The San Francisco call., 1904-04-20
Chicago Board of Trade.
Future Gram and Provisions.

CHICAGO, April 19-May had a savage
break of Pa on change to-day with Armour
that the big line held by that house has
been quietly liquidated during the last two
weeks and that the deal is practically over.
The Armour selling to-day began shortly be-
fore noon and for hour the pit was in a
turmoil, anxious longs dumping their lines,
fighting to get rid OF their corn before the
bottom went out of the market. One repre-
sentative of the Armour Company sold per-
sonally fully 500 600 bushels OF May and made
no effort either at Neoncealment or support
when the break got under way. The Armour
line originally was generally estimated as
high as -, 00O, 900 bushels and II accum-
ulated mostly between 4ic and 53c. The
closing price to-day for May was 49a4 G. just
2Ile under the tnal figures OF yesterday;
Southwest that the weather is excellent
brought out liberal sales OF long wheat here
to-day As a result July wheat at the close
showed loss of an even cent. July corn is
down AG5sc. oats are eff Csc and provisions
Rain in Kansas. with an official forecast Of
more to follow. caused bearish sentiment
among wheat traders at the opening. In spite
of firm cables, the market here was barely
steady, initial sales Of July being unchanged
al S6Ac News from the Northwest also
dscouraging to the bulls, the weather there
bein- reported greatly improved and that
q rood acreage is almost assured Long
wheat was offered freely from the beginning,
but the majority Of traders were timd about
buyinc Notwithstanding the fact that the
numerous crop damage reports are still being
received from Indiana, Illinois, Missouri and
Kansas The lack of demand soon started
prices downward. and for the remainder of
the session a decidedly weak tone was mani
fest The market lacked any support. Bust
ness from out OF chiefly in the
ture of selling orders from the Northwest and
Southwest. A decrease of 617 900 bushels in
the worlds visible supply, as shown by the
Bradstreet s-a much smaller amount than
had been Observation-Disclosures weakness to
the general situation. After July had de-
cined TO S5isc there was little ostensible
support. a slight rally resulted but the mar
ket closed weak with July at s5Ac. May
rar-ed between 91hc and 92c and closed at
91izc.
In the face of the declining tendency of
wheat the market exhibited consider
able irmness during the early part OF the
session. due largely TO small receipts. Buying
by commission houses caused a moderate ad-
taned until the middle of the day when
a leading long began to sell large quantities
OF May. Under these offerings the market
/ broke severely. the May delivery declining
! about 2I3c and July over 1e.
Weather favorable for farm work and
there talk OF freer acceptanceb of corn
by the West especially Nebraska. One reason
assigned for the slump was that in order to
prevent the selling of any of these acceptances
which are likely to grade well. the big bull
decided to break the price of the May option.
The market closed weak and near the low
price. July opened unchanged to &c higher
at J0ls sG5Olle. and closed at 49k G493sc. May
49as G521ke
Pit traders and commission houses bought
: oats early in the session on the strength sfn
the cash situation. The break in wheat and
I corn induced considerable realizing resulting
/ in a weaker tone. The close was almost al
the bottom. July closed sc lower at 3TAc.
Provisions were strong early in the day on
an excellent demand from prominent packing
interests, but the market yielded to the ex-
treme weakness in grains The close was
easv. with July pork 5d71sc lower, at Sl2 20 y
q12 -. July lard was down 2I7d5c. at
So e7l9. Ribs were off 2Rd5c at So 47H@
M. ro.ai.- e,,.,,... .o.,~a -. fs,,-.