St. Paul daily globe., 1891-04-28
IN THREE MOVEMENTS
Wheat Advances, Then De-
elines, and Then a Reac-
tIon Makes 1t Firm.
Purchases to Cover Shorts by
the Bear Syndicate Causes
f=J.
the Rally.
stHiE
Prices Of Corn Are Too High,
So That Cereal is
Weak.
Wizards, Wheeling and Lake
Eries and New Englands
Are Strong Sto eks.

CHICAGO, April 27.-The history of
the wheat market to-day is written in
three movements. An advance at the
opening, subsequent decline and then
a reaction which left the market firm at
the highest prices of the day and sc
higher for July than the closing figures
on Saturday. May closed &c higher.
The early cables, except from Paris.
were weaker, but the trade here seemed
satisfied with the break in prices eXpe-
rienced last week and inclined toward
an advance. July opened at s1.O615@
1.06$4, and, under good buying by the
bears, quickly advanced to SLOTS.
They were evidently seeking for hard
spot to sell OH, for as soon as they had
impaired all appearance of strength
to the market they began to
sell very freely. The hold
ings of the country longs were forced
on the market and values broke sharply,
and suddenly July dropped to Sl.05$5.
This break was assisted by the liberal
receipts in the Northwest, the fine
weather and the increase in the visible
supply. Then rally began which car
ried prices to the highest point of the
day and held them there till the close,
with July quoted at sl.O715. This rally
was due to purchases to cover shorts by
the bear syndicate and purchases. evil
IDENTIFY for investment, by the old-time
bull leaders. William Dunn, Smith
and Milmine- -Rodman led the buying
in the break. They were aided by
Ream, Lion, Hutchinson, Roche, Gu
daily and a number of other bears
who had sold heavily on the early bulge.
The bulls circulated a repetition of Sat
urday's rumOr, that the French cham
ber OF deputies would remove the duty
Oh wheat. California messages told of
dry weather there, but the government
weather report contradicted these ad-
vices. Crop news from abroad was vari-
able, some advices reported favorable
condition and crops good. but cable
received. purporting to be the official
report, said that the hungarian crop
was in very unfavorable condition.
Some talk of damage TO wheat by Hes
sian fly helped the market to close up
strong. The Australian crop is re-
ported to be about 100000 bushels short
vi luoI yCdl ylcIu' SOlH was fcIl
weak during most of the seS-
sion. The recent heavy advance
and the fine weather Hconvinced
holders that prices were too high, and,
as the shorts were pretty we'll out of the
deal, the market found no support.
From 63119@6ic for July at the opening,
the price slid off to 61Sc. Then, when
wheat took sharp up-turn, there was
reaction which lifted the price to 631sc
at the close. Leopold Bloom made
very successful play. He helped the
early raiding, but managed to buy in
100000 bu Oh the decline. This was
short corn sold at much higher prices.
Outsiders were selling freely because of
fine weather and heavy receipts. Oats
were the weakest of the grains. Start
ing at 4714004715c tor July, stop loss Or
ders were encountered all the way down
to 44112c from which point, in sympathy
with wheat and corn there was a rally
to 461sc. The provision market opened
heavy and weak under receipts of $4,000
hogs. The weakness in cereals also
tended to weaken holders. There was
fair buying by local shorts when the
moderate break occurred, and in the
end there was a recovery which left
prices somewhat higher than they left
off on Saturday. o
The leading futures ranged as follows: