Omaha daily bee., 1903-04-22
COMMERCIAL AND FINANCIAL
Wheat Pit Scene Of Wild Excitement On
Board Of Trade.
ARMoUFs LIGHTNING CHANGES PARALYzE
Dealers strive I'm vain 20 Forecast
Leading BuI's Next Move, So
that Prices Break ana
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CHICAGO, April IA sharp break oc-
Cured in May wheat today, the price us-
Ginning &c from the high point on ao an 10 70
dispose OF a part of the immediate line, out
recovery was almost as rapid as the break
while July closed %a%c lower. May corn
was Mc lower, with July unchanged anu
May, oats were on hc; PI0yislon ,ro Mer :
shade lower to a shade higher.
The wheat pit was a scene OF WIG exi
element the greater part OF the day anu
Dit traders were kept in a constant state
OF suspension in an effort to anticipate tns
lightning change of front OF the plg DUH
higher, at 7s1ha7SAc, and the early tone
was one of hrmness on the action OF lne
Armours who were reported TO have taken
shipment, and on the suspicion that a large
part of the mail stock in store was 10 pc
uoubt that the leading long mad complete
control OF the situation and shorts were
disposed to cover, which ad dN 7Rtc R n
the weather abroad was reported more Ia
vorable, with the Liverpool cable practl-
cally unchanged a change in sentiment de-
veloped and buying orders became quite
scarce. The stampede began when the
operators for the Armours began to sell,
and at the first sign of selling on the part
of the leader, the entire pit became nooded
with selling orders and the price OF May
dropped to 751c, while July slumped on In
sympathy to 111kc. When the selling was
at its height commission house pit opera
tors received more stop-loss orders man
they could execute, the price dropping so
suddenly that they were unable to clear
themselves until the price had declined 1
or 2 cents below the price at which they
great that at one time the trading was go.
ing on in May wheat in different parts OF
realized the effects OF his Efforts 10 d.s-
pose of his holdings, an effort was made to
support the market, and as a result prices
advanced again as rapidly as they had de-
clined, May advancing to nc within two
minutes after It had touched the low point.
The last hour of the session was compare
lively quiet and quite a steady feeling. pre-
vailed. After selling up to 1Sc, May closed
hq%c lower at 711Sc. and July was down
C~learances of wheat and flour were equal
TO 265, 700 bu.. Bradstreet's worlds visible
showing a decrease of 100000 blu. Primary
receipts were $4,000 bu., against LOO blu.
a year ago. Minneapolis and Duluth re-
ported receipts of IS cars, which, with the
local receipts of IS cars, 2 of contract
grade, made total receipts for the three
points of 1913 cars, against 1G8 cars last
week and 236 cars a year ago.
Torn ruled dull and featureless and, in
spite of the weakness In wheat, the market
held steady. No pressure to sell was APP
parent at any time and the demand was
SUFFICIENT to absorb all the local offerings.
The close was steady. with May &c lower
at &c. after selling between 4c and a
ceipts were IS cars cars, with l of contract
grade.
Covering by shorts caused a strong tone
at the start, but the s~pring-like weather
brought out plenty of selling orders and.
with the break in wheat, the selling be-
came quite general, resulting In lower
prices. There was better demand for July
late In the day and a large part of the
loss was regained. May closed at a loss
OF Nc, after selling between 3hc and 3J%c.
July was off hc, at S1Sc. Local receipts
were 1879 cars.
There was only a moderate trade in pro-
visions and after an easy opening the mar
ket became irmer on a good demand for
ribs from brokers. Prices, however,
showed but slight fluctuations, ana the
close was steady, with July pork a shade
lower at $17.60, and lard off a shade at
39.S21kQ9.S5, while ribs were a shade higher
at $3.50.
Estimated receipts for tomorrow: Wheat,
30 cars; corn, 30 cars; oats, s. cars; hogs,
1900 head,
The leading futures ranged as follows: