The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-10
LATE BUYING SCRAMBLE
SENDS WHEAT TO NEW HIGH REC
ORD FOR THE CROP.
Corn and Oats Close Lower, but Firm
ucts Steady and Quiet.

CHICAGO, Dec. 3.-Overconfdence among
the bears in the grain pits brought
grief to many shorts to-day. Liquidation
for profits and short 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 a new
crop record price. May wheat closed &c
higher, corn sc lower and 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 &
nervous feeling resulting 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 SELL
ers, and Patten is reported to have I'M
loaded 100000 blu. AS the markets weak
ened in price they were met with a re-
neWal or outside buying, which was in
such bulk that it could hardly have come
from scattered bulls, who continued buy
ing and even at the top prices at the open
ing thought the bargain a good one Con-
mixed. Gables were not as responsive as eX-
pected though the English country markets
were very northwestern
receipts were falling of, but primary re-
cefpts showed good gain. The increase
In stuffs on passage and in the visible sup
ply also were bearish factors. With all
these influences to abet the selling pres
sure. prices fell badly. May options which
opened hc 20 Ac higher to 3s012c lower at
S27suS2hc; steadily fell to size. Shorts were
jubilant and rushed to put on more pres
sure. Then came the reaction with the
force of whirlwind. Buying orders sprang
up all around and 1t became woefully APP
parent that the market was heavily over
sold. In twenty minutes the price for May
was up again TO S34c, a new crop record.
The close was very strong, sc above Sat-
urday at S3ssQS31zc. Local receipts were
92S cars, total of 9SS, against 1,0S7 last
week and 1913 year ago. Primary re-
ceipts were 1.1SS.OO0 bu, compared with l.
$4,000 a year ago. Breadstuffs on passage
increased 10000 bu. Seaboard cearances in
wheat and flour equaled $4,000 blu.
Corn started strong because of the snow
and rain, which 1t was thought might him
der farmers deliveries. Heavy profit taxi
ing, however, made itself felt in a weaken
ing of prices. There were still several
prominent bull professionals in the market,
but heavily increased Western offerings
and slack outside cash demand soon
dampened their ardOr Primary receipts
were heavy. Liverpool showed only a faint
response to the advance here on Saturday
and local cash dealers reported business al
most at standstill. May opened &c high
er to Sc lower, at 6914c TO 6S5sc, but quickly
DeBdu 10 Ieel the eHecJS OF lQulQatlOn.
Prices sagged off rapidly to 67$4c. Wheat
strength, however, came to the rescue Just
before the end Of the session and buoyed
May up to steady close, CSC lower, at 6S5sc
Receipts were 1S4 cars.
After an 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 1Ssc below Saturdays close. The
bulk of the offerings We're absorbed by the
outside, and when May, which had opened
unchanged to sc down, at 472sc to 47c
reached &c selling practically ended. When
the strength in wheat became manifest
oats followed upward to 47c, closing com
paratively firm, 1zc lower, at 467sc Receipts
were 179 cars.
Provisions were rather heavy early, af-
fected by the downward tendency in grain.
The country buying seemed to have sub
sided and selling Tor profits by local pro-
fessionals 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 Jan
uary pork closed &c up, at $3.50; lard sc
higher, at 1906, and ribs unchanged at
$3.50,
Estimated receipts for to-morrow-Wheat.
So cars; corn, go; oats, 225; hogs, s., 900 head
Leading futures ranged as follows