Omaha daily bee., 1902-04-26
COMMERCIAL AND FINANCIAL
Downpour in Grain States InoiteS Wild Day
in Cereal Pits.
STAMPEDE TO SELL SPURS COLLAPSE
Bulls Frustrated at Opening Gong and
Provisions Put Up Bold Front,
but Finally Bow to Bear
ish sentiment.

CHICAGO, April 25.-Rains in the -four
big surplus wheat and corn states played
Board OF Tf'tu trade ent today s5' and p caused Sedt"s a comma.
ton for a time that resembled a stampede.
For the first hour II was nothing but sell
wildly that for a time a panic was feared.
When traders recovered their heads the
pits quieted down somewhat. The bears,
however, had too much the best of the
argument to allow prices to recover and
May wheat closed 1hql4c lower, May corn
1c down and May oats lc on. Provisions,
though showing Independent strength for a
time, could not Withstand the pounding In
grains and they closed 5q71kc to l5c lower.
There was a wild opening In the wheat
pit. Rain had fallen during the night copi-
ously over Iowa, Illinois, Missouri and Ne
braska and the situstlon was maaeriaiIs
heavy downpour in this city, as usual.
added fright to wheat holders, and with
dumping press at the sound Of the opening
gong. Everybody seemed to have selling
orders; So, rapid was the decline and SO
irregular the fluctuations that stop-loss
orders were soon met and additional stun
was thrown into the pit, contributing tow
ard a further weakness. Spectators in
general, big and little brokers, commission
houses, scalpers and plungers, felt. the eff
feet Of the extremely bearish weather con-
OF course rains were expected for a long
time and traders had fortified themselves
with stSp.loss selling orders .sie ,ba, But tbs there tne1s
became q collapse instead Of a decline. Two
million bushels were unloaded by several
sponsive to our slump Of yesterday, but
they soon got into line and closed weak.
Receipts were weak and statistical papers
was the apparent steadiness OF the Kansas
city market In the face of the break here.
Some traders were arguing that that mar
ket should be in better position to know
the truth of the situation than the present
crowd outside markets were weak, but
After the early tumult prices recovered
somewhat, but bearish sentiment induced
further pressure and the market weakened
with sales as wide apart as TAc TO 7S%c;
July sold at the start between I6c and
lower, at 4hc, and July nc off at S5k
assoc. Local receipts were "a cars. none
Of contract grade. and MINNEAPOLIS and
for the three points of 14 cars, against 1856
last week and PSI a year ago. Argentine
1890 0 last year. primary receipts were
$4,000 bu., against 85s, 600 a year ago. Sea-
board clearances in wheat and -four equaled
are expected to show decreases for the
week, respectively, of 100000 and 100000 bu.
Last week the decrease OF the TWO markets
Corn suffered even a worse break than
wheat at the opening, .slumping as much
rains were the factors, All day the pit was
a scene of much excitement and nervous
pit regardless of prices. Stop-loss orders
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 holding for profits. "Tailers''
were badly squeezed. After the general
selling movement had seemingly knocked
the bottom out of the market there was
some responsive buying and prices recov-
cred 11hc from the low point of the day.
subsequently much of this recovery was
again lost as scalpers sold again. Country
offerings of corn were freer than they have
been for some time, especially from ILL
nois. Iowa corn also was offered In liberal
quantities, but not much from there came
over this market. st. Louis was weak.
May corn opened &Qlkc lower at 62h9
6l1sc and slumped to 61hc.. July started Y
The close was weak, but July and May
closed lie higher at 641hc and 63zc, respec-
lively. Receipts were l19 cars.
grains, but the market ruled comparatively
quiet. Considerable stuff was sold on stop
loss orders and the effect of the rains on
were heavier. Receivers and provision
dealers were the best early sellers. Later
there was some fair Investment buying
close, however, was weak. May sold from
lower at DC. Reeeipts were iS7 cars SaTseu 10
Provisions maintained a firm undertone
the greater part Of the session in spite of
the weakening influence of grains. Prices,
however, slid of In the face of a light run
at the yards. Bears made some use Of the
contemplated prosecution of the meat trust
10 depress prices, but packers supported
good demand for products, especially for
lard. July pork closed l5c lower at 316.s7h,
July lard bd7hc OF at 1886 and July ribs
Estimated receipts for tomorrow: Wheat,
10000 head.
The leading futures ranged as follows: