Omaha daily bee., 1902-03-24
COMMERCIAL AND FINANCIAL
Grains Tumble Headloug and Bulls Are
Demoralized.
SENSATIONAL DAY FOR SPECTATORS
over Two Cent Drop in Corn, and
Other Grains Act in sympathy
Provisions assume strong
start, but Brenk Even.

CHICAGO. March 22.-Grain markets
were o~emoralized today. Bears had a tight
clutch on the situation and squeezed hold
ers numerically. Weather conditions In
wheat started the drive. but when corn
began to tumble spectators became almost
panlc-strlcken There seemed to be no end
TO the selling and at the end of the session
May wheat had lost 1%G11zc, May corn csc
ana May oats l12c. Provisions were natur-
ally strong and fought off the grain in
fluence, closing 21Ac lower to 21kc higher.
There was nothing but bear ak from
start to finish in the wheat pit. The open
ing was very weak on confirmation of the
rains in the southwest and additional
showers fell west and northwest. Cables
also were weak and turned weaker as the
day advanced. Receipts, both local and
northwestern, were still small, but this In
huence, together with that of some fair
early export trade, was lost sight of in the
mac rush to throw stuff overheard. Bulls
were nearly in a panic. There was a gem
eIral desire to sell both by the shorts and
the longs. Trade was heavy and at times
very exciting. Farmers were reported sell
ing freely in the southwest. May opened
fore the early selling rush quieted down
May touched 72hc. Shorts here began TAX
ing some of their shorts and the market
steadied, though there was still a marked
bearish feeling prevalent. Then corn, which
was very weak to start, turned still weaker.
u the dem mos him9st conditions a 2 on Of that that P mar sRd
was reflected in wheat May wheat dropped
to 19sc; Bears were selling short in great
quantities and every holder of long wheat
lost heavily. Stop-loss orders also added a
downward Impetus.
1t was expected that a good export bust
ness would spring up at the low prices and
late in the day New York did report lis
loads taken. There was also a sale of 10,
for shipment, but shorts we're not fright
ened. For a time there was some buying
by prominent houses, but this only brought
had not this buying come out the slump
might have been worse, May continued
very weak and closed 1h411ac depressed at
72c. This price is the lowest for May since
early In october. Receipts, Y cars, none
contract; Minneapolis and Duluth reported
267 cars, a total for the three points of 2S9,
against 1888 last week and 1853 a year ago.
Primary receipts were al, 900 bushels, com
Ian shipments were S2l, 900 bushels, against
$4,000 bushels last year. Seaboard clear
ances, in wheat and -four equaled 800, OC
Corn took a headlong tumble at the OPEN
ing. Lower cables, warmer weather and
g geon the c %besfy ws seIlns: following hare 8
opening. for May NC to nc lower at $3.50
591zc. Nearly every house on the floor had
reached and May sagged to 59Ao before
some fairly heavy purchases, supposed to
be for a heavy short line steadIed prices,
more inclined to dispose of their holdings
and the bears started hammering again.
declining prices. But in corn. as in other
grains, there was always more long stun
for sale than could be absorbed. May corr
@e.6N0 wv ~ ~ d oNA1 haAAh NtA1
heavy, closing weak, 21sc lower at thai
figure. Receipts, 1874 cars. Trade was very
large-more so than in several weeks.
From the start oats ruled weak. Advan.
tage was taken of the weakness in corr
and wheat to hammer May options, and
they suffered much. July and September
were weak with other grains, but met with
a fair support. Receipts were large and AZ
per cent of them were contract grade. The
warmer weather is doing much to encour.
age bears. There was still much nervous.
ness in May, which started %61Ac lower al
4211c to 42c and declined early to 41&c
There was fair support at this low figure
and May reacted to 42Asc, but on the SECOND
corn break oats fattened out and May
closed. weak. 1hc lower at 41%c. Receipts
were 149 cars.
Provisions early developed a very strons
tone in the face of such depression as wai
experienced in grains. Hogs were higher
and receipts lighter. There was a good
demand in all products and offerings were
very light at the advances that were made
Toward the close, however, when the biz
break came In corn, provisions lost some
of their gains and closed only about steady
May pork, which sold as high as SIS. 70
closed PIC lower at SIS. 60, May lard a shad,
higher at $9.47led9.50 and May ribs PIC VI
at $S.5Th.
Estimated receipts Monday: Wheat, q
cars; corn, $50 cars; oats, 100 cars; hogs
43. 900 head.
The leading futures ranged as follows:
~ u