Omaha daily bee., 1888-10-16
The SPECULATIVE MARKETS.
Chicago Wheat Continues to Seek a
Lower Level.
CORN RULES Low AND WEAK
A Fair Volume OF Business in Oats
Provisions Dull-No Material
Change in Cattie-Hogs
Brisk-Quotations.
CHICAGO PRODUCE MARKET.

CHICAGO, Oct b Special Telegram 70
The BEE.l-On Saturday December wheat
closed lsIc over May. To-day IL went to lc
discount under May, breaking 5s6c in doing
it, May at the same time sufferinga decline
Of about &c. Later May again went to dis
count and closed &c under the December
price. Near months were forced back into
line, or partly so, by the pressure of long
wheat, Hutchinson leading in the selling
December had wild and woolly opening,
the range extending from 81 1874 to $l15.
The course of values was Immediately down
ward, December and May going to SlllT.
Thereafter until nearly noon the market re-
mained steady with only moderate huctua-
tons, the feature being a relatively greater
frmness of May, which gradually pulled
away from the forward month. About 12
o'clock the market took another dip, Decem-
ber slipping back to sl10&, and May to
$l1OI. Near months recovered somewhat,
but the tone was weak and nervous.
Trade was of good volume early and late
with small dealings throughout the larger
part Of the session. On the first break wheat
was almost unsaleable, but during the last
hour there was a fair demand for property TO
I'LL shorts and for investment account. From
the way LONG wheat" came out this morn
ing the crowd concluded that holders of some
big lines were trying their best to unload.
Hutchinson has been selling steadily here
and in New York for several days on 'hardn
spots and under cover. To-day he was selling
ostentatiously, from which circumstance the
wiseacres argue that he has sold out and is
now prepared to take the other side. Those
who are disposed to attach speculative i'm
portance to what certain man or certain
men are supposed to be doing, are work
ing the bear side of the market
now. In following this programme
they are for once in harmony with the
majority Of the merchant class" who do
not like to see prices too high above an ex-
port basis. Chicago was the "slckest" mar
Aet in the country to-day. Other markets
were lower and very weak, but the decline
elsewhere was less than herc-rangine from
219 to 4c. Chicago seems to be rapidly getting
into line with the surrounding markets, and
therefore INTO a healthier state.
Toward the close the attention Of the scalp
ing element was distracted from wheat to
corn by rather sensational et-back in the
latter cereal, caused by large receipts and
free selling by bull taiers on q supposed
"Hutch' deal in November, the bears helping
values down. Receipts of corn were a disap-
less than expected. This arose principally
through arrivals on the Gaena division of
the Northwestern railway being out of in
stead OF included in the inspection returns
OF the day The opening was fairly steady
al about closing prices on Saturday and for a
time trading was very slow and without sig
nihcance. The weather encouraged buying,
but the heavy operators were not inclined
that way and appeared to favor more the
selling side, and this desire became general
on anticipated receipts for tomorrow, being
placed as high as 1,lO5 cars, aud when the
visible supply showed an increase Of $4,000
bushels, trading, which early in the day was
dull and inactive, became much more spirited
towards the close, but altogether on the part
OF sellers who poured it out in apparently un-
limited quantities, thereby causing a drop in
near options OF = in about two minutes near
the close. October at the close showed a
loss of &c since Saturday, November as much,
December &c, year s4c and May loss of
only &c. Last prices were at the lowest
point OF the day and the feeling was the
weakest as the market was adjourned.
In oats quiet trade was noted, though q
fair aggregate of business was finally re-
corded with May the favorable option That
future opened nearly steady, but under free
selling by prominedt operator on the mar
partial recovery later under less pressure to
sell. Near futures ruled slow under q
moderate increase in the visible supply and
estimated large receipts for tomorrow. In
cash oats q few cars Of No. 2 in store sold at
AAc with trading mostly at 241sc, indicating
. weaker feeling.
In provisions, Saturdays quiet feeling was
continued. The market was scarcely favored
during the day with even spurt Of activity
There was little or no outside interest, and
professional traders found trade too stupid
TO transact even ordinary scalping business
1t was tame and uninteresting from the
start, and the tendency Of prices was very
generally toward lower range Based on
Saturdays latest quotations, November pork
closed at a decline of nc year pork Of 1Oc
January pork, October and November lart
and October short ribs of 12l1ac, and January
short ribs Of 214c.