The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-03-23
TUMBLE N GRAINS
Bears Ruled the Market With
Little Mercy.
ALL THE CEREALS LOWER
Confirmation of Rains in the
Southwest Did it.

Chicago. March 22-Grain markets were
demoralized today. Bears had 4 tight
clutch on the situation and squeezed hold
ers numerically. Weather conditions in
wheat started the bear drive. but when
corn began TO tumble spectators became
almost panic stricken There seemed TO
&c no end to the selling and at the end
OF the session Nay wheat had lost s-s..
1 lie; May corn 1-sc and May oats 1-2c.
Provisions were naturally strong and
fought OF the grain influence, chasing
1-2c lower 10 &c higher.
Therewas nothing but bear talk from
start 10 finish in the wheat pit. The
opening was very weak On confirmation
OF the rains IN the southwest, and addi-
tIonal showers fell west and northwest.
Cables also were weak and turned weak
ers as the day advanced. Receipts both
LEGAL and northwestern were stiH small,
but this influence together with that OF
some fair early export trade was lost
sight OF in the mad rush 20 throw STUFF
overheard Bulls we're nearly IN panic.
There was a general desire TO sell both
heavy and at times very exciting Far
mers were selling freely IN the southwest
Nay opened IS -. .7-Sc lower at 3 10
2 7lsc. and before the selling rush quieted
down. May TOUGHER = I-zc. Shorts here
began taking some Of their profits and
the market steadied though there was
still marked bearish feeling prevalent
Then corn which was very weak to
start, turned still weaker. There was al
most panic in that pit and the democrat
ized condition OF that market was reject
ed IN wheat. May wheat dropped TO n
7-Sc. Bears were selling short in great
quantities and every holder OF long wheat
lost heavily. Stop loss orders also added
a downward impetus. Il was expected
that a good export business would spring
Up at the low prices and late in the day
New York lid report 113 loads taken.
There was ais a sale of I10000 bushels OF
No. ? hard winter sold here for shipment,
hut shorts We're not frightened. Fer q
time there was some buying by prorni-
nent houses, hut this only brought 4
slight reaction Traders thought that had
This buying not come up the slump might
Aave been worse. May wheat continued
wea kand closed 3-Sc depressed at &c. Z
This price is the lowest for May since
early in October. Receipts . cars. None
contract Minneapolis and Duluth re-
ported 267 cars. a total for the three
points Of 80 against $50 last week and AZ
a year ago. Primary receipts were AZ 90
bushels compared with $500 last year
Australian shipments were 81 900 bushels
against 4sS.o01 last year. Seaboard clear
ances in wheat and -four equaIIed ss0.OaC
bushels. Corn took a head long tumble
at the opening. Lower cables. warmer
weather and general country selling fol- /
lowed hard upon the wheat weakness. /
which resulted in an opening for May IL (
to SIC lower at 80 81 to 50 1-2c. Nearly /
every house on tho floor had selling or (
ders- stop loss orders were soon reached /
and May saSged 20 % lac before some 1
fairly heavy purchases. supposed 70 BE- /
for 9 heavy short line. steadied Prices 4
but il was soon argued that farmers We're /
more inclined TIC dispose Of their hess and .
the bears started hammering again. At
L 'nles good covering was done at the de-
clininS prices But in corn. as in ether
grains. there was always more loug stuff:
for sale than could be absorbed May
corn plunged dow nto IS 1-Sc and hung
very heavy closing weak 1-Sc lower at
that figure. Receipts 134 cars Trade was
4. ery large. more so than in several weeks
From the start cats ruled weak. Advant-
lse was taken OF the weakness IN corn
and wheat 70 hammer Nay options ana
they suffered much. July and September
Tith 4 fair support. Receipts were lsrger