Omaha daily bee., 1888-12-28
The SPECULATIVE MARKETS.
Wheat Was Much Quieter Than
Was Generally Anticipated.
BEARS ARE NOT SO RAMPANT.
Corn Tame and Prices Ruling Easier
Oats opened Moderately Active
and Declining-Provisio
Somewhat Better.
CHICAGO PRODUCE MARKET.

CHICAGO PRODUCE MARKET.
CHICAGO, Dec 27.-TSpecal Telegram to
The BEE. THE wheat market was much
quieter today than was generally antici-
,pated, and there was at no time any serious
pressure to sel-that is nothing like yester-
day. A quiet canvass among the best
posted people in trade confirmed the theory
that a very large percentage OF the high
priced long wheat mad been dumped on yes
terday's slump, and that there was no rea-
son 10 look for another deuge around the
current range of prices. The country is still
full Of bears and the board Of trade is their
headquarters, but the more conservative
among the late advocates of lower prices are
looking with more friendly eyes at the
market. They think that values may posi-
bly, settle some further, but they are not the
rampant bears they We're when May was
quoted above sll0. When cash wheat
crossed the dollar mark on the down turn
they began to modify their views very ma
terially. The selling out of considerable
quantity of wheat that could not be disposed
of yesterday on the slump, caused weak
opening and the price marked down from
81. .03 at the start to sl02l8. AT that point
there was good buying and the market
lowed, with the price close to 81 l03. The next
move was a bulge to 81 Oi, then the price
was jerked backed to SlO2S. That proved
10 be the bottom on the second break and
under the influence of good buying, wheat
crowded up to sl.O3s&. 1t got rather tame
again and dropped to 81 l.03s4, but about II
O'Clock it again became firm, and a little
later set off at rapid pace from Sl0394, and
didn't stop until SlO45s was reached Here
hnr tkfnn n nph cot nRly IN
$1.04A, followed by further spurt to 81 04lE
d1049s. That seemed tO be the extent of
its power of recovery for the day. The
breathing spell was brief one, though and
another wave of enthusiasm took May to
$1C5ls and left it at Sl.O5. December rested
at 994c January at 9913c, and July at Soc.
The average recovery was about &c, com
pared with yesterdays close. Trade in other
months than May was very small. The firm
ness in the market and the tendency of
prices to advance was attributed for the first
couple of hours to the desire on the part of
the shorts to fill their contracts. The es-
sence of popular opinion was that nearly all
the buying was by the shorts. Later on this
view of the situation was very greatly mod
flied. The depression that is usually counted
upon as certain to follow free covering by
the shorts, unaccompaned by investment
buying, did not come. Last night gossips
had it that Hutchinson would not
quit cunning for wheat until he
got the price of May down to Sl.0O
That was the figure to which the bear army
had its hopeful eyes directed. Little doubt
was felt by most of the soldiers under that
flag that prices would get there. 1t seems
however, that other buyers besides the
shorts were at work, and during the last
hour of the trading session il was stated with
confidence that Fairbank, Cudahy, Linn,
Ream and Baker had been heavy buyers
The suspicion Of the scalpers was first
aroused by the purchases by Roche, Lind
blom, Hamill and others, who took a great
deal of property off the market and relieved
Whatever there was OF pressure. Milmlke 81
Bodman Logan, Boyd, Mccormick & Co.,
Jones, Kennett & Hopkins, Baxter, and in
fact most of the heavier commission houses,
absorbed large amount of wheat Bloom
too, was mentioned as "a steady buyer in an
open way. These were the local features
that contributed to the strength of the mar
ket. Foreign news was scarce and what
came was conflicting. Russian wheat was
quoted as unreliable, and large Indian ship
ments were reported. On the other hand,
the amount on passage was shown to be de-
creasing. One authority made the decrease
1,95O,oOo bushels, and the boards cor
New York advised that there was good
buying of May for the leading exporting
houses and that it was for the foreign ac-
count Nothing in the shipping way was
definitely reported, but as prices at tide
water are down to a shipping basis, re-
vival in the export trade is looked for. This
was one Of the principal strengthening fac
tors in the situation to-day The news from
Une northwest was all DulllSn, so lar as the
movement of grain went, and crop obser-
vers are watching the winter wheat fields
anXiously.
A tame corn market would titly describe
the days business. Prices ruled easier, but
there was not much doing and outside or
ders were far from plentiful. The demand
from shippers was fair, but prices are APP
parently not low enough TO tempt the load
ing of vessels yet. There Is u capacity of
100000 bushels laid up here, and the own
ers are asking cents to Buffalo, including
storage, until navigation opens in the spring.
At Liverpool 472!,0O0 bushels of American
corn was received in the past week. The
amount on ocean passage decreased 100000
bushels during the. week. There continues
to be moderate export business, but it
makes but a small hole in the years crop
The improvement in the weather removed
the cause of yesterdays comparative firm
ness with resulting preponderance of sell
ling pressure, which Kept the market heavy
throughout the greater part OF the session
The prices At the close were about &c lower
than yesterday
Oats were moderately active during the
early part of the day, with May declining
&c, touching 2SsSc, and recovering in n de-
gree, later, Trading was not heavy in the
aggregate, and was confined chiefly to the
local account. 1t was believed that some
long oats came out in line with the general
weakness prevailing IN the other cereals
We're visible. There was light trading in
February at about &c below May, with Jan
uary at 250p25s and December neglected.
No. oats in store We're 14c lower at 25c, with
sales largely by sample.
In provisions there was a little reaction
from yesterdays depression, There was no
particular activity in any line of trade but as
the old bear crowd showed no disposition TO
over-burden the market with offerings a
stronger feeling developed. In all depart
ments increased confidence was manifested
and for pork the closing showed an advance
for the day of 597l5c apd for short ribs of
215@5c Lard was unchanged, to 2jgc
higher.