The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-12
HEAVY SELLING PRESSURE
CAUSES WIDE LOSSES IN ALL THE
LEADING CEREALS.
Bears in Full Control of the Market,
Which Closes transformations
Also "A Little Down.

CHICAGO, Dec. u.-Universal selling in
grains to-day placed the control of mar
kets in the hands of the bears and prac-
tically routed the big bull campaign that
has terrorized shorts for the past week.
A faint effort was made at times to sup
port prices, but the losses of to-day with
those of yesterday aggregated too much
and everything felt the disastrous depres-
sion. May wheat closed 1850 lower, May
corn 1c down and May oats 1c lower. Pro
visions closed PIC to 25c lower.
Liquidation and short sening enough to
press prices down PIC tells the days
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 ad-
vantage of a fair advance from yesterdays
prices at the opening and deuged the pit
with selling orders. Cables were the only
bull influence and these were but small
factor. May opened AGssc up to a shade
lower at S21sc 10 Sic and at once started
on the downward way. Several bearsh con-
ditions were present to help the slump. Re
ceiptS were liberal, both Northwestern ana
primary; clearances small and the
cash demand was only moderate There was
a rapid run of fluctuations but by noon
prices had touched 1850, almost &C loss
since Monday. At such declines shorts COW
cred well for profits and at the close May
reacted slightly but closed very weak, 1%c
lower, at S0kaS014c
Local receipts were lis cars none of con-
tract grade; Minneapolis and Duluth re-
ported $50 cars, a total of S05 cars, against
79S last week and 545 a year ago. Primary
receipts were $4,000 blu, compared with
10000 last year. SeabOard clearances in
wheat and flour were 36S, 600 bu.
Business in corn was less heavy than in
| side early. Free selling by commission
houses, aided by the weakness in wheat,
sent prices downward. Shorts took advan-
| tage of every soft spot to cover. and tenn
porary reactions were the result May
| options opened rather steady, 1sc lower TO
| 1sc higher partly Influenced by better
! cables. Considerable liquidation brought
! slumps to &c several times, but at last
| May crossed this line and shot down to
| 663sc, a decline Of &c since Monday The
at 6612c. Receipts were 12S cars.
| Oats shared in the general weakness.
| There was no snap to the early trading
| and bushes 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 441sc, almost &c under Mondays top
! price. The close was weak, 1c lower, at
/ 451sc. Receipts were l26 cars.
| Provisions were weak but not so much
! so as grain. The natural tendency was to-
| ward higher prices, but the grain influence
| could not be fought off. January pork
| closed 25c lower at $l6.55; lard 21ac down at
| $9.S5 and ribs TIC lower at $S45
Estimated receipts for tomorrow: Wheat.
40 cars; corn 80 cars; oats, 175 cars; hogs,
! $1,000 head.