Omaha daily bee., 1888-01-05
The SPECULATIVE MARKETS.
Professionals Assume Control OF
the Wheat Pit.
"HUTcA" PURCHASES HEAVILY
Corn Shows Decided Dullness Most OF
the Day - A Weak Feeling In
Provision - Cattle Trading
Slow Quotations.
CHICAGO PRODUCE MARKET.

CHICAGO, Jan. 4-TSpecial Telegram TO the
BEE The wheat market appeared to be
left wholly to the professionals to day and
there was great battle in the pit. Rcam
and Cudahy were on the one side and Hutchi-
son on the other. Ream was there in person
selling large blocks Against this hammer
ing Hutchisons purchases were the strongest
support and the battle was just about draw,
May wheat closing fraction lower than last
nights close, but Sc higher than the opening
this morning. The outside public seemed to
be leaving the market alone as general
thing. News was rather in favor OF the
bulls and its influence seemed to be felt oc-
casionally, but oftener the fight was carried
on without reference to outside circum-
stances. The public cable quoted spot wheat
at Liverpool quiet at unchanged prices, but
futures were lower. The on-passage state
ment showed decrease of 800, 600 bushels
on the way to the United Kingdom and a de-
crease Of $4,000 bushels for the continent.
This fact was credited with causing Il good
advance at one time in the session. May
wheat opened at S4l and during the carly
trading, under heavy offerings by local bears,
dropped to S4i4c, then advanced to S4}sc, and
huctuated between that price and S49sc for
some time, later advancing to SAGE and
closing at o'clock at SAGE. A fair quantity
OF grain bought by one commission house was
believed to be for Kent. February wheat
opened and closed at iSc. The high point
was nominally 7s9sc and the low 771Sc.
The corn market was decidedly dull most
of the day and fluctuations were within a
range of 1zc. A depressing influence was the
delivery by one house yesterday afternoon of
100000 bushels of corn which was not ex-
n,,.,, ,t.,l
felt on nearer futures, January, which closed
at o'clock yesterday at 495sc bid, standing
at the close of this mornings session at 4S5ic e
asked. May corn opened at 5i5Sc, which was
nc lower than yesterday afternoons close,
and fell another &c to 54asc during the early
trading. This was the low point, and grad
ually, without any very heavy trading the
price advanced to 541Gc easing off toward the
close and resting at 54}Sc, the opening price,
at o'clock February corn opened at 4914c,
sold down to 49Isc and up to 499sc and closed
nominally at 49Isc at o'clock.
The oats market was rather dull and prices
We're somewhat lower. There was some
covering of sales made some time ago for
country account against oats stored outside,
and these purchases were credited with hold
ing the market fairly steady. May oats, in
which was the only trading, opened at 34Nc,
sold down to 3@9c and closed at o'clock at
3491C. February oats were nominally 3l3GC.
In provisions weaker feeling was devel-
Oped. The depression experienced on the
late board yesterday was further increased
by the monthly stock exhibit, which, in the
items of lard and pork exceeded general ex-
pectations, and also by advices from the
stock yards Hogs were in better supply
and lower and with large receipts of the pro-
duct reported on hand the bear element were
encouraged to act with more confidence.
Lard and pork were offered freely and before
the arrival of the noon hour the former suf-
fercd a break, based on last nights closing,
Of l5@l7ISc, and pork of SOC. Later pork re-
covered little, though O'Clock quotations
showed a decline of 20c. Lard closed ut q
depreciation Of 12l1@1714c. Short ribs were
relatively stronger than the other articles
and, although little easier, suffered no rad
ical change.
AFTERNOON SEssIoN-Wheat higher; May
opened at S4ssc, sold up to S51s6rS514c and
closed at S5ls@S54c Corn strOnger May
closed at 54Nc. Oats higher and fairly &C
tive for May, which opened at 343tc, sold ur
10 35c and closed at 35c asked. Pork was ad
vanced sc and closed at $3.50 for January
$3.50 for February and $l5.60 for May. Lart
was 81 -ong closing at 81. 70 for January, 81. ~
for February and $500 for May Short RIB
We're 214c higher; January closed at *7S5
February Mt $3.50, March at $7.97}1S and May
at 6. Tx,