Omaha daily bee., 1902-03-28
COMMERCIAL AND FINANCIAL
Market Pull Of Activity with Heavy
Trading in All Pits.
WHEAT PALES AND sTAGeERS DOWNWARD
Corn and Oats Are Depressed, but
Provisions Again Seek the summit
wheat BELT Rains Give
Bears Advantage.

CHICAGO, March S7.-Grain experienced
another day Of heavy trading ana tor
time sold az good advances. Fair weather, ll
and corn shorts had comforting assurances
against the gossip OF a corner In July
wheat closed lsSd11hc depressed, May corn
NC lower and May oats nc down ITO
Visions again acted Independently strong
Traders who ran to cover yesterday on
the reports of crop damage in winter
wheat had their fears allayed soon after
the opening hour. Cables were higher on
the damage reports and there was a talr
number Of buying orders. small north-
western receipts also were bullish IN theiiI tiII
influence; but only SO long as corn held
firmly did wheat keep It's opening strength:
to be taken notice of. Stausucians re-
ported the growing crop as good, IL not
Corn had been expected to take q de-
orally and weakened: This gave the
full extent and wheat grew sick and stag
gered downward. Liquidation and stop
loss orders added to the decline and bears bears
higher at 7SQ731lc and held there for some
time. The depression took May to 71Ac
accounts late in the day the close was
very weak; May! i%a1ho depressed at
Of Ti- very good character. but the heavy sell
ing which was 30 prominent and broke
prices was for prominent professionals.
but were overbalanced by other reports
that made bears hopeful. Some of the
weakness was due to closing up deals over
tomorrow's holiday. Local receipts were
19, cars, none Of contract grade. Mlnneap-
oils and Duluth reported 2S6 cars, making
against S6s last week ana lSo year ago.
Argentine shipments were $4,000 bushels,
compared to $4,000 bushels last. week and
ceipts were 346,OOO bushels, against $4,000
bushels a year ago. Seaboard clearances
in wheat and -four were $4,000 bushels.
The seaboard reported nothing taken for
export. This point sold seven loads.
Considerable strength was manifested all
day in corn despite the marked weakness
that developed in wheat. There was also
persistent selling of corn by big traders,
especially by the crowd that was supposed
prices held well. The market was nervous
and excited at times on account of rumors
that an effort was being made by large
July campaign crowd" The heavy SELL
ing for profits eased prices somewhat and
gave wheat a chance to break. The wheat
pit in turn affected corn and May corn,
after selling as high as 6O3sc early in the
day, lost ali its gain and dropped to 5s1s9
59hc The weather had something of a
bearish effect, but in spite of the heavy
pressure brought to bear on this market,
$3.50. Country offerings were moderate; (;
receipts were light at los cars.
oats had some strength at the opening,
broke away from this lead, however, and
on liberal offerings turned easy. There
was good early demand in July, which
was easily accommodated, and May op-
tions, which were quiet, declined in sym
pathy. The late weakness in wheat and
the loss of the early corn advance helped
depress oats late. Reports of early seed
ing and plants starting well had an added
bearish influence; May sold from 43c to
42hc and closed 1ec off at 423sc. Receipts
were 50 cars.
Provisions showed marked strength
again, due, II Is said, to active manipula-
ton by packers to bring prices to higher
level for the purpose of unloading their
products. There was another large short
line covered and generally heavy trading
resulted. Hog prices were better, receipts
of hogs light and a private estimate of
Chicago stocks showed decrease In lard
and an unchanged situation in pork and
ribs. This, taken In view of the recent
heavy run of hogs and the better prices
were considered bullish. Offerings were
principally by longs who took profits. May
pork opened 1Oq2oc up at SIG. 25Gl63 35,
gained steadily for time and then jumped
late to $3.50. where It closed very strong,
closed 10q121ac higher at $9.S21S and May
ribs 5q71ec up at $S.s716qS9O
Estimated receipts for tomorrow: Wheat
20 cars; corn, 105 cars; oats, lis cars; hogs
81, 900 head.
Note: There will be no session either on
the Board of Trade or Chicago Stock ex-
change Friday.
The leading futures ranged as follows;