The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-11
LANDSLIDE OF SELLING
CAUSES HEAVY LOSSES IN ALL THE
MARKETS FOR GRAINS.
Wild Fluctuations Under Influences of
Conflicting TenOr-ProvisiOns Hold
Better Than Cereals.

CHICAGO, Dec. 10.-Extreme nervousness
and wild fluctuations characterized the
grain markets here to-day. Bulls and bears
Wed with each other for possession of the
pits, and all sorts of stories were afioat,
intended TO influence prices. Bearish con-
ditions, however, prevailed and May wheat
closed 1850 lower, corn 11sc down and oats
&c lower. Provisions closed 1Oc lower TO
21ac higher.
Wheat ruled the board, and in the fight
between existing facts and the enthusiasm
over uncertain futures was badly pressed
for losses. At the very start bearish con-
ditions piled up in an imposing array Ca
bles were weak in spite of strong English
country markets. Northwestern receipts,
which hitherto have shown a marked ten
dency to fall off, increased heavily, an in
dication it was thought that another free
movement was about to set in. Weather
reports on all hands stated that the winter
crop was doing well. Augmenting this
bearish argument came a rush to get out
of the market by holders of all classes. At
high prices many sellers went short The
result terrible slump at the opening.
May opened jaggedly 2sq15c to 1%Q1%c
lower, at SSc to S1zc. The trade was enor-
nous and offerings large. But such low
prices after yesterdays high level tempted
buyers again. Many commission houses
put buying orders in the pit, ostensibly
from New York and st. Louis. There was
a rumor current that a crowd of capitalists
at Louisville were trying to corner wheat
and that this buying was for them. With
a whoop prices started up again, reaching
S3Ac, only to sag again TO S215c. The tone
of the market at this Juncture was intense
and strained, but it boosted prices again
to S314c. This time the flood of selling
ders and the quantity Of long wheat that
poured into the market was appalling, and
the weakening slump came. May sold down
in quick jumps. No one seemed to want
the cereal, and after touching the low
down, at S1AQS11sc. Local receipts were
seventy-five cars, one CT contract grade.
Minneapolis and Duluth reported Liz cars,
total of 1,194, against 1,219 last week and
ISL last year. Primary receipts were 1861
600 bushels, compared with $685. 900 bushels
last year. Seaboard clearances in wheat
and flour were $4,000 bushels. The sea-
board reported eight loads taken for ex-
port.
Corn was only moderately active and
was heavy all the session. 1t had to lean
failed it several times There is marked
showing Of increases in primary hands
and the open weather has made this de-
cidedly bearish factor. The cash demand,
however, both for the coast and the South
west, had picked up materially and fairly
large quantities were taken at current
prices. AS in the wheat pit, the opening
was marked by selling by professionals
and brokers. Prices broke irregularly at
the start, with May all the way from sc
to 1ssc down to Csc to 67l4c. in line with the
wheat decline and the lower cable list. On
the soft spots, however, shorts covered
their lines freely and better prices were the
result May early sold UP well and when
the reaction came in wheat it touched
6Sl4c. The close showed a weak condition
with May 11sc down, at Size. Receipts were
235 cars.
Oats acted in sympathy with wheat and
corn, breaking early, recovering later and
closing weak. The selling at the start,
both for profit and by shorts, brought May
| sc to 11sc lower at 46l4c to 45s4c. On the re-
covery it touched its best price at 461ac.
The close was weak, 34c down, at 461sc. Re-
| ceipts were 225 cars.
The opening in provisions was easier, in
| sympathy with the grain weakness, but
| before noon everything was above yester-
| days prices The leading influence was
| commission house buying. The close was
somewhat easy. January pork closed 10c
down at $3.50, having sold at SIT; lard 219c
up at s9.S71a, and ribs, 21sc down at $S521a.
Estimated receipts for tomorrow:
| Wheat, IS cars; corn, 100 cars; oats, 125
| cars; hogs, $4,000 head
| Leading futures ranged follows: