The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-12-10
NHEAI IS SENT Up
Over Confidence Among Bears
Causes Grief TO Shorts.
WILD CONFUSION RULES
Low Prices Tempt the Big
Whiting Public,

Chicago, Dec. s.-Over-confidence among
the bears in the grain pits brought grief
to many shorts today. Liquidation for
profits and short selling brought ire
mendous volume Of business. but the low
prices which followed these weakening
influences were too tempting to the big
public. and amid scenes of the widest
confusion wheat was sent up to new
crop record price. May wheat closed &c
higher. May corn sc lower. and May oats
nc lower Provisions closed unchanged
to sc higher.
Wheat was sold in great quantities at
the opening. Conditions had changed; ;
there was not the same general clamor
for the cereal from the country, and
there was a nervous feeling resultant
from the tumble Of prices in Wall
Street. In general there was al induce
ment for people with high-priced lines to
take good profits. Big houses with con-
nections III New York. the northwest and
st. Louis were heavy sellers, and Patten
is reported to have unloaded 100000
bushels Of wheat. AS the markets weak
ened in price they were net with a re-
newal 81 outside buying which was in
such bulk i4Iat il could hardly have come
from scattered outsiders. Some Of the
persistent bulls continued buying, and
even at the top prices at the opening
thought the bargain good one. Condi-
tlOnS that usually govern were somewhat
mixed. Cables were not quite as reSpOn-
sive as expected. Though the English
country markets We're reported very
strong. northwestern receipts were fall
ing off, but primary receiptc showed a
good gain. The increases in stuffs on
passage and in the visible supply also
heaQ oh or oil IN IL
ences TO a5et me selling pressure. prices
fell off badly. May options, which open
ed 1sq3.c higher TO asdlzc lower, at s., st7
Si4c, steadily fell to Slhc. Shorts were
jubilant and rushed TO put on more pres
sure Then came the reaction with the
foroe of a whirlwind Buying orders
spTang up all around, and il became
woefuliy apparent that the market was
heavily OversOld. In twenty minutes the
price for May was up again 10 S3&c, a
new crop record. The close was very
strong, &C above Saturday. at S3@sdS3i4c.
Local receipts were 60 cars; Minneapolis
and Duluth reported OBS cars. making a
total for the three points Of 9sS cars,
against 1,0S7 last week and 1,0l9 year
ago. Primary receipts were l.lSS, 600 bush
els, compared with 1880 bushels a
year ago. Breadstuffs on passage in
creased 10000 bushels, and the visible
supply was increased 2.S4400O bushels.
Seaboard clearances in wheat and -four
equalled $780, coo bushels.
Corn started strong on snow and rain,
which it was thought might hinder farm
ever, made itself felt In a weakening Of
prices, there were still several prominent
bull professionals in the market, but
heavily increased western offerings and
a slack outside demand soon dampened
their ardor. Primary receipts were heavy.
Liverpool showed only a faint response
to the advance here Saturday and local
cash dealers reported business almost at
q standstill. May opened &c higher TO
sc lower. at 6eiz TO 6Sssc, but quickly be-
gan to feel the effects of liquidation in
this and the wheat pit. Prices sagged
ever, came to the rescue just before the
end OF the session. and put Nay UP TO .
steady. closed Sc lower at 6s5sc- Receipts
We're 164 cars.
After an opening at about steady prices
oats suffered q material loss early under
heavy liquidation from several OF the
most prominent professionals. Prlces
were off at one time 13sc below Satur
days close. The bulk Of the offerings
were absorbed by the outside. and when
May, which had opened unchanged to
&c down at 4lSsc to &c, reached 46c,
selling practically ended. Early there
was considerable commission trade. prices
nuctuating wildly and rapidly. When the
strengt hin wheat became manifest oats
followed upward to 47c, closing COMPARE
lively firm, 1ac lower, at 1850 Receipts
We're 179 cars.
Provisions were rather heavy early, af-
fected by the downward tendency IN
grains The country buying seemed 70
have subsidized and selling for profits by
local professionals took its place. The
run OF hogs was very large, but the bull
argument of the day was in the light and
unfinished condition OF the animals. On
the revival of the wheat strength prices
responded January pork closed cents
up at $500; January lard sc higher, at
50 s., and January ribs unchanged at
IS 50.
Estimated receipts for tomorrow:
Wheat, s. cars: corn. go cars; oats, 235
cars: hogs, 81, 600 head.