The Saint Paul globe., 1902-04-26
RAINS CAUSE PIT HAVOC
ALL LINES OF CEREALS CLOSE
LOWER, AFTER ERRATIC DAY
News Outside Of Weather Reports
Is Bullish, but Regrs Have To !,
Much the Best of the Argument
to Allow Prices to Recover.


big surplus wheat and corn states play
ed havoc with the price of grains on the
Board of Trade today, and caused
Commotion for a time that resembled a
stampede. For the first hour prices
ftuctuated so widely and wildly that for
time a panic was feared. When trad
ers recovered their heads, the pits had
quieted down somewhat, and there was
q good reaction.
Bears, however had TOO much the best
OF the argument to allow prices to re-
cover, and May wheat closed 11s@1Ac
lower; May corn 1c down and May oats
1c off. Provisions, though showing in
dependent strength for a time, could not
withstand the pounding in grains, and
they closed 5Q712c to 15c lower.
There was wild opening in the wheat
pit On the rain which had fallen during
the night copiously over Iowa, Illinois,
Missouri and Nebraska. and the situa-
ton was materially relieved in Kansas.
the trade hardly had to look at the
weather map to know that the dry
weather scare had been overcome. The
heavy doWnpour in this city, as usual,
gave an added fright to wheat holders,
and with one accord there was a gen
tral wheat dumping process at the
sound OF the opening gong. Everybody
seemed to have selling orders.
So rapid was the decline, and so ir-
regular the fluctuations that stop-loSs
orders were soon met and additional
stuff was thrown iato the pit, contribu-
ting toward a further weakness. Spec
uIators in general, brokers, commission
houses, scalpers and plungerS, felt the
effect Of the extremely bearish weather
conditions following the slump of yes
terday. OF course rains were expected
for a long time, and traders had fortified
themselves with StCp-lCSS orders. But
there was such a quantity for sale that
the break became a collapse instead of
declin2.
Close Trading Is Weak.
Two million bushels each were un-
loaded by several houses. Aside from
the weather news, conditions might be
called bullish. The early EngHsh ca
bles were not responsive to the slump
of yesterday, but they soon got into line
and closed weak. Receipts were small
and statistical papers issued bulllsh re
ports, Another support was the apparent
steadiness OF the Kansas 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
lccaL crowd
Outside markets were weak, but occa-
siollal reports still complained of crop
damage After the early tumult, prices
recovered somewhat, but bear1sh sent-
mept induced further pressure and the
market weakened again. May wheat
opened 1bM5sc to 11z05sc lower, with
sales as wide apart as 74%c to 'eSc;
July sold at the start between t6c ana
751sc -,a,,,.
The close was weak, May 11s@1Ac
lower at 74kc and July 1Ac off at 75A
0753>c Local receipts were 26 cars;
none Of contract grade. 10
Minneapolis and Duluth reported VS
cars, making a total for the three
D0ints 1874 against 1876 last week and Zb'
q wear aco. Argentine shipments were
$4,000 bu, compared with l,5Oz,Vqy dna 6n
last wear Primary receipts were 134,V"
bu, against 35S,000 bu year ago; sea
board clearances in wheat and hour
eonaIed n5O0O bu Minneapolis ana
Duluth stocks were expected 70 SNOW q
decrease for the week respectively OF
GO GOO bu and 1,O00, 600 bu. Last week the
decrease for the two markets combined
was 1,200,UO pu
Corn Suffers Bad Break.
c, s,,4fared even a worse break than,
wheat at the opening, slumping as much
as 21sc Wheat sympathy and the gen
eral rains were the factors. All Gay lIi5
pit was a scene Of much eXelteIheHl esn allu
nervous feeling. Corn was dumped lree-
" into the pit, regardless OF prices. STOP
loss orders came out all the way doWh'
and during the early scramble there WdS
nra acticaIly no support Even the Dig pull
crowd sold out much of their holdings
for profits. "Tailers" were badly
squeezed. after the general selling move
ment had seemingly knocked the bottom
out of the market there was responsive
bi1ving. and prices recovered 1zc from the
low point for the day. Subsequently much
Of this recovery was again lost as scdlp-
ers sold again. Country offerings OF corn
were freer than they have Deen lot some
time. especially from illinois. Iowa corn
also was offered in liberal quantities, but
not much from there came into Chlcago'
for Kansas City was 112c over this mar
ket St Louis was weak. May corn
opened %01a4c lower, at 6212c to Size, ano
siumped to 611sc. July started 72glc
lower. at SAC to &c, and touched 62bc.
The close was weak, both July and May
closing 1c lower, at 631Ac and 62Ac, re-
spectively. Receipts We're llg cars.
Provisions UndertOne Firm.
Oats declined with the break in other
grains, but the market ruled compare
lively quiet. Considerable stuff was sold
on stop-Ioss orders, and the effect Of tho
rains on the soWn oats was bearish. Re-
ceipts also were heavier Receivers and
provision dealers were the best early
sellers Later there was some fair In
yestment buying, which picked up some
Of the loss The close, however, was
weak May sold from 42c to 413sc, reacted
to 43c and closed 1c lower, at 42Ac. Re
ceipts were 157 cars.
Provisions maintained 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 to depress prices, but
packers supported tits market at the de-
cline. There was a good demand for prod
ucts, especially for lard July pork closed
15c lower, at S16S71a; July lard, 5Qgl1ac off.
at 1885, and July ribs 5Q712c down, at
$9.35
The estimated receipts for tomorrow
are: Wheat, 30 cars: corn. 105 cars; oats,
145 cars, and 1900 head of hogs.
TIE leading futures ranged as follows:
Iopen. High. Low. IClose.
Wheat ll