Omaha daily bee., 1888-12-13
The SPECULATIVE MARKETS,
Bulls Are Again on Top in the
Wheat Whirl.
,oRN is ACTIVE AND HIGHER.
Provisions St-onger-Gamc and Poul-
try Depressing the Beef Trade
Hogs Opened Lively, With
an Up Turn.
CHICAGO PRODUCE MARKET.

CHICAGO, Dec 12-LSpecial Telegram to
The BEE. The price Of wheat averaged
higher today, and the market was strong
most OF the time at acts as though il is
scoring for a decided movement one way or
the other" was the frequently expressed
sentiment The bulls had the call on news
and price. The first item circulated related
TO the terrific mistake in the footings of
Bradstrects' table of stocks of -four This
error was varously stated to be 500 00J to
$4,000 and 100000 barrels, this erroneous
total making the stocks appear to be much
larger than they really were. In connection
with this, Pillsbury wired that the stocks of
-four were in reality about 100000 barrels
less than the average stocks on the 1st of
December. Since the publication of these
reports was commenced PillsOury finds the
error in Bradstreets' addition to be $780, 900
barrels. He also confirms the report of the
sale of 800, 600 barrels Of -four for export at
the highest price on CROP The further
items of bull news may be compressed into
the statement that it is showing hard III
Dakota and western Minnesota, and that the
receipts are expected to fall off rapidly at
Minneapolis in consequence of the storm
and the consequent reduction of supplies;
that the receipts at Chicago for to-day foot
up to only twenty eight cars, of which one
car IS contract grade; that the estimates for
tomorrow are for twcnty-eight cars; that a
demand is springing up for wheat from the
interior winter wheat points through Indiana
and Illinois and from Louisville. Some in
quiry is also reported for the foreign ac-
count, but no business can be reported. The
manufacturers of bakers grades of -four re
port revival OF the interest in the export
IfHue, nOWeNGr-nOt large vet
but still something and Indicative of
life. These were "A few of the bull inilu-
ences. Another factor was the growth of
the belief that the bull leaders had it in their
power to advance prices without risk, and
that they were about ready to abandon their
milking policy, and inaugurate a little ante
holiday boom. AS long as the "extravagantly
high prices alleged to be ruling here, fail
to attract wheat to this market, the leading
operators cannot be made to see that they are
running serious risks. They even refuse to
believe that there is enough wheat in the
country to overwhelm them and they still in
sist that the correctness of their position will
be fully established by an absolute scarcity
of wheat before the next crop becomes avail
able. The bears were deficient in ammuni-
ton, and the local speculative sentiment was
against them. Even Hutchinson, their recent
solace and backbone, was seemingly dong
nothing for their comfort and advantage, and
for once they desisted from threshing over
the old straw that has been doing service for
the last three or four weeks They were
unusually nervelcss to-day. May wheat
opened at SlOGM. scored an advance to
81 .l09s early, worked back, with occasional
&c reactions, to Sl.O99E, advanced again to
Sl.l019, sold off several times TO Sl.lO or
vicinity, and at the tail end of the session
steamed up to Sl.lOaI, closing at 1890
1,lO4. January opened at Sl.O5I4, ranged to
$l.O41s@1O55S, and closed at the outside
, figures. Trading was of only moderate
volume and largely professional, though
commission merchants report renewal of
the public interest to some extent. The
closing prices show an entire recovery from
yesterdays decline. On the last bulge there
was free selling of the local long wheat
bought on previous breaks but the market
took the offerings without weakening.
There was considerable disposition shown
to buy May corn at 811ac at the opening of
to-day's market, and there was likewise a
good deal for sale at the same figure, which
resulted in some fair-sized lots changing
hands The demand exceeding the
advance in the price, but it was a
narrow market and devoid of interesting fea-
lures. There was about the usual quantity
cleared from the Atlantic ports, although
Liverpool was quoted as dull and tending
down for American corn. The noticeable
feature was the grading of the receipts at
this point; only IA cars inspecting No. to-
day out of 3i4 received. Some strength ac-
crued to the market near the close, from the
advancing tendency displayed by wheat, and
the final transactions showed considerable
strength of feeling amongst the local spec
ulators, VINO were again the principal partc-
pants IN the struggle of the day. May closed
strong at 315S@3194c, being gain for the
day Of lS@4c, and January at 343sc, which
is 4@Bc higher than its resting place yester
day.
In provisions stronger feeling was mani
tested The local receipts of hogs being
smaller than anticipated, traders were in
clined TO take a more confident view of the
market, though there was little or no dispo-
siton to branch out with any freedom. From
the start trading was slow and featureless,
and for the dav the business transacted was
under the average volume for the season.
The operators leaned strongly to the conser-
vative side, and trade opened and closed in a
somewhat uneventful manner. Fluctuations
in prices were confined to a small range, and
the closings all around We're IA little higher
than yesterdays last quotations. In pork
the advance established was l0(Ql5c, in lard
2Hc and in short ribs 5@119c.
CHICAGO LIVE STOCK