Omaha daily bee., 1888-04-19
THE SPECULATIVE MARKETS.
Bears Make Themselves Felt in the
Wheat Pit.
CORN SHARES IN THE DECLINE.
Caused b, the Expectation of Largo
Receipts To-day-Oats Join the
Downward Moyement-Pro-
visions Strong-Gcncral.
CHICAGO PRODUCE MARKET.

CHICAGO, April 1~S.-tSpocial Telegram
ito the BEE. To-day the tumble in wheat
prices was as sudden as the advance had
been, The advance had been based almost
entirely on the reported injury to winter
wheat. To many VII bore that fact in mind
and watched the universal scramble to sell
wheat this morning, it would have seemed
that all the killed wheat had come to life, and
that plowed-up fields had by some means
been replaced in their original condition, yet
so far as the legitimate situation Is concerned
and the actual value of wheat, no difference
can be discovered between to-day and yester.
day. Still from Yesterdays highest point TO
to-day's lowest, there was a decline of 25kc
in the price of May wheat. For this the
foreigners were largely responsible. They
had been selling futures freely in New York
and here for two days past, and followed il
up this morning with another flood of selling
orders. These broke the hearts of the New
York bulls and there was an early slump
there. Here, however, there seemed TO be at
least one friend to wheat at the start, May
wheat opening 4cuhigher than last nights
close, but in an Instant everybody
seemed anxious to sell and an immediate
drop of 11sc followed. There were but two
reactions and these only of &c. The local
bearish influence was the enormous selling
of Cudahy, who was a big buyer yesterday
and Monday, and u much bigger seller to-
day. Other holders who had u profit were
anxious TO realize IL, and those who had a loss
were anxious to make it as small as possible.
Nobody seemed TO want any wheat until the
break had been sufficient to seem to call for
some slight reaction, which the scalpcrs
bought for, but every reaction was followed
by further depression, and the closing price
was nearly the west of the morning Sc a. on.
May wheat opened al SIC, sold down TO SutGc,
up to size, back to S05sc, and up to size
again, then gradually down to S04c, up to
S04c, down to S0lsc, and the / o'clock close
was at S0l4c. Juno wheat opened at S216c,
sold down TO and closed NJ Sic.
The corn market opened stronger and
higher, apparently under buying for Fraley,
the st. Louis Spectator who was short on "a
large line, and had ordered his trades closed.
When this demand was filed May corn
dropped l14c with great rapidity. Holders
OF corn seemed as anxious as wheat owners
to get out, and except for the unexpected
short coverings mentioned above, it seemed
as if the slump here would have been as sud-
den as in wheat. There was more recupera-
tive power in corn for the time, and there
was a fair reaction, but another decline fol-
lowed upon the estimate of larger receipts
for tomorrow becoming known. Part of the
gossip on the floor, and a very discouraging
thing for holders, was the report that there
were ! 800 cars of corn on the Burlington
road east of the Missouri river, all headed
for Chicago: May. corn opened at SIC, sold
early at 51@5I16c, fell to 5000, advanced TO
SIC, and then fell to 55slc, reacted to 561%c,
and again dropped to 5534c, closing at 556c
bid. June corn sold down from 56c to 546Sc,
and closed at l O'Clock ut $3.50.
Holders of oats were also anxious to let go
and that market dropped along with the rest.
May oats fell from 3Sc TO 32Bc, closing at
to 32Kc and closed there. July oat
dropped from 1890 to 31%c, closing at 321Sc.
August oats ranged from 1S5sc to tSA@3SSsc,
closing at 2S56c, and September oats sold
from 2Sc to 271sc, suffering the smallest
decline of many of the futures.
Provisions showed decided strength. In
pork the movement was a little erratic but
short ribs and lard were bullishly incliDed
from the start. In the last named article the
buoyancy shown was somewhat surprising.
Foreign houses were free buyers of 1t for
present and future delivery, and at l o'clock
it stood at prices 1N@10c higher than last
advance was 5(67Nc.
AFTERNOON SEssIoN-Wheat was a shade
firmer. May opened at SOHc, closing at
S01Ec; June, S1SS@Sl19c; July. S234c. Corn
opened at 55]Sc for May, sold to 561s@564c
on the split, fell to 551Sc, closing at that bid;
June, 55c; July, 551Sc. Oats steady. Pork
irregular and closed 10Gl2Lc lower, or at
Sl402R for May, S14.05 for June and Sl4.15
for July. Lard averaged 2I@5c lower and
closed at S1.75 bid for May, $3.50 for June
and S1.S5 for July. Quiet. Short ribs were
July, $7.42I, and August $3.50. Sales mod
prntp