in their movement.
The increased receipts of hogs at Chicago
and other packing points continue. The sell
ing by Hutchinson and the break
in grain all combined TO weaken the
market. The opening was quite strong,
but business had scarcely started
before it became apparent that the bear side
had to call. Pork led in the downward turn
witnessed, though it was followed closely by
the other line, and lower prices were made
all around. Extreme inside figures were
touched during the last hour of 'change.
Based on yesterdays Blessings, to-day's act
ual decline was 10(0l2l3c on pork, Tll@10c
on lard and SC on short ribs.