The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-04-22
MAY WHEAT
CLOSED OFF
Was Sharp Decline but Rallied
Later as Rapidly.
PROVISIONS WERE STEADY
Stop Loss Orders in Wheat
Pit Were Frequent.
PROVISIONS WERE STEADY

Chicago, April IA sharp break oc-
CURED in May wheat today, the price de-
Ginning 31lc from the high point on an
effort on the part OF more people to dis
pose of a part of their immense line, but
the recovery was almost rapid as the
break and the close on May was only "a
&c lower, while July closed 4s@%sc lower.
May corn was &c lower with July I'M
changed and May oats was of l2c Pro
visions We're steady. the July products
closing from a shade lower 10 a shade
higher The wheat pit was a scene of
wild excitement the greater part of the
day and pit traders were kept in a con-
slant state of suspense in an effort to
anticipate the lightning change of front
of the leaders. The early tone was one
of firmness on the action of the Armours,
who We're reported TO have taken 22O,-
900 bushels of No. l northern yesterday
for shipment and on the suspicion that
q large part of the small stock in store
was to be shipped out. There seemed
to be little doubt that the leading long
had complete control of the situation and
vanced the price of May to 79c and July
to 731sc. But the weather abroad was
reported more favorable and with the
Liverpool cable practically unchanged
change in sentiment developed and buy
ing orders became quite scarce. The
stampede began when the operator for
the Armours began to sell and at the first
signs of selling ON the part of the leader
the entire pit flooded with selling orders
and the price of May dropped to 75isc
while July slumped off in sympathy to
n*c. When the selling was at Its height
commission house pit operators received
more stop loss orders than they could
execute. the price dropping so suddenly
that they were unable to clear them
selves until the price had declined or
&c below the price at which they had
ordered to sell. The confusion was so
great that at one time trading was going
on in May in different parts of the pit
at 751ac and TIC.
When the leader realized the effects of
his efforts to dispose of his holdings an
effort was made to support the market
and as a result prices advanced again as
rapidly as they had declined, May ad-
vancing to &c within two minutes after It
had touched the low point. The last hour
of the session was comparatively quiet
and quite steadily feeling prevailed. After
selling up to 7sc. May closed 1zGSsc lower
at 777sc. and July was down @s6Kc. at
72lsGAc. after rallyiny to 722sc. Clear
ances of wheat and -four were equal to
2s5. 700 bushels Bradstreevs worlds Wis
~ - q
bushels Primary receipts were 370600
bushels against 3O1, 900 bushels a year
ago. Minneapolis and Duluth reported
receipts of 6S cars, which with local re-
ceipts of 50 cars. two of contract grade.
made total receipts for the three points
of 123 cars, against los cars last week and
go cars a year ago.
Corn ruled dull and featureless and in
spite of the weakness in wheat the mar
ket held steady. The close was steady.
with May sc lower, at 44c, after selling
between A and 441lc. July closed I'M
changed at 442sc Local receipts were
IS cars. with one of contract grade.
oats was active with prices unsettled.
May close dat a loss of &c at 345sc, after
selling between 345sc and $3.50. July was
off sc at 31lsc. Local receipts were 1873
cars.
There was only a moderate trade in
provisions, and after an easy opening the
market became firmer on a good demand
for ribs from brokers. Prices. however.
showed but slight fluctuations and the
close was steady with July pork a shade
lower at $3.50 and lard off a shade at
50. s21sd9. SIS, while ribs were a shade
higher at $3.50.
Estimated receipts for tomorrow:
Wheat. 50 cars; corn. 80 cars; oats, GO
cars; hogs. 1890 head.