The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-24
ALMOST A BULL PANIC
GRAINS SLUMP HEAVILY UNDER
HAAIMERING BY THE BEARS.
Losses Range from 4 3-Sc in Wheat to
1-Sc in Considerations STEADY
at Mixed Changes.

CHICAGO, March 22.-Grain markets
were demoralized to-day. Bears had a
tight clutch on the situation and squeezed
holders numerically. Weather conditions
in wheat started the bear drive. but when
corn began to tumble spectators became
almost panic stricken. There seemed TO be
no end to the selling and at the end Of the
session May wheat had lost 1ssGli<c. corn
PFC and oats 1lac Provisions were natural
ly strong and fought OFF the grain influence,
closing PIC lower to 2l1c higher.
There was nothing but bear talk from
start TO finish In the wheat pit. The open
ing was very weak on confirmation OF the
reports Of rains in the Southwest. and ad-
ditionaI showers fell West and Northwest.
Gables also were weak and turned weaker
as the day advanced. Receipts. both local
ard Northwestern, were still small, but
this influence, together with some fair
early export trade, was lost sight Of in the
mad rush to throw stun overheard. Bulls
were nearly in panic There was a gen.
eral desire TO sell both by the shorts and
the long holders. Trade was heavy and at
times very exciting. Farmers were re-
ported selling freely In the Southwest
May opened 2sQ1fc to 2.Q7sc lower, at 7Sg
Use, and before the early-selling rush
quleted down May touched 7214c. Shorts
here began taking some OF their prontS
and the market steadied, though there was
still marked bearish feeling prevalent.
Then corn, which was weak TO start with.
turned still weaker. There was almost a
panic in that pit, and the demOrahZed con-
dition Of that market was reflected IN
wheat. May dropped with thud to 75Sc.
Bears were selling short in great quanu-
ties and every holder of long wheat lost
heavily. Stop-loss orders also added
downward impetus. 1t was expected that
good export business would spring up at
the low prices, and late In the day New
also a sale of 10000 blu of No. hard win
ter here for shipment, but shorts were not
frightened. For a time there WAS some
buying by prominent houses. but this only
brought a slight reaction. Traders thought
that had not this buying come out the
slump might have been worse. May con-
tinued very weak and closed 1&ql1zc de-
pressed. at &c This price is the lowest
for May since early in October. Local re-
ceipts were % cars none of contract grade.
Minneapolis and Duluth reported 26I,
total OF 2S9, against 3S3 last week and 453
Year ago. Primary receipts were $4,000
bu, compared with $4,000 last year. Aus
tralian shipments were 321. 600 bu. against
$4,000 last year. Seaboard clearances in
wheat and -four eQualed 10000 bu.
Corn took a headlong tumble at the
opening. Lower cables, warmer weather
and selling, following hard upon the wheat
weakness, resulted in an opening for May
l9c TO sac lower, at 59szq5Slsc. Stop-loss
orders were soon reached ana May Sagged
TO 59Ac before some fairly good purchases
supposed to be for heavy short line stead
led prices. But 1t was soon argued that
farmers were more inclined to dispose Of
their holdings, and the bears started ham,
mering again. At times good covering
was done at the declining prices. But in
corn, as in other grains, there was always
more long stuff for sale than could be
absorbed. May corn plunged down TO 5S1sc
and hung very heavy, closing weak and
2lsc lower, at that figure. Receipts were
154 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 corn
and wheat to hammer May options and
they suffered much. July and September
were weak, with other grains, but met with
fair support. Trade at times was heavy,
but there were many dull spots in the
market Receipts were large and 20 per
cent. of them were contract grade. The
warmer weather is doing much to encour-
age bears. There was still much nerv-
BUSINESS in May. This option started &c
to nc lower, at 4211G42c. and declined early
to 41sLc There was still some fair trade
but on the second corn break oats aattened
out and May closed weak and 1lzc lower
at 4124c. Receipts were l49 cars.
Provisions early developed a very strong
tone, in the face of such depression as
was experienced i'm grains. Hogs were
higher and receipts were lighter. There
was a good demand in all products. and
offerings were very light at the advances
that were made. Toward the close, how
ever. when the big break came in corn,
provisions lost some of their gains and
closed only about steady. May pork. which
had sold high as $3.50. closed 21zc lower.
at $780, lard a shade higher, at $9.47lzU
$50 and ribs 2i9c up. at &5719.
Estima ted receipts for Monday: Wheat.
40 cars; corn, $50 cars; oats, $50 cars; hogs,
$1,000 head.