Omaha daily bee., 1902-02-25
COMMERCIAL AND FINANCIAL
Market weakens and Bears Push Prices
Down.
GRAINS STRIKE LOW LEVEL WITH A BUMP
Warm weather and Prospects Of Ce-
reals in Plenty Are the Causes
of the sIump-PrOvisIOns
Also Weaken.

CHICAGO, Feb. 24.-Grain prices STUN
bled at the opening of the Board OF Trade
today. Then the bears gave them a Wig;
orous push and everything went down hill
and struck low level with a pretty hard
bump. The warm weather and prospects
slump. May wheat closed. with a net loss
Provisions lost ~ to f7lsS,
the very start. Cables were lower, re-
ceipts were improved and the weather gave
promise of sunshine for some time to
come. Crops were reported in excellent
conditions and the farmer began to sell
in a hurry. Estimates, Of grain receipts
today. On passage stun increased 24S, 900
bushels. and worlds shipments were $751;
last week and oniy 5,es6,OOo bushels a year
ago. AS a result the early scenes on
change were mostly excited %scrambles to
ture. Local shorts sales were also con-
siderable. The foreign demand was still
Feeders SW was abe becomins mucS lighter be-
cause of the good weather. May opened
Aq9sc to hQtsc lower at 77hQ77c, dropped
some time around that figure. Bulls had
practically nothing with which TO sup
RtiGmpee t 6n RaIK Breaks HOV steadied r0m thin lme fo oG
awhile, and when a decrease In the visible
supply of 100000 bushels was posted the
the Close. hoSweveT. the general raj feeiins
that wheat was too plentiful swept over
the moor ana Win naruly a buuBBie may
dropped another cent to 75lAc: May closed
very weak, 1hc lower, at 75%@75&c. Lo-
cal receipts were IL cars, one of contract
ruth reported 1886 cars, making a total for
the three points of 947 cars, aaginst 55
last Monday and 626 last year. Primary
1855, 600 bushels, compared to $3.50 bushels
last Monday and $4,000 bushels last year.
equaled $4,000 bushels. The seaboard re-
ported 20 loads taken for export.
same depressinE influences that have been
unnerving the bulls and adding fresh vigor
to bears for a week or more. Those con-
corn from farmers and decreased demand
from western feeders. At the opening
cables were easier, the outnwestern mar
universal in the country most needing II.
Receivers all reported liberal acceptances
cases at decreases. Much stun was for
sale early on hedges. May started hQ%c
down at SOhqeoc, IN company with wheat,
until It had struck 59bG69hc The weak
ening of the holding sentiment on the
pit with a higher intensity and liquida-
ton of speculative holding went on at
an enormous rate. Nearly every house on
was for both local and country account.
The offerings were heaviest from those
side. Covering at times brought good
profits, but made no apparent effect on
prices. May closed very weak, l2c down,
at 59Ac. Receipts we're 131 cars.
Oats had a sympathetic market and
slumped in company with corn. No news
developed. For a time near the opening
trade was excited, with heavy offerings on
one side of the pit and the other side al
most dry. After the opening break of
5sQlc, May sold up to 43kc OF from Fri
days close. But the bear sentiment pre-
vailed. and the downward tendency was
constant. Liquidation was general from
commission houses, and stop-loss orders
were executed literally. May sold off to
s1%c and closed weak, 1kc lower, at 41Ac.
Much of the loss was due to the mild
weather and promises of Increased offer
lngs from the west. Receipts were "a
cars.
Provisions were rather dull though
bearlshly inclined. The tone was com
paratively steady, considering the liber-
atty of the hog movement and lower
prices at the yards. The grain weakness
Induced scattered selling, Offerings were
taken largely by shorts in pork. Packers
bought some lard and ribs and held them
steady. May pork sold as low as SIS. so
and closed 17hc down at 1855; May lard,
PIC lower at $9.37h, and May ribs, 21k45c
lower at $S.42h.
Estimated receipts for tomorrow: Wheat,
s. cars; corn, 1856 cars; oats, 325 cars; hogs,
81. 900 head.
The leading futures ranged as follows,
- - 4 - - a.