The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-04-26
MI CRAZY 70 SELL
Rains in Wheat States Cause
Slump in Price.
OTHER GRAINS FOLLOW
Provisions the Only Line That
Showed Strength.

| Chicago, April 25.-Rains in the four big
surplus wheat and corn states played
havoc with the price Of grains on the
board of trade today and caused com
motion for 4 time that resembIed a STAN
pede. For the first hour it was nothing
but sell, sell, sell. Prices huctuared 50
widely and wildly that for a time a panic
was feared. When traders recovered their
I heads, the pits Quoted down somewhat
and there was good reaction. Bears,
however, had too much the best OF the
argument TO allow prices 10 recover and
May wheat closed 1snlAc lower, May corn
&c down and May oats &c of. Provisions
though showing Independent strength for
a time could not withstand the pounding
and they closed 71l15c lower.
There was a wild opening in the wheat.
Rain had fallen during the night cOplOuSly
over Iowa, Illinois, Missouri and Nebraska
and the situation was materially relieved
in Kansas. The trade hardly had TO look
at the weather man TO know that the dry
Weat Their scare was Knocked into cooked
hat. Strangely enough, the heavy down
pour in this city as usual gave an added
flight TO wheat holders ana with one ac-
cord there was a general wheat dumping
process at the sound of the opening gong.
Everybody seemed TO have selling orders.
So rapid was the decline and so lrreGu-
lar the fluctuations that stop loss orders
were soon met and addition stuff was
thrown into the pit contributing toward
further weakness. Spectators IN general
big and little brokers, commission hOuS-
es Scalpers and plungerS felt the effect
Of the extremely bearish weather condi-
tons following the slump Of yesterday. OF
course rains were expected for a long time
and traders had fortified themselves with
stop loss selling orders. But there was
such d quantity for sale that the break
became a collapse instead OF a decline.
Two million bushels each were unlOaded
by several houses. Aside from the wealth
er news conditions might be called bull
fish. The early English cables were not
responsive TO our slump of yesterday but
they soon got into line and closed weak.
Receipts were small and statistical papers
issued bullish reports Another support
was the apparent steadiness of the Kan
sas City market in the face of the break
here. Some traders were arguing that
the market should be in better position to
know the truth of the Kansas situation
than the local crowd. Other outside mar
ketS were weak but occasional reports
stiN complained of crop damage. After
the early tumult prices recovered some
what but bearish sentiment induced fur
Their pressure and the market weakened
again. May opened ia Sc TO 1I2G1Ssc
lower With sales as wide at Az u4334c.
July sold at the start between 76GD751sc.
The close was weak, Mao Ilsd1Ac lower
at 74isc and July IL of at 1914 Gt753sc. Local
receipts were 26 cars; no contract grade;
Minneapolis and Duluth reported 108 cars,
making total for the three points OF 134
against 136 last week, and 267 a year ago.
Argentine shipments were 1,4Sl00 bushels
Primary receipts were $4,000 bushels
against 35S,000 bushels a year ago Sea-
board clearances in wheat and -four equal
led Il, 600 bushels. Minneapolis and Duluth
stocks ar expected to show decreases for
the week respectively of 100000 bushels
and 100000. Last week the decrease of
the two markets combined was 100000
bushels.
Corn suffered even a worse break than
wheat at the opening. slumping as much
as 21sc. Wheat sympathy and the general
rains were the factors. All day the pit
was a scene OF much excitement and ner- r
cous feeling. Corn was dumped freely in
the pit regardless OF prices. Stop losses
came out all the way down and during the
early scramble there was practically no
support. Even the big bull crowd sold out
much of their holdings for profit. Tail .
ers' were badly squeezed. After the gen
eral selling movement had seemingly
Knocked the bottom out of the market &
there was some responsive buying and
prices recovered 112c from the lower point
OF the day Subsequently much of this
recovery was lost as scalperS sold again.
Country offerings of corn wer freer than
they have been for some time. especially
from Illinois, Wisconsin. Corn was also
offered in liberal quantities but not much
from there came into Chicago. for Kansas
City was nc over this market. St. Louis +
was weak May corn opened ?. to 11ec
lower 62l2c TO 6li2c and slumped 10 Ella
july started Is TO Ic lower at 81 to 63tac
and touched 62lzc. The close was weak T
both July and May closing lie lower at {
631zc and 6214c respectively. Receipts were
119 cars.
Oats declined with the break in other
grains but the market ruled comparative
~ quiet. Considerable stuff was sold on
stop loss orders and the effect of the rains
on the sown oats was bearish. Receipts
also We're heavier Receivers and pro-
vision dealers were the best early sellers.
Later theer was some fair investment .
buying which picked up some of the loss
The close. however, was weak. May sold
from 42c to 4lssc. reacted 10 43c. and clos
ed &c lower at 42zc- Receipts were 157
cars.
Provisions maintained a firm undertone
the greater part Of the session in spite of
the weakening influence of grains. Prices
however. slid off IN the face of a light
run of hogs and the highest prices of the
year at the yards. Bears made some use
Of the contemplated prosecution Of the
meat trust 20 depress prices, but packers
supported the market at the decline. +
There was good demand for products.
especially for lard. July pork closed Ice
lower at Sl6.S1ia. July lard sane of at
and July ribs 5d.1zc down AT SOS.
Estimated receipts fer tomorrow. Wheat
90 cars. corn, 1o5 cars, oats, 15 cars; hogs,
L 600 head.
GRAIN AND PRODUCE Markets