The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-26
BREAK ON HEAVY RAINS
PRICES OF GRAINS TUMBLE WILDLY
IN CHICAGO PITS.
Corn and Oats n Cent Down and Wheat
I-4c-PrOvisiOns Unable to Re-
sist the Hammering.


havoc with the price of grains on the Board
of Trade to-day and caused a commotion
for time that resembled a stampede. For
the first hour it was nothing but sell, sell,
sell. Prices fiuctuated so widely and so
wildly that for a time a panic was feared.
When traders recovered their heads the
pits quieted down somewhat and there was
a good reaction. Bears, however, had too
much the best of the argument to allow
prices to recover, and May wheat closed
1hq1Ac lower. corn 1c lower and oats lie
off. Provisions. though showing indie
pendent strength for time, could not with
stand the pounding in grains and they
closed 5q7l5c to 15c lower.
There was a wild opening in the wheat
pit Rain had fallen copiously during the
night over Iowa, Illinois, Missouri and Ne
braska, 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 gong. 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 to-
ward further weakness. Spectators in
general, big and little, brokers, commits
sion houses, scalpers and plungers, felt the
effect of the extremely bearish weather
cOndltlOnS following the slump OF yester-
day. OF course rains were expected for a
long time and traders had fortified them
selves with stop-lOss selling orders. But
there was such quantity for sale that the
break became collapse instead of a de-
cline. Two million bushels each were UNI
loaded by several houses. Aside from the
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 bullish reports. Another support was
the apparent steadiness OF the Kansas
City market in the face of the break here.
Other outside markets were weak. but oc-
casional reports still complained OF crop
damage. After the early tumult prices
covered somewhat, but bearish sentiment
induced further pressure and the market
weakened again. May wheat opened 129G
sc to 115lIl3sc lower, with sales as wide
| apart as 74%q73%c July sold at the start
between 76c and 1850. The close was weak,
May 11sQ11&c lower, at 741sc, and July 114c
off. at 75l4Q75Ssc Local receipts were 70
cars, of contract grade; Minneapolis
and Duluth received l0S. a total Of 134,
! against 1876 last week and PSI year ago.
Argentine shipments were 1,4S4, 900 blu, COM
/ pared with 1902 900 last year Primary re-
ceipts were $4,000 bu, against S5S,OO0 year
/ ago. Seaboard clearances in wheat and
flour equaled $4,000 bu. Minneapolis and
! Duluth stocks are expected to show de-
| creases for the week. respectively, of 100000
and 1000 600 bu. Last week the decrease of
/ the two markets combined was 2,20O0 600 bu.
Corn suffered even a worse break than
wheat at the opening. slumping as much
/ as 21sc. Wheat sympathy and the general
rains were the factors. All day the pit
a scene of much excitement and nerv-
Gus feeling. Corn was dumped freely into
/ the pit, regardless Of prices. Stop-lOss or
ders came out all the way down and dur
| ing the early scramble there was practlc-
ally no support. Even the big bull crowd
sold out much of its holdings for profits
''Tailers" We're badly squeezed. After the
| general selling movement had seemingly
knocked the bottom out of the market there
was some responsive buying and prices re-
covered 11bc from the low point of the day
! Subsequently much of this recovery was
again lost. scalpers sold again. Country
| offerings were freer than they have been
for some time. especially from Illinois.
! Iowa corn also was offered literally, but
/ rot much from there came into Chicago,
| for Kansas City was 115c over this market.
/ lac lower at 6212c to slice and slumped TO
i 6llsc July started 1adlc lower at 64c to
weak, May and July closing 1zc lower at
6Sl2c and 62Ac, respectively. Receipts were
oats declined with the break in other
! quiet. Considerable stuff was sold on stop
| less orders and the effect of the rains on
! the sOwn oats was bearish. Receipts also
were heavier. Receivers and provision deal
ers were the best early sellers. Later there
! was some fair investment buying which
| pckd up some of the loss, but the close was
| weak MAY sold from 42c to 1850. reacted
! to 43c and closed 1c lower at 42Ac. Re-
| ceipts were 15T cars
Provisions maintained a. firm undertone
the greater part of the session. in spite of
| the weakening influence of grains. Prices
| however, slid off in the face of a light run
| of hogs and the highest prices of the year
| at the yards. Bears made some of the
contemplated prosecution Of the meat trust
to depress prices. but packers supported
the market at the decline. There was a
good demand for products, especially of
| lard. July pork closed 15c lower at $l6.S71R:
| lard 5GI71Rc off at 1896, and ribs 5G71kc down
at 1885.
Estimated receipts for tomorrow; Wheat,
80 cars; corn. los; oats. 40; hogs. 1900
! head.
l. IL. Il .n.. 81