Omaha daily bee., 1888-12-03
THE SPECULATIVE MARKETS.
Boarish Feeling in Wheat and a
Sharp Decline
CORN VALUES ABOUT THE SAME.
Provisions Share In the General
Down Tendency-Cattle Slow and
Unsatisfa sfactory-Hogs We're
Lower Than Yesterday.
VALUES ABOUT THE SAME.
CHICAGO PRODUCE MARKET.


CntCAGo, Dec. 1.--tSpecal Telegram to
The BEE. The wheat market was dull and
narrow most Of the time to-day, though the
surface speculative sentiment was rather
bearIshly inclined and towards the last the
bearsh feeling was decidedly in the ascend
ancy, sharp decline resulting. 1t being the
first day of the month trading did not begin
until 10; 80, and thirty minutes afterward the
New York exchange shut up shop for the
day. The local deliveries of wheat were
large, amounting TO about /, ,25O0JO bu shells.
This was started on the rounds by Hutchn-
son, and most of the property was stopped
by Counselman and Lyon, though Baker and
two or three others got little. 1t was gen
orally believed that the wheat found its way
back to Hutchinson, in pursuance of the
policy declared by the old gentleman several
months ago, that no matter how he might
stand on the market speculatively, he would
not let go his grip on cash wheat until next
spring. May wheat opened this morning at
sl.1O9I, with December quoted at Sl.0il4 and
January at S1O6. May was bulled up to
slllis and then declined to Sll0i5. 1t rail-
lied to sl.iO7s sold off to $1.1O4, recovered
to sl.1O4, remained for quite awhile around
SL1oH, and then shortly before 1 o'clock
broke off to slO94. A halt of
several minutes was made at s1.Oo2l,
but the market very soon yielded
under the pressure of the offerings of X en-
nett & Place, and the price slipped off to
sI.O91s al O9I4, closing weak at SlOJ4 The
decline was nearly all made during the last
forty minutes of the trading session. On
the early break, December sold down to
sl034 and up to slO33k On the last break
m ODA/ plOsn6 m tho hOttnm
Reactions in Jenuary were trihing, and the
decline extended from s1.06 to $lOi4, the
latter being the closing quotation. AS com
pared with yesterday, the last prices were
149l5Gc lower The bulls operated with
confidence early, though their wants to-day
were only moderate and soon and easily sat
is6ed, as the days history proved. There
was no attempt, except right at the opening,
to apply muscle in bulling the market, and
and that may have been applied as counter
irritant, obvious effort having been made on
the curb and in the open board to engineer
weak opening. New YORK., and in fact all
the other markets were stronger than Chi
cago. Hutchnsons influence was exerted
in the direction of lower prices, and it was
vigorously eXerted at times. Cables were
barely steady, and foreign markets We're
qouted dull and unchanged, Antwerp
alone excepted. Advance in wheat at
that place is noted. The news from Mime
apolis was not of character to reassure the
bears beyond the fact that good many of
the mills at that point will take n vacation"
next week. The rail movement III the north
west is getting smaller rapidly and farmers
deliveries through the spring wheat region
have not been lighter in twelve years, good
authority says, and these small deliveries
are commonly believed to mean the practical
exhaustion of farmers reserves. Winter
wheat stocks in first hands are conceded to
be small, grain having passed largely into
the control of the millers, IL is supposed. In
dications point to a larger increase in the
visible supply than last week. Light as re-
ceipts have been, shipments from points of
accumulation have been relatively lighter.
Local stocks may be said to have been placed
for winter, except what are to be retained to
supply an interior demand, which may spring
up later, though it does not exist now for
obvious reasons
Receipts being close onto 900 cars was the
principal feature causing weakness at the
opening of to-day's corn market. After the
first furry of weakness, buying by one or
two prominent spectators infused more
confidence and caused some reaction IN
prices. There were only small deliveries on
December contracts, and good deal of
changing to January and May was still in
progress, causing depression of the De-
cember delivery. The demand for fresh re-
ceipts by shippers was fairly good, and
prices realized averaged 1694c over yester-
days closing prices. There was Il sympa-
thzing weakness toward the close, with the
declining wheat market and final prices
were az the lowest of the day. The closing
quotations were: December, 35I2c; January,
354c, and May, 3SlS@3SLc. May is un-
changed in price from yesterday and De-
cember &c lower.
The provision trade was again under con-
troll of bearish influence The opening was
quite strong and generally at a little better
prices than yesterdays closing, but before
business had fairly started the old contingent
favoring break took possession of the pit.
The selling of the past few days was not
only resumed, but increased materially in
volume and vigor, and when ever the market
showed a disposition to react 1t was simply
hammered back into receedinG turn. Bears
were on top and having both the moral and
personal assistance of the larger packers,
they were in "A position to retaid complete
control 1t was bad day for the bulls and
n large amount of long property was doubt
less thrown overheard by the pressure.
Trading, however, was active, and trade
commanded more attention than at any time
since the break commenced. Deliveries on
December contracts were insignificant.
Based on yesterdays final quotations, the
decline actually suffered was 3OG35c on
pork, l0G22Iac on lard and l5@li11c on short
ribs,