The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-12-12
BIG DAY FOR BEARS
Tefrorizing Bull Campaign Is
Practically Routed.
CLOSE Is WAY LOWER
Universal Selling of Grains Is
Feature of Day.

Chicago, Dec. 11.-Universal selling Of
grains today placed the control OF the
markets in the hands of the hears and
practically routed the big bull campaign
that has characterized shorts for the
past week. A faint effort was made at
times to support prices. but the losses
Of today with those of yesterday aggre-
gated too much and everything felt the
disastrous depression. May wheat closed
SIC lower May corn 1c down, and May
oats 1c lower. Provisions closed 21s TO
&c lower
Liquidation and short selling enough TO
press prices down "a tells the day story
in wheat Support was lacking so far as
country buying was concerned, and even
a large number of the country holders
who helped prices upwards last week
were now unloading. Commission houses
took advantage of fair advance from
Yesterdays prices at the opening, and
deluged the pit with selling orders. Ca
bIes were the only bull influence, and
these were but a small factor. May open
ed Ld2sc up TO shade lower at S2ls1
Size, and at once started on the down
ward slide. Several bearish conditions
were present to help the slump. Re-
CENTS were liberal, both northwestern
primary.
the cash demand was only moderate.
There was a rapid run of fluctuations,
but by noon prices had touched 19Ssc, al
most &c loss since Monday. At such de-
clines shorts covered for profits. and at
the close May reacted slightly, but closed
very weak, 15sc lower at S0ls0e0Ac. Lo-
cal receipts were 1l5 cars, none OF con-
tract grade: Minneapolis and Duluth re-
ported $50 cars, making a total for the
1t, Of 4 =
week and 545 a year ago. Primary re-
ceipts were $500 bushels, compared with
$4,000 bushels last year. Seaboard clear
ances in wheat and -four were $4,000
bushels.
Business in corn was less heavy than in
wheat, but the tendency favored the bear
side early. Free selling by commission
houses aided by the weak ness in wheat
sent prices downward. Shorts took adj
vantage of every soft spot TO cover, and
temporary reactions were the result May
options opened rather steady. sc lower
to sc higher, partly Influenced by bet
ter cables. Considerable liquidation
brought slumps to &c several times, but
at last May crossed this line and shot
down TO $3.50, a decline of &c since Mon
day. The close was weak and &c lower
than yesterday, at 6612c- Receipts were
ID cars.
Oats shared in the general weakness.
There was no snap to the early trading,
and business was small. Outside selling
was responsible for the decline and shorts
gave the market most of its support.
May opened steady, but at once slumped
and sold down to 447sc, almost &c under
Mondays top price. The close was weak.
1c lower. at 45isc. Receipts were l26
cars.
Provisions were weak, but not. so much
so as grains. The natural tendency was
toward higher prices, but the grain in
fiuence could not be fought off. Country
selling brought some depression. Janu-
airy pork closed 25c lower. at 1855; Janu-
airy lard 2lzc down at 50 s., and January
ribs 7Izc lower, at S. 20.
Estimated receipts for tomorrow
Wheat, - cars; corn. $50 cars; oats, 10
cars; hogs, $1,000 head.