The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-12-11
BEARS ATTACK BULLS
Extreme Nervousness Takes
Hold on Grain Pits.
DAYS CLOSE is. LOWER
Wheat Rules Board on Very
Doubtful Enthusiasm.

Chicago, Dec. 1o.-Extreme nervousness
and wild fluctuations characterized the
grain markets here today. Bull and bears
We'd with each other for possession of pits
and all sorts Of stories were afioat in
tended to influence prices. Bearish con-
ditions. however. prevailed. and May
wheat closed 15sc lower. May corn 11sc
down, and May oats sc lower Provis-
ions closed I9c lower to &c higher.
Wheat ruled the board and in the fight
between existing facts and the enthusi-
asm over uncertain futures was badly
pressed for losses. At the very start
bearish conditions piled up in an irnpos-
ing array. Cables were weak IN spite Of
strong English country markets. The
northwestern receipts which hitherto
have shown marked tendency to fail
off, increased heavily-an indication it
was thought that another free move
ment was about to set in. Weather re-
ports on all hands stated that the winter
crop was doing well. Augmenting this
bullish argument came e rush TO get out
Of the market, both by professionals who
held long lines which they had acquired
at a low figure and by many OF the
loss. At the high price many sellers went
short The result was a terrible slump at
the opening. May opened jaggediy, ssdla
10 14sGls4c lower, at S3GS12zc- The trade
was enormous, offerings large. But such
low prices after Yesterdays high level
tempted buyers again. Many commission
houses put buying orders in the pit osten-
sibly from New York and st. Louis. There
was a rumor current that a crowd at
7 Tgrn a.
and that this buying was for them. With
a whoop prices started up again, reach
ing S3l<c, only 10 sag again to s2l2c. The
tone Of the market at this juncture was
tense and strained. but il boosted prices
again to S3itc. This time the flood OF
selling orders and the quantity Of long
wheat that poured into the market was
appalling. and the weakening slump
came. Moy sold down in quick jumps.
No one seemed to want the cereal, and
after touching the low price Of s15sc, May
closed weak, 15sc down. at Sls4GSlisc.
Local receipts were 70 cars. one of con-
tract grade. Minneapolis and Duluth re-
ported ], 119 cars, making q total from the
three points of 1874 cars, against lis
last week and only 5S1 last year. Primary
receipts were .06l 600 bushels, compared
with sos 900 bushels last year. The in
crease in the worlds visible supply was
3292. 900 bushels. Seaboard clearances in
wheat and -four were 542.00 bushels. The
seaboard reported eight loads taken for
export.
Corn was only moderately active and
heavy all the session It had to lean up
against wheat again for support, and
this prop failed it several times. There
is marked showing OF increase in pri-
mary hands. and the open weather has
made this a decidedly bearish factor.
The caeh demand, however, both for the
east and the southwest had picked up
materially. and fairly large quantities
were taken at current prices AS in the
wheat pit. the opening was marked with
heavy selling by professionals and bro
kers. Prices broke irregularly at the
start, with May all the way from 8 TO
1ssc down. a 6s6674c. in line with the
wheat decline and the lower cable list.
On the soft spots, however, shorts COW
cred their lines freely and better prices
we're the result. May sold early up well
and when the reaction came in wheat it
touched 6Sl4c. The close showed, how
ever, a weak condition, with May 1sc
down at 671ac. Receipts were 235 cars.
Oats acted in sympathy with wheat
and corn. breaking early, recovering later
and closing weak. The cash demand has
fallen off materially during the specula-
ton of the past week, and stocks show
large increases. The selling at the start,
both for profit and by shorts. brought
May = TO nc lower. at 46i4 G452sc. on
the recovery it touched its best price at
46lzc. The close was weak, &c down, at
46ssc. Receipts were 225 cars.
The opening in provisions was easier in
sympathy with the grain weakness, but
before noon everything was above yes
terday's prices. The leading influence
was commission house buying. The close
was somewhat easy. January pork
closed 10c down, at $3.50, having sold al
slTc9; January lard 2tac Up, at sa.S73s;
and January ribs 2i9c down, at SS.52i5.
Estimated receipts for tomorrow:
Wheat s. cars; corn, 100 cars; oats. 125
1891. l,nr-- a nnl I'D