Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-04-22
THE WHEAT MARKET.
| Turn of the Bears-A Rib-Cracklng
Squeeze.
IBy telegraph to the Dispatch.l

CHICAGO, April 21.-For several days past
the bulls in the wheat-pit have ad every
thing their own way and the unlucky
bears have been gored and tossed unmer-
cifully. 1t was the bears turn to-day. and
they improved the opportunity by giving
their opponents q rib-cracklng squeeze.
The net result of the days trading was a
decline IN the price of May wheat of NC.
compared with the closing prices yester-
day and of $50. from the highest point
reached to-day. July declined &c. COM
Sc. from the highest of the day.
Tho weakness in the leading ce-
real was taken advantage of in the
other speculative pits to depress prices,
and as a consequence, comparing prices
with the closing figures of yesterday, corn
is of 1%alhc., oats sc. pork 30c., lard
l0c., and ribs zoe. The day started in with
fine prospect for the continuance of the
bull campaign. The early cables indicated
decidedly higher prices abroad and COM
mission-houses were overwhelmed with
buying orders. The result was that around
the opening prices were from &c. to &c.
was the high point for the day. and all Of
the older heads among the bears seized
upon the opening bulge as an excel
lent opportunity TO sell. They called
the market successfully. II sold short
ly after noon nearly Sc. below its
early high point and during most
of the session was of IL to &c. from the
opening figures. A great deal of long wheat
held on thin margains was dumped over
board on the declines, which afforded short
sellers an excellent opportunity for taking
in their profits The bears were materially
aided by reports from New York, Mil
waukee, and st. Louis chat wheat bought
for export was being resold because prices
were above the export point and that
prominent houses with foreign connec-
tions in the first named city were operating
on the bear side in the June and Decem-
Der futures. Once started downward,
the market showed small recuperative
power, and with few rallies on
realizing purchases, continued to recede
throughout the session. July wheat start
Sl.13IS and sold TO $L143s. II broke TO
Sl.1l1S ON sales and was then lifted to
81 1871 by purchases by those sellers who
were taking profits and by Hutchinson and
White Il Co. The selling on the bulge was
by the same people who engineered the
first break. This raid carried il down to
S1.11H. Closing cables from Liverpool
and Antwerp were so much higher that it
rallied 10 S1.l21s, but renewed selling
sent it down again TO S1.lO%, the low
est point of the session. May start
ed at $i.I5aSl.16 and following the July
future touched. SLIPS as the low point.
Corn was weak from the start. July started
out with sales at from 69Lc. down to 68xc.,
and subsequently declined to 67%c. The
longs were disposed to let go of their hold
ings and there was little more disposi-
ton among the bears to sell 1t short. Oats
were quiet and rather undressing. The
market did little more than follow corn,
closing at the bottom prices of the day.
The market for provisions opened easy and
without excitement at some decline from
the closing prices Of the previous day, and
continued in dropping condition during
the entire session, being at their lowest
prices for the day at the close.