Omaha daily bee., 1902-03-23
COMMERCIAL AND FINANCIAL
Grains Tumble HsadlOug and Bulls Are
DemoraliEed.
SENSATIONAL DAY FOR sPEcULATORS
over Two Cent Drop In Corn, and
other Grains Act In Sympathy
Provisions Assume strong
start, but Break Even.

CHICAGO, March 2e.-orain markets
were demoralized today. Bears had tight
clutch on the situation ana sguee1,e,d noid, a.
wheat started the drive, but when corn
began 10 tumble spectators became almost
to the selling and at the end Of the session
May wheat had lost lAql1zc. May corn zHc
and 1 May oats l1zc; PIovisi9ns were nstqT 9I
fiuence, closing PIC lower to 2l4c 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
rains In the southwest and additional
showers fell west and northwest Gables
also were weak and turned weaker as the
day advanced. Receipts. both local and
northwestern. were still small, but this In
esfly expoTt trade was lost lost sight Of in the
mad rush to throw stun overheard. Bulls
were nearly in a panic. There was gen,
the longs. Trade was heavy and at times
very exciting. Farmers were reported SELL
ing freely In the southwest May opened
&d1kc to AGTtc lower at 13Q12Sc and be-
fore the early selling rush quieted down
May touched 7Z1zc. 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.
the demoralized condition Of that market
was reflected in wheat. May wheat dropped
Quantities az % ana every very holdeF Of Ga long g Wheat
lost heavily. Stop-loss orders also added a
downward Impetus.
1t was expected that a good export busi-
ness would spring up at the low prices and
late in the day New York did report 11s
loads taken. There was also a sale of no.
600 bushels Of No. 2 hard winter sold here
for shipment, but shorts were not fright
ened. For a time there was some buying
a slight reaction. Traders thought that
had not this buying come out the slump
might have been worse. May continued
TIC. This price is the lowest for May since
early in October. Receipts, p cars, none
contract; Minneapolis and Duluth reported
267 cars, a total for the three points of 2Ss,
against 3s3 last week and 453 a year ago.
Primary receipts were 447,O0O bushels, COM
pared to $4,000 bushels last year. Austria
iian shipments were 321 900 bushels. against
4ss, 600 bushels last year. Seaboard clear
ances In wheat and -four equaled $4,000
Corn took headlong tumble at the open
ing. Lower cables, warmer weather and
upon the wheat weakness, resulted in an
opening for May nc to nc lower at 59AQ
5s1ae Nearly eyery house on the floor had
reached and May sagged to 5skc before
some fairly heavy purchases. supposed to
but IL was soon argued that farmers were
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 corn
heavy, closing weak. PIC lower at that
figure. Receipts, 1A 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
fair support Receipts were large and 4
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 %61kc lower al
421ic to 42c and declined early TO l%c
There was fair support at this low figure
and May reacted to 42kc, but on the second
corn break oats hattened out and MAY
closed weak, 1lSc lower at 41%c. Receipts
were 149 cars.
Provisions early developed a very strong
tone in the face OF such depression as wal
experienced in grains. Hogs were higher
and receipts lighter. There was a good
demand I'm all products and offerings wert
very light at the advances that were made
Toward the close. however, when the bis
break came in corn, provisions lost som'
Of their gains and closed only about steady
May pork, which sold as high as SIS. 70
closed PIC lower at SIS 90. May lard a shad,
higher at s9.47lk3950 and May ribs 21kc VI
at IS. .571k.
Estimated receipts Monday: Wheat, a
cars; corn, $50 cars; oats, 130 cars; hogs
43. 900 head.
The leading futures ranged as follows:
I