The St. Louis Republic., 1902-04-26
SELLING STAMPEDE BREAKS
CHICAGO GRAIN PRICES.
HEAVY RAINS CREATE WILD
EXCITEMENT IN PIT.
Strong Reaction Follows, but
Wheat, Corn and Oats Close
Much Lower on Day.

Chicago, April 25-Rains in the four big
surplus wheat and corn States played hav
oc with the price of grains on the Board
of Trade to-day and caused a commotion
for time that resembled stampede. For
the first hour it was nothing but SELL sell,
sell. Prices fiuctuated so widely and Wild
ly that for time 4 panic was feared.
When traders recovered their heads the pits
quieted down somewhat and there was n
good reaction. Bears, however. had too
much the best of the argument to allow
prices to recover. and MAY wheat closed
l1sQlhc lower May corn was 1c down
and May oats 1c off. Provisions. though
showing Independent strength for a time.
could not Withstand the pounding in grains,
and they closed 5I7isc to 15c lower.
Wheat.
There was wild opening in the wheat
pit Rain had fallen during the night CO.
piously over Iowa, Illinois, Missouri and
Nebraska and the situation was materially
relieved in Kansas. The trade hardly had
to look at the weather map to know that
the dry weather scare was knocked into
a cooked hat. Strangely enough. the heavy
downpour IN this city. as usual. gave an
added fright to wheat holders. and with
one accord there was a general wheat
dumping process at the sound of the OPEN
ing gonc. Everybody seemed to have sell
ing orders So rapid was the decline and so
irregular the fluctuations that stop-loss
orders were soon met and additional stuff
was thrown into the pit, contributing
toward a further weakness Spectators In
generaI-hig and little brokers' commission
houses; scalpers and ,plungers-feit t."
strength of the extremely bsarisn weather
conditions following the slump of yester-
day. OF course, rains were expected for
a long time a, and traders % had had fortified G.s
But there was such quantity for sale that
the break became a collapse instead of
decline. Ten million bu. each were unload
weather news. conditions might be called
bullish 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 tul!ish reports Another support was
the apparent steadiness of the Kansas City
market in the face OF the break here. Some
traders were arguing that that market
should be in better position to know the
truth OF the Kansas situation than the
local crowd. Other outside markets were
weak. but occasional reports still COM
planned Of crop damage. After the early
tumult prices recovered somewhat. but byar.
ish sentiments induced further pressure and
the market weakened again May wheat
opened 1@s@I2c to iaGfsc lower, with sales
as wide apart as 74Nc to 7sNc. July sold at
the start between 76c and 75lsc. The close
was weak, May 11sG11Ic lower at 74lsc and
July 1Ac of at 751za751sc. Local receipts
were 26 cars no contract grade; Minneapo-
lis and Duluth reported los cars, making
total for this three points of 13i. against 135
last week and 267 a year ago. Argentine
shipments were 1.4s4ooo bu.,. compared to
1902. 900 bu: last year, Primary receipts
were l54.eoo bu.: against 35S,O0O bu. year
ago Seaboard ciearances in wheat and
-four eQlaled 715.OoO bu. Minneapolis and
creases for the week respectively of 60o, ,9o0
bu and 1000 900 bu. Last week the decrease
Of the two markets combined was 100000
bu.
Corn.
Corn suffered even a worse break than
wheat at the opening. slumping as much as
PIC. Wheat sympathy and the general
was scene OF much excitement and I,erv-
Gus feeling. Corn was dumped freely into
the pit regardless OF prices. Stop-loss or
the early scramble there was practically
no support. Even the big bull crowd sold out
much Of their holdings for profits: Tall
eral selling movement had seemingly
knocked the bottom out Of the market there
was some responsible buying and prices re-
day. Subsequently. much of this recovery
was again lost; as scalpers sold again.
Gounfry yv offerings o OF % corn were . freer than
from Illinois. Iowa corn also was offered in
liberal quantities, but not much from there
came into Chicago. for Kansas City was I14c
over this market st. Louis was weak
May corn opened &c to 1sic lower at 621kc to
e11sc. and slumped TO e1lsc. July started 1lc
10 &c fCWer Ut o1C 10 uot2C ana tOuCneQ 62Lzc.
The close was weak both july and Nav
closing 1c higher at s31sc ana 62kc respect-
lively. Receipts were 119 cars.
Oats.
Oats declined with the break in other
grains, but the market ruled comparatively
quiet. Considerable stuff was sold on stop
loss orders and the effect Of the rains on the
sown oats WIS bearish. Receipts also were
heavier: Receivers and provision dealers
were the best early sellers. Later there
was some fair Investment buying which
nj rraA Vrr, ~ h. lDu- .rf1 q
ever. was weak. May sold from &c to NMo.