St. Paul daily globe., 1891-05-28
WHEAT WAS FLIGHTY.
The Leading Cereal Was Dis
appointing in Action on
Change.
Favorable Northwestern Re-
ports Made a Very Dull
Start.
No Credence Given to the Re-
port Of a Corner by
Pillsbury.
Wall Street Trading Was Life
less, but a Firm Tone
Prevailed.

CHICAGO. May 27.-Wheat was subjected to
two or three unexpected and disappointing
shoots to-day. When it was expected to ad-
vance, it receded, and whe il looked weak,
it showed decided strength. The opening
was decidedly lower than the close yester-
day. Cables noted lower prices abroad, and
the weather in the wheat belt was fine.
There was no damage from frost in the
Northwest, and, with warmer weather there,
the market looked dull at the start. New
York sent in buying orders, 100000 bushels,
it was said, being purchased for that account
by S. V. White e. Co. alone. Local shorts
also bought freely, and the transactions of a
syndicate, which was said TO be "play-
ing the market according to a 'sys-
tem," was also said to have an effect
on values These things and the early
strength in corn made decidedly strong
market and rapid advance. The corn mar
ket was watched closely, and exerted more
or less influence oD wheat all day; operators
somehow taking q cue from that market
When corn declined wheat went off too, as
sisted py selling pressure from some of the
local bear traders. July started at 991sM
99sSc, against Sl00A at the close yesterday
and advanced to S1G0I2. When the New
Workers tried to sell out their early purchases
they found the heavy local bears under the
lead of Ream, Cudahy and Linn were willing
to help them sell. July broke speedily to
99c, and Ultimately sold to 9S7sc, with a slight
recovery before the close. The Bradstreet
report of q large decrease last week
in available supplies had little effect The
liberal exports and talk of 100000 bushels en-
gagged here for shipment to Liverpool were
without much effect Operators were gen.
orally inclined TO diScredit the story tele-
graphed from Minneapolis to the effect that
e. A. Pillsbury, the big miller of that city,
was attempting 10 run 4 corner in No.
northern wheat for July delivery. The opin-
ion was expressed that Mr.. Pillsbury is too
acute business man 10 undertake any such
hazardous game. 1t was thought probable,
however, that Mr.. Pillsbury was of the opin-
ion that July wheat would not be lower, and
thst he was prudently laying in supply for
his mills. Corn WAS active, excited and
very irregular, price changes being
frequent within 3@4Ac range. Fluct-
uations were governed to large extent by
local influences. The market opened with
show of weakness in sympathy with wheat,
July being quoted at 55A@56l2c, against 564c
at the close yesterday. The bears started in
to sell, but their offerings were eagerly
snapped up. and rapid advance followed
IN unison with wheat though on its own
strength shorts had sold considerable lines
of May during the recent advance at and
around zoe, and as the days were few within
which delivery must be made and stocks of
cash corn were small, they began TO scram-
bic over each other in frantic efforts to
cover. Their efforts were stimulated at
the same time by bull buying, and the
advance was not stayed until 57l2c was
reached. Estimates of large receipts
for tomorrow seemed to reverse The senti-
ment of the crowd, and in selling out they
broke the price to 5il2c. From this there
was recovery to 54S4c at the close. Oats
were active and unsettled in sympathy with
corn, and the fluctuations in that cereal
were governed by maize. Provisions were
featureless, and in a leisurely way followed
the fluctuations in grain, advancing in the
early trading and receding later. September
pork shows a loss compared with yesterday
of 15c; lard 2l2c, and ribs 2l2c.
The leading futures ranged as follows: