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Show B-PIIC IN TIE (MOJtHT PIT Whirl of Stop-Loss Selling Orders Breaks the Grain Market; Drop in Prices. CHICAGO, aiuy 1C Minutes counted for days this aftornoon on the board of trade.i In a single quarter of an hour values that had required a fortnight to pile up were swept away In a whirl of slop-loss selling. Surprising Improvement Improve-ment of the flop outlook was said, to be an underlying cause. The end of the session left traders In a daze, with wheat prices 2c to 42c lower than the night before, and with the breakdown extending to all other grain and to provisions as well corn off 5c to -ltfi)4&c, oats ic to 23c and packing house products 12Lc to S2iS5c. Excitement In thc wheat pit came to a climax so suddenly that few If any speculators could escape being bewildered. bewil-dered. Unloading on tho part of thc most conspicuous leaders on tno bull side had continued beyond any expectations, and apparently had exhausted all the buying powor In the market. The result waa to make prices unresponsive to bullish nows and a-bnormally sensitive to advices of the other sort. Aside from a brief period atthe start, the day was one successive wave of weakness following another, but until tho final deluge seeming to bo no worse than what might again be weathered. weath-ered. Just when It appeared that tho crisis had passed, stop-loss orders were reached wholesale, and then prices crumbled as If they had been scorched. In an uproar not equalled for many a day, brokers sacrificed property right and left, as they thronged out of tho doors of tho big hall. Not ono dealer In a hundred stopped to nolico that tho chalk marks on tho blackboards showed virtually no reaction. May wheat being quoted 4ic to 43c down at $1,111 to $1 113, as against ?l.lGi last night. July fluctuated during tho day from 1.032 to $1-118, with the close at ?1.08I. a sheer fall of 2832ic Aside from the effects of the smash of wheat prices, corn suffered because elevators ele-vators here were turning out remarkable quantities of tho contract grade by cleaning and otherwise treating Inferior receipt:. July swung between 7-137i2c and 778771c, closing demoralized 2AcfJ 2Jc lower at 7-iJc to 75c. Cash grades were weak. No. 2 yellow was quoted at SliS2c. , , Tho oats market wont to pieces slmul-taneouslv slmul-taneouslv with other grains. Outside limits touched by July were -195c and 526c, with latest sales 2Jc net lower at 50c even. , Realizing sales by owners made pork weak throughout tho day. "When the pit cleared pork was SOc to 8113)55c less expensive and lard and ribs 12Jc to 22Jc decreased In cost. RANGE OF TUB LEADING FOTimES. Wheat Opening. Hlglieat. Loweot. Clotlnc. May 1.16 1.1611 1.1315 1-W5 Julr l.lli; LIB 1.0SH 1.03Ti Hop't 1.03-H loci; 1.0214 1.03 Dec 1.03H 1.0SH 1.03 1.03H, Ma" SI Sill 78i 7SK July 77K 77 W 74H 75 Sept 75 75U 721i 73H Dee C3 64 62!i 63 Onls , Sjrty C6 IH K2?i B3Vs juiy 62K ran 3u r,o Sept .. 43!(, 43K 4214 4211 CASH QUOTATIONS. Cash quotations wero aM follows: Flour, arm; ryo. No. 2, &4e: barley, feed or mixing. SOcQi thOS; fnlr to choice multlnp. $1 16(51.27; umothy need $S.rOfl12.00: clovor occd, $14. 00ft20.00; mesa pork, J1S.C031B.02W: lard, In tlercos, 110.70: nhort ribs, loose, J10.20. GRAIN STATISTICS. Total clearances of frhoit and flour wore equal to 2C5.000 bushels, rrlraary rocelpU -trcre 501,000 bushels, compared with 4G5.000 buohels tho cor-respondlnK cor-respondlnK dny n. yoar ko. estimated receipt for tomorrow: "Wheat. 63 caro: com, lo0 earn; oata, 173 cars; hogs, 1S.0OO head. |