Los Angeles herald., 1905-02-28
CHICAGO GRAIN MARKET
May Wheat Deal Ends With a Drop
OF Four Cents

BY Associated Press
CHICAGO, Feb. %. - A sensational
slump of nearly &c per buHhel appar-
emily ended a huge deal in May wheat.
The break was due to seeming aband-
onment of the deal. The market rallied
considerably on covering by shorts,
but at the close May was still 1%@2c
below Saturdays final quotations. July
showed loss of %c. The break in
wheat prices developed after trading
was well under way. AT the opening
quotations were about on level with
Saturdays closing figures, May being
&c lower to Nc higher at $1.1S to
H.1SA. July was 1bc to Nc lower to
q shade higher at $1.013s@1O1Ss Dur
ing the first hour there was nothing to
indicate the approaching storm. On a
fair demand from commission houses,
May sold up to $1.1Sss and July to
&.01%. Then, without warning, the
market started to tumble. Within a
few minutes the price of the May
option was hammered down to $1.14R,
break of 37sc from the highest point
of the day. July sold off to 99Ac.
Heavy liquidation by Wall street
spectators, who are said to have
originally been the possessors of a line
of May wheat estimated in millions of
bushels, was the cause of the stampede.
Indications that the May deal had
been abandoned by the big holders
started general selling throughout the
pit. Stop loss orders heavily increased
the selling pressure. Total sales of
May wheat today by the eastern
coterie are said to have aggregated
100000 bushels. The decline was
finally checked by liberal support from
a liberal bull trader who bought per-
sistently around what proved to be the
low point of the day. Another big
house also came to the support of the
market. Shorts took advantage of the
break and covered freely. The pur-
chases affected a partial restoration of
confidence and brought about rally
which landed the May price at 81. 1914
@$1.16h, the closing figure July closed
at $1.00%@1.00%. The market in gem
eral was confined almost entirely by
the course of the May option.
In sharp contrast to the break in
wheat, corn closed decidedly stronger,
almost at the highest point of the day.
May opened a shade higher at 475sc
and closed at 481hc. The late strength
of corn had a buoyant inuence on the
of corn had buoyant influence on the
May closed 1sc higher at 31B@31Ac.
Provisions were firmer at the start,
on fair demand, but the break in wheat
caused reaction. The market, how
ever, soon became firm again, mainly
as result of the strength of corn. AT
the close May pork was up 10@12hc
at $12.62R@12.65. Lard was up 10c at
$7.021a. Ribs were 71ac higher at $6.7711b
@$6.SO.
Market Panues
By Associated Press.
CHICAGO, Feb. 27.-The leading fu-
lures ranged as follows:
Wheat. No. 2 = May, $1.16h@116A f;
July. $1.OO%@1. .O0% September 92c.
Corn, No. = February, 45%c; May,
4S1sc; July, 4S%c; September, 4S%c.
Cash quotations were as follows:
Flour, steady; No. 2 spring wheat
d.13@1.17, No. 8 $1.15@1.17. No. 2 red
$1.15R@1.20; No. 2 corn ASH @45hc, No.
2 yellow 4514@45a4; No. 2 oats S1@31hc,
No. white Bic, No. 8 white SO1a@311ac;
No. rye, 75@77c; good feeding barley
3Sc; fair to choice mailing 43@46c; No.
l flax seed $1.24, No. 1 northwestern
$1.35; mess pork, per bbl, $1245@12.55;
lard, per 100 lbs, $5.S5@5.S7h; short
clear sides (boXed), $6.75@6.S71s (;
whisky, basis of high wines, $1.2S;
clover, contract grade, $12.6O.
Receipts-Flour, 23100 barrels wheat,
$4,000 bushels; corn, 372. 400 bushels;
oats, 274,200 bushels; rye, 5000 bushels;
barley, 72900 bushels.
Shipments = Flour, 20,50O bushels;
wheat, 22,4OO bushels; corn So, 700
bushels; oats, $1,000 bushels; rye $500
bushels; barley, .45o0 bushels.
Cereals of the World
BY Associated Press.
NEW YORK, Feb. Wheat-Spot,
easy. The uncovering of some big stop
loss orders, accompanied by rumors
that the Wall street clique had un-
loaded, caused much excitement in
wheat today and broke the market
over &c bushel. The market closed
B@1c higher. May closed at $l.161s !;
July, $1.04ls September, 95c.
SAN FRANCISCO. Feb. 27.-Wheat-
Stronger. May, $1.4s; December, SIPS.
Barley-Stronger; December, S8Ac.
Corn-Large yellow, $1.30@1.3715.
Bran-$21. .0O@21.50.
LIVERPOOL. Feb. 27-Close: Wheat
March, Is sd; May. rs I'D; July.
Is I'd