St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-01-29
The Stocks, He Says. Are Owned by Three
Heavy Capitalists, Who Got
Them Cheap.
The Hungry stomachs, the Big Packer
Thinks, Are on the Point of Assert
ing Themselves
The Last Bull Clique Getting Out
From Under Their Heavy Load
of Wheat.
Stocks at New Y ork Drag Along In an
Untnteresting and Unprohta-
bic Way.


Special to the Globe.
CHICAGO. Jan. 28-'sIn 1869, the firm OF
Plankinron g. Armour made nearly S3,UOO,UOV
by tsllng hold of wheat after the Original
bulls had lost all their courage aud most OF
.neir money" said p. d. Armour Il con-
slider the situation in wheat now very IKE
that in 1859, and for that reason have put a
great deal of money in it. 1t certainly can't
be shipped now without loss, and nobody
seems to want it. But feel very comforta-
bic over the situation. / came in fresh and
took the wheat after the bulls were tired out
with a two years struggle in earring it down.
The only possible thing that could make me
feel uneasy now would be a sharp and I'M
timely advance through a speculative nanip-
ulation at this time that would put the price
so far out of reach that consumers would be-
gin to make sacrifices to get wheat elsewhere
for their needs
Bull points on wheat were put out in
abundance this morning, but the market
opened at nc decline from yesterday. first
trades in March being on basis Of S19sc,
and May being quoted at S6$4c. The market
sold down fraction, but rallied sharply TO
8216c for March and size for May. The
talk was soc for May and the temper of the
crowd, which was beariSh at the outset,
TURNED BULLIsH.
The recognized brokers of the big pro-
fessionals. who are given the credit OF man.
ipulating the market, were in the pit bid
ding furiously. but not getting great
quantity. Meanwhile, as quotations
climbed Singer, Mitchell and Crosby began
feeding the crowd all it would take.
making no more noise than seemed
necessary. They unloaded large line of
May ON Hutchinson at S7A (0S73sc, and
the scalpers big or little. were greedy.
After disposing of quantity variously
estimated at between 2, 500, 900 and 3,000,-
blu, the sellers gave up the names of Carr,
Eldredge, Warren and Roche. The market
mad been slowly sinking while this liquida-
lion was in progress, but, as the story was
freely circulated that the alleged bull syndi-
cate was letting the price go down so as to
get wheat put" to them that they had
taken in the privilege crowd yesterday at
S6@@S61Ic, the purchasers were not
alarmed. When the names above quoted
were given out, it was at once said that
The syndicate had unloaded by clever
fuse, and simultaneously the gossip was set
lfoat that the Ream party was now work
ing the short side for turn of 5@6c.
THERE WAS WAR NEWS,
talk of increasing farmers deliveries in the
Northwest a let-up in export inquiry at the
seaboard and discussions over five-hun-
nre0-CnouSanQ-DuSnol increase IN the
amount of wheat ''on passage" increasing
activity among millers everywhere, a con-
Bequent large shrinkage in visible Stocks
ETC., but the controlling influence in the
''gamble" to-day was the attitude of the great
spectators, whose weight in the market, in
the absence of overpowering natural causes,
is unquestioned. May was quoted at S615c
at the close of the morning session. The
market dropped &c this after
noon, but rallied, closing about
the same as at O'Clock.
Corn and oats were dull and fluctuations
narrow. Changes in values were insignifi-
cant. Provisions were as nearly lifeless as
they have been at any time for weeks, and
the market was without distinctive fea-
lures. The price of pork fell away few
points. and the tone of that staple was
rather weak, but the decline was quite as
likely to have been on account of slack
trade as by reason of offerings in excess of
the demand
PETER BERKEY. Pres. +. w. ANDERSON. Cashier.
G. w GRIGGs, Y. Pres. A. c. ANDERSON, Asst. c.
THE ST. PAUL NATIONAL BANK,