Omaha daily bee., 1888-12-15
CHICAGO PRODUCE MARKET.

CHICAGO, Dec. l4-[Spocial Telegram to
fnE BEE. THE local wheat market was
rather shaky and unsettled to-day, at a some
what lower range OF values. There was
about the same line Of bull news as on yes
terday, but this was in a large measure Offset
by the reports of the heavy gold shipments
from New York, the total for the week foot
ing up nearly S.. 100000. The opening for
May was at sl.1l14, and trade, for the first
half hour, was fiat. 1t was the lowest open
ing that has been experienced for a long
time. Private cables wc~e encouraging and
Liverpool was quoted at au advance in Cali
fornia wheat. Foreign quotations are still
80 far below American figures that interest
in prices abroad is prospective to n large de-
gree. The domestic news was far from sem
sational in its character. Minneapolis
wired that there was a further
reduction in the number of cars
on sidetrack, from 1000 yesterday to $50
to-day, and the receipts for tomorrow are
estimated at $50 cars. Here in Chicago the
total receipts of wheat of all grades footed
up to 30 cars, of which 3 cars graded No. ..
The estimate for tomorrow is 45 cars. The
prices here are advertised all over the world
as being vastly too high and wholly artificial,
yet wheat is not attracted this way. This would
argue either a remarkable stubbOrnncss on
the part of country holders or a scarcity of
wheat. Both views are strongly held. The
local trading crowd was bcarish in sentiment
to-day. The gold shipments were their
strongest card, and a belief that this Friday
was going to be like the several Fridays last
preceding, also had its effect in influence
ing the scalping trade, May, as before stated,
opened at Sl.lll4, and for the first
hour and a half ranged from SLID to
$l.1l%. Then 1t began to ease off and sold
down to 81. l096. The market seemed to be
peggeG at Sill for a time, and later at
sl.l04. There was unQuestionably good
buying around 81. 1913, and up to l o'clock it
was found impossible to keep prices below
that point for more than Il minute or two.
Most of ~the hard fighting was between
$l.104 ml.ll. Only fear of the stalWart bull
leaders,, who are standing pat on their lines,
deferred the crowd from raiding the market
down, and several times a rush seemed i'm
minent, regardless of this fear. II was OBJ
served, however, that despite the apparent
~softness of the market, there were no great
quantities of wheat pressing on the
market when it was most urgently
needed. About ! O'Clock the market
took a final dip" the price going down
to Sl.1c14. On the last break more or less
thinly held wheat came out on stop loss
orders, and the close was at inside figures.
December opened at Il. O53s, ranged down to
Sl.049s, and closed there. January opened at
Sl,0694, sold off to S1.053s, and rested at bot
tom prices. On the day May lost lc and De
cember sc. The outside markets followed
price changes here very closely, and no news
of consequence Game from any of them.
New York advised of early purchases for
account, and there was some
buying here, too, for the same district, but
nothing of sensational magnitude. The for
eign financial news was of u kind to dlscour,,
m gn In rputt IN ont NJ fnt. moan t,,yn
commodities. Altogether, the bears had the
best of it. They maintained their advantage
to the finish.
There was a weaker feeling displayed by
the corn market to-day without any conspicu-
Gus alteration in the situation, unless. per-
haps, the change from threatened cold to
mildness of: the weather was so regarded by
the local scalpers, 10 whose hands the days
business was consigned. Exports were
light, but the shipments from this point were
considerable, and showed that a good con.
sumptive demand exists at the present
prices. The receipts were close upon yester-
days estimates, and for tomorrow some i'll
crease was predicted, the estimates beng $50
cars. Liverpool received 81, 800 centals of
American corn in the last three days, and
there is a good prospect for a continuance of
the shipments to that market The
market was narrow and dull, but in
clined to weakness. The shorts seemed to
have supplied their most urgent wants yes
terday, and were more inclined to sell again
tudu W Duy tO-udS. lHc luSU I'VE minutes
trading was fairly active and the feeling
very weak. The opening prices were 80
higher and the closing figures were about the
lowest of the day. January opened at 1880,
sold at 3416c, and closed at 341s@344c, beng |
a loss since yesterday of $4c, and May closed
at 374. Sellers were 1c under the closing
figures on Thursday.
In the provision pit the old bear element
assumed the control, encouraged by the IN
creased receipts of hogs and lower prices for
the same. Hammering operations were in
augurated on a somewhat extensive scale.
Trading was maze to open weak, and at u
small decline, as rule, from yesterdays clos |
ing, and from the start the bear party met
with little opposition in directing the course
of the market. On the break, the shorts |
covered quite freely, but there was APP |
parently little or no Investment buying, and |
the business transacted on outside account
was limited. In pork the days net decline
amounted to 15@221fc, in lard TO l0@l5c and
in short ribs to l219c, The speculative inter. |
est was about divided between the Jan larry |
and May futures.