Omaha daily bee., 1888-05-20
THE SPECULATIVE MARKETS
Bears Finally Make an Impression
in the Wheat Pit.
ADVANCING PRICES CHECKED
Corn Also Suffers n Decline-Proyis'
ions n Little Cattle
Unusually Slow For Saturday
Hogs Fairly Active.
CHICAGO PRODUCE MARKET.

CHICAGO, May 19.-tSpeciai Telegram to
The BEE. Wheat went up through the SOS
without any very staunCh opposition, but on
the day that the July option passed 90c a big
fight developed and there has ever since
been a powerful bear party and each day an
interesting struggle. To-day's has probably
been the fiercest yet, Ream g. Bloom being
the leading sellers. At night, notwithstand.
ing enormous buying by the bull party, July
was weak at SS3lc. The opening was at 9O18c
for the active option-July-with the bull
crowd plainly making efforts to boost the
price and to get short sellers on the run. Big
buying by Helmholz, by f.. w. Baily and
Stauffer was set down as for the Cudahy
party, as was also, of course, the buying by
that big operators own house, but the mar
ket Jagged, and outside winter wheat mar
kets were very sick, and the bears here APP
p%arently felt very secure. Bloom & Ream
assumed the selling leadership, and
were in the pit in person about
all Of the session, and were dem
onstrative sellers all the while. This
side had to aid them, heavy selling by st.
Louis, especially through Switzer, fair
weather here, better crop reports from some
sections and a very small export movement
for the day. Outside bulls seemed to prefer
standing off and watching the struggle be-
tween high rollers to giving their leaders
any support by their own purchases. The
report was that the buying, as the market
declined, was almost altogether by the
Cudahy agents while the selling was quite
general. Even the foreign houses took that
side with some boldness. At 90c for July it
looked for an hour as if the market was
''pegged.n There certainly was n good deal
- l-,,s,.w tlArA thnY NJ "a thnrn NNlG Cn1nn
sort of a halt. But the buying was not
sufficient at either point and July broke
down to SS%c from S9Mc. There was plainly
buying of about 100000 bushels every sc
down, Cudahy,s own man dong inns Inc
close was at S934c, with this broker bidding
that for any part Of 10000 bushels. The
primary market receipts were lis, 0C0 bushels.
Corn was fully as weak as wheat, May
dropping from 5919 TO SIC and selling on the
'curb'' Immediately after l o'clock at 56S4c.
Large receipts-419 cars-and much larger es-
Inmates for Monday-590 ~cars-started the de-
cline. Robert, Warren IL Co. sold about 5oo,-
600 bushels of July, filling up buyers from
5S16c down to SIC, and then Jones, Kenneth
& Hopkins followed on the same side. July
opened at 5S16c and closed at the bottom
56sSc. May Mt the close had almost entirely
lost its premium. Oats were dull and moved
up and down with corn. Receipts were 2l3
cars. The estimate for Monday is |215 cars.
May opened at BIC and closed at 3456c-thc
bottom. July opened at 1890, and also closed
the bottom-3316c.
In provisions the movement was a little
nervous. Trading opened at considerably
better prices all around than last nights
closing, and under a good demand sustained
further Improvement. AS the day advanced,
however, the market sylnpathized with the
break witnessed in grain, and suffered a gem
eral depression. The closings showed but
little change from yesterdays final prices;
For July delivery-the pivotal month-lard
. was even 21ac higher, while both pork and
short ribs were only 21ac lower.