Omaha daily bee., 1888-11-03
THE SPECULATIVE MARKETS.
Extreme Nervousness Char acterizes
Trading in the Wheat Pit.
CORN RULES SOMEWHAT HIGHER.
Liberal Speculation in Oats Pro-
visions Are Quiet But Firm Cat
~ slow and Unsatisfactory- .
dogs Fairly Active.
CHICAGO PRODUCE MARKET.

CHICAGO, Nov. 2.--tSpeclal Telegram TO
TIE BEE. The wheat market was nervous
70 the verge Of Mysteries to-day. May opened
at 9. 15K@l. 1914, sold off TO sl.154, and was
quickly bulled by local scalpers to Sl.17%.
When the same scalpers undertook 70 realize
the profits the market broke back to $l.15@
1.1618. For the remainder Of the day, say
two hours, the price fuctuated violently be-
tween sl.l5hdl.165s until near the close,
when IL jumped to sl.1116. To show the ex-
cessive nervousness of the market one Incl
dent may be cited. At IL So May wheat was
&1.1eh; by II so the price had gone to s1.1512
and back TO Sligo, all in a period OF three
minutes. That was the way prices bobbed
and sawed all about through the session,
though perhaps not often with such lightning
rapidly, cat still fast enough to keep
traders awake. In negotiating the purchase
or sale Of a single 5000 bushel lot brokers in
almost innumerable instances had TO chase
the market or lead &c or &c. The market
was in a whirl. One broker who had limited
orders to fill, likened himself to the convivial
gentleman who stood in the middle of the
room ana waited until his bed whirled past
and then jumped for il. BY waiting he found
II possible to fill any kind of order and he
saved lungs and vocal organs. But every
body wasn't built that way, and the pit was
thronged from beginning to end with the ex-
element of anxious traders. On the upturn
there was no wheat for sale, comparatively
speaking, and on the downturn the reverse
was the case. Trading in December
was quite active. Quite a trade has sprung
up ia January, but, Of course, operations in
May overshadowed everything else. There
There was no trouble IN getting action there.
The crowd was intensely bearish to-day and
sold when buying orders were scarce or the
market looked weak, yet every time the
price got below 81. 10 the stuff was absorbed.
Brokers had the greatest difficulty in getting
wheat on breaks, though q flood of it seemed
TO be pouring out continually. st. Louis was
q rampant seller early in the day, and several
large local houses were also conspicuous sell
lers. Operations were Of considerable magni-
tude and gave rise to the report that a
syndicate had been formed among
certain parties to sell "Old Hutch" all he
wanted. II was stated with all degrees of
positiveness that Hutchinson was a big
buyer on soft spots. New York was also a
steady but not aggressive buyer, and a vast
number of small orders sifted in from the
outside. There was a larger trade for gen.
eral public account to-day than on any day
for two weeks. Telegraph lines were kept
hot. Hutchinson gave out confidential"
tips in the most public way possible that this
was a low day on wheat and that the market
would close strong. The last end of his tip
was verified. The truth or falsity of the
u lai VI AZ 'bAulAA W w IioHS IS
cember left off at Sl.16ls, and May Sl.l11s.
To-day's receipts of corn correspondent
closely to yesterdays prediction, and were
therefore of no significance in influencing
prices. At the opening cable news was unfav-
orable, but there was still an export inquiry
at New York at present figures which eX-
pressed itself in the taking of five boat loads
there to-day. Near deliveries were weak at
the start, but May was fairly firm and steady.
November was sold on outside orders early
ana was also worked moderately on that
side by some local operators, but as the latter
seemed to do more in the way of offering to
sell than in actual sales some suspicion was
created and this, helped by a free shipping
movement, caused an advance to follow first
quotations. Trading was not heavy and was
devoid Of life or vigor, but after a season
averaging weaker than yesterdays closing
prices, influenced by continued damp, warm
weather and the later strength Of wheat
closed fractionally higher than on the pre-
ceding day, November being the only excep-
ton, ana it was kept down by the action of a
prominent operator who to-day appeared to
was at $3.50, yesterdays resting price. De-
cember closed at 2SL93S55c against 3S11c
yesterday, and May at $3.50, bid to-day, is sc
over the last quotations Of yesterday.
Oats were active in a speculative way,
with liberal buying of May by leading opera.
tors, it is generally believed, to cover shorts,
the days business in that future approx
mating 325,000 bushels. The feeling was
nearly STEADY, though tenulhg 10 easlness
with May around 2SE@29c, and near months
quiet at about yesterdays closings. The es-
Inmates in current receipts show little vari.
alton from the recent average. No. 2 in
store was quiet with light trading at 24ssc,
which was &c easier.
Provisions were a little slow. Cash buyers
repeated their moderate purchases of the
preceding days of the week, and in a specu.
lative way there was no general trading.
Operators, as a rule, leaned to the conserva-
tive side, yet were prevented from expert
encing a sharp advance by the continued
selling Of Hutchinson, who took advantage
Of every advance to unload some Of his hold
ings. Still, as a rule closings were higher
than yesterday. In pork the days advance
was 2I6@l0c; in lard for the several deliv
cries, except May, 21H@5c, and in january
short ribs 21ac. In short ribs the price de
clined lOc.