Omaha daily bee., 1902-02-26
COMMERCIAL AND FINANCIAL
Market Braces and Reacts from the Heavy
Depression.
IMPROVED FOREIGN BUSINESS THE CAUSE
wheat Rallies Under Heavy BuyinE'
but auiets Down before Closing
Corn Gains-Oats stronger snd
Provisions Rule Dull.

CHICAGO, Feb. 2.-Reactlon after yes
terday's heavy depression in grains set In
today and covering of short accounts, in
braced the tone Of the markets. May
wheat closed with a gain OF Mc, May corn
&c and May oats &c. Provisions closed a
Following yesterdays heavy liquidation
the wheat trade hardly knew what to ex-
possibility of another such day, but the
entire local contingent felt like playing for
broken Ve enough Th nc ca Sneery xe tea up PelGss hSe
was marked by covering. Liquidation for a
fore they made a final rally. hen came
In reports of a better foreign demand.
C~learsnces were large. Bradstreet's re-
bushels and late reports had It that the
melting snow showed damages to the win
bought cautiously, the liquidation prac-
tcally ceased and liberal covering began
again. Buying was heavy, while prices
down later. Some professional bulls secured
low-priced stuff, with a view to later
opened a shade to &c higher az 75%@7SSc,
slid of to 159sc and reacted to. 7sssc: The
close was firm, May Nc up at 76hG76Ac.
and Duluth reported 40l cars, making a
total for. the three points of 474, against 439
tsf5 ~e we're en9 5sS S 600 : S Ses5 hIsoi ae ah,%sr az. F Geo
last year. Seaboard c~learances equaled
e46,0O bushels, Of which 40 600 were flour.
The seaboard reported Is loads taken for
export.
Corn showed a tendency to do better after
yesterdays break. though the feeling was
unsettled and nervous. There was still
some liquidation from the country, but not
of the urgent sort that marked yesterdays
business. Buying was started early on the
steady cables, both for snorus and for in
vestment. by those who hope soon to bull
the market again. There was not much
said one way or the other about country
offeyings, though indications were for
rather a restricted movement. There was a
big business done early and the country
came in and played both ways. The in
creased receipts had a depressing effect,
but the market was sufficiently strong to
overcome that influence. 1t Is thought that
the liquidation is about over. Foreigners
bought to some extent and helped with the
advance in May. which opened unchanged
TO &c higher at 5sA@59%c, sagged for a
time to 59hc, then sold to 6Ohd60hc and
closed firm. nc up at 6oc. Receipts, 31
cars.
Oats had a strong market and while
vous feeling. The advance was largely
sympathetic, though business was i'm
proved over that of last week. Some sell
Ing was done on the increased receipts. but
corn Influenced covering and better prices.
May sold as low as lhc and closed firm
at its top figure, &c higher at 42@42hc. Re-
ceipts 81 cars.
Provisions ruled dull and slightly easier.
The lower prices for hogs at the yards in
duced some early selling, but the grain
strength helped later. May pork closed 2hc
lower at SIS. 52h, May lard a shade down at
81. 3599.S7 M and May ribs 2hc lower at $40.
Estimated receipts tomorrow: Wheat, q
cars; corn, 30 cars; oats, 100 cars; hogs, ~
900 head. y
The leading futures ranged as followss