Los Angeles herald., 1908-12-13
CHICAGO GRAIN

Special service to The Herald by ]. c. Will
son, member Chicago Board Of Trade. Hotel
Alexandria, Los Angeles).
CHICAGO, Dec 12.-After a brief spell OF
weakness in the wheat market there was a
rally near the opening which was taken ad-
vantage Of by weak longs to dispose Of their
holdings. This caused a setback to the lowest
price on this selling movement. At this level
support came into the market in a moderate
way by the leading longs. There was buying
By holders of the downward indemnities and
we also believe that noted buying by sold
out bulls who were inclined on the extreme
break to reinstate some of their holdings. This
shorts to even up over Sunday gave the mar
ket It's closing bulge, the short selling having
been vastly overdone on the break. We doubt
IL the leading figure In the bull movement has
liquidated any wheat The advances were
largely forced and what might be called the
minor bulls disposed of their holdings in whole
natural situation. We believe that If the right
maneuvers are enacted by the big holders
which would go far toward relieving the public
mind that prices are on fictitious basis there
can yet be made good profits on wheat by TAX
ing advantage Of the breaks.
Wholesale covering operations by those who
have been right the situation and have
sold from size down, was the feature I'm corn.
There the usual week end covering a we'll.
Without very nearby Improvement In the de-
mand from the east there is likely to be an
accumulation Of good sized stocks Of corn here
and for this reason we still incline to the short
side on bulges.
While there are bulges In oats the close was
only fractionally higher than yesterday. There
was fair general commission house trade on
both sides of the market.
Provisions were weak; there were assertions
from the bull side by some of the steadfast
operators who have been hopeful for higher
prices for time past. We are OF the opinion
that selling of some of the longs mentioned
above has clarified the situation. We are
great believers in product around existing
levels
The Inter Ocean says: Bears in wheat were
more confident Of their position last night and
the leading bulls. from all outward appear
anees, were not in the least disturbed. Prices
have dropped SIC from the high point Of last
week, but there is evidence to prove that
the position OF the, bulls has been changed in
the least. 1t was the popular belief among
traders who have studied pit operations closely
and who have good sources of information, that
the selling all week that has forced the break
in prices has been for Lichtstern, who uses a
number of commission houses.
The latter has been In New York since the
last part of November, for the past few days
has had lease on a long distance wire to
Chicago. which he has kept very busy with sell
ing orders. This the story told on the curb
by traders who generally know what they are
talking about.
age price at which the leading lines of long
wheat are held has been reached. It is said
that the decline is putting the market in an
elegant position to be rallied sharply within n
few days 1t has been Nery popular and profit
able to be bearish on of late and the bears
are still pressing their advantage.
Country holders who liquidated December
have in many instances replaced il with Nav
which has sustained the latter and depressed
December. 1t was the gossip last night that
a number Of big professionals who were long
on oats and short on had closed their
spreads. Also that several good sized lines of
short corn had been covered