The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1901-12-10
The CHICAGO Market

Chicago. Ill, Dec. 9-Over confidence
among the bears in the grain pits brought
grief to many shorts today Liquidation
for profits and shorts selling brought a
tremendous volume of business, but the
low prices which followed these weaken
ing influences were too tempting TO the
big public, and amid scenes of the widest
confusion wheat was sent up TO d new
crop record price.
Nav wheat closed q cents higher, May
corn 81 cents lower and May oats 70 cent
lower Provisions closed unchanged to
cents higher. Wheat was sold in great
quantities at the opening; conditions had
changed. There was not the same gen
eral clamor for the cereal from the coun-
try and there was nervous feeling re
sultant from the tumble OF prices in Wall
Street.
In general there was an inducement for
people with high-priced lines to take good
profits Big houses with connections in
New York the Northwest and st. Louis
were heavy sellers. As the markets
weakened in price they were met with
renewal Of outside buying, which was in
such bulk that it 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. Condl-
tions that usually govern We're somewhat
mixed. Gables were not quite as respon-
sive as expected, though the English
county markets We're reported very
strong. Northwestern receipts We're fall-
ing off, but primary receipts showed
good gain.
The increases in stuffs on passage and
in the visible supply also were bearish
factors. With all these influences to abet
the selling pressure prices fell off badly.
May sold lsdA cents higher to So 2c.
lower at S27s to S2l4 steadily fell TO SIG.
Shorts were jubilant and rushed to put
on more pressure. Then came the re-
action with the force of WhirlWind.
Buying orders sprang up all around, and
It became wOefully apparent that the
market was heavily oversold. In 20 min
utes the price for May was up again to
S324 new crop record. The close was
very strong, &c. above Saturday, at S3$s
az.
and rain, which, it was thought, might
hinder farm deliveries. Heavy profit
taking however, made itself felt in
weakening Of prices There were still
several prominent bull professionals IN
the market, but heavily increased west
ern offerings and a slack outside cash de-
mand soon dampened their ardor. Pri-
mary receipts were heavy. Liverpool
showed only q faint response to the ad-
vance here Saturday, and local cash
dealers reported business almost at
standstili. May opened Il higher to "a
lower at 69lI to 6S7s but quickly began to
feel the effects Of liquidation in the wheat
pit Prices sagged off rapidly to STA.
rescue lust before the end Of the session
and buoyed May Up to steady close, 9s
lower at GSS.
After all opening at about steady prices.
oats suffered a material loss early Under
heavy liquidation from several Of the
most prominent professionals. Prices
were off at one time rs below Saturdays
close The bulk Of the offerings were
absorbed by the outside and when May,
which had opened unchanged to q down
at 47Es TO a. reached 48, selling practi-
caliy ended. Early there was consdera-
bic commission trade. prices fuctuat!ng
widely ana rapidly. When the strength
in wheat became manifest oats followed
upward to 81, closing comparatively firm,
Y lower. at 467s.
Provisions were rather heavy early,
affected by the downward tendency IN
grains. The country buying seemed to
ahve 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 I'm the light and
unfinished condition Of the animals. On
the revival of the wheat strength prices
responded January pork closed &c. up
at 1890, January lord &c. higher at is
and January ribs unchanged at SIS.