St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-02-09
The DECLINE WAS STOPPED
HEAVY BUYING or WHEAT, LED BY
ARAGUR, WIS EFFECTIVE.
DULL SPECULATION In STOCKS.

Ghe share Market Was More Feat
urelt SIS Than in Many Weeks
Periods of Absolute Stagnation
Buying at NO Time Strong
and the Pressure to Sell Very
Light.
CHICAGO, Feb. S.-Heavy buying by
Armour ~ Co. at the opening today
stopped the decline in wheat, and May
closed sc higher after having made a
new low price record at 6l34c for May.
Free offerings and heavy liquidation
were responsible for the early break,
and the feeling was semi-panicky, but
the heavy buying led by Armour
stopped the decline, and the market
closed firm. May corn is unchanged.
May oats &c higher, and provisions
slightly higher all around.
Wheat began the day with fair pros
poets for panic. The weak feeling of
yesterday WAS present, with reinforce
ments, at the opening, and May began
with loss of $sc at 6l5sc. Traders
threw up their hands and offerings
poured out with alarming rapidly.
Sales were made as low as 61$1c. but the
bear seance was cut short by the APP
pearance of Armour as buyer. Lester,
soon after the opening, took 500, 600 OH.
and announced that it was for Armour
u Co. Otner traders began buying, aud
from that time on the market was steady
to firm. Southwestern receipts We're
again heavy. Minneapolis and Duluth
reported go cars as compared With 202
on the corresponding day last year.
This announcement caused a temporary
reaction, but the pIice soon started
up again. A report from London of
bank failure there also caused slight
drop, but the depression was short lived.
The feature OF the day was Armour d
Co.'s buying through II Y. Lester. He
took all he could get at 81 cents or -un-
der for May and seemed to have all APP
petite like that of the historic hired
man. He bought III lots Of from $4,000
TO 100000 bushels, while Valentine, Ar
mour's regular broker, diligently alb
Sorbed what was left. Closing cables
averaged tirmer. anu although the buy
ing was less free and offerings more
liberal during the latter portion OF the
SESSION, the bulls refused to retire from
the field and May closed at the top.
May opened at 615s, declined "a and
with slight fluctuations advanced q to
close at 623Sc.
The corn market ruled quiet most of
the day, prices keeping within 4@5sc
limits. The opening was &c lower in
sympathy with the drop OH wheat, but
the demand soon improved and 40
sc advance was scored. Free offer
,ngS al the Improvement checked any
further upturn, and the market later on
Sagged back fraction, ruled steady,
and closed at May but * from the
days top figures.
In oats there was better feeling, and
although trading was not large. prices
advanced &c and the market closed
strong at The top. A scarcity of offer
lngS prevented a decline early and the
later strength in wheat and corn were
responsible for the advance.
A fairly steady feeling prevailed in
provisions early OIL the light run of
hogs at the yards, they being about
1900 less than anticipated, with higher
prices for them. Later some firmness
was developed on the improve
ment in wheat on good buying.
Some little strength was subse.
quently developed on three prominent
packing institutions supporting the
market, few buying orders coming in
and little covering by the short inter-
eSts at prices advancing moderately.
The market continued to rule steady,
except that just before the tap of the
bell pork WAS offered down on single
order to sell, which caused an easy clos
ing for that product. Closing prices
were near the days outside figures. Com
pared with last night, May pork is 121zc
higher. May lard 21sc higher and May
ribs TIC higher.
Estimated receipts for tomorrow:
Wheat, 60 ears; corn, 600 cars; oats. 2O3
cars; hogs, 1900.
The leading futures ranged as follows: