St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-01-28
FALLS OFF 4 SHADE
WHEAT CLOSES CONSIDERABLY
LOWER AFTER A STRONG
OPENING.
MANIPULATION THE CAUSE.
OPINION STRENGTHENS THAT AR
!, MOUR Is WORKING BIG
DEAL.
HE SOLD HEAVILY ON THE RISE,
And When Prices Touched Bottom
His Brokers Were the Most
Active Buyers.

= CHICAGO. Jan. 27-The opinion that Ar
mour is engineering a big wheat deal was
strengthened today, and principally, from
what appeared to be his manipulatlons,, the
price declined 1Ac from Saturdays close
Corn and oats suffered from free realizing
declined &c and &c respectively. Provisions
opened higher but lost the advance and
closed at practically unchanged prices.
Wheat at the opening wild and prices
irregular, but the buying sentiment was for
the moment in the lead, and Of the
transactions were at 12c advance over the
close of Saturday. But it was soon found
that Armour was a heavy seller. His broker
let the crowd have all it wanted at the open
ing and followed the market 1t went off.
For time the trade readily absorbed all the
offarngs, but as there were realizing sales by
the trade at large and by outsiders, the mar
ket began to weaken. 1t also became evident
early that there would not be as large a de-
crease in the visible supply expected, and
this tended to increase the weakness, and
there was a gradual decline Of 11ac from the
early price.
But on the break, the trade thought it dis
covered that Armour had changed his tactics
and had turned buyer. His sales early, while
the market was fuctuating between 65Rc and
G6c, were thought to have been fully 100000
blu, but when the price had fallen to 64ac his
brokers were active buyers, and the market
quickly strengthened, Notwithstanding the
visible decreased less than half much as
expected, the prices reacted nearly 1c
The strong points in the early news were an
advance in the early price of Liverpool of Id
moderate advances at Berlin, and a correc-
ton of Argentine wheat shipments for the
week to $1,000 blu, instead Of 21G,0OO blu, as
4 reported Saturday. Against those matters,
: however, were the Northwestern receipts
Minneapolis and Duluth reporting 724 cars, a
big increase. The cold predicted for
Sunday proved to be of a very mild type. Still
the opinion is quite generally entertained
that the plant has already suffered material
injury, and is at present in a very exposed
condition. The market got another lively
rally after that on a report of doubtful au-
thentcity. saying that the present season 8
crop of Argentine wheat was too poor for
shipment The price reacted to 65%c on that
and the still underlying fear of Armour man
EQUATIONS. In fact, Armour was a consider
able factor all through the session. May
opened at about &c up at 65a4 m66Kc, fell
gradually Csc, up to 651Ac and at noon was
down to 647sc. The market was easier dur
ing the last hour and there was free reaIiz-
ing and short selling, which gradually sent
May Off to 64'%c, at which price it closed.
Inc trading was moderately brisk in corn
and the chief feature of it was the taking of
prohts by people who had bought on Satur-
gay IL opened strong, in sympathy with
wheat. but tended downward during the re-
malnder of the day The big increase in the
visible supply, nearly 100000 bu had a de-
cldediy weakening effect. May started
practically unchanged at from AM31c sold
OFF to S0c and closed at 3OG3O1sc bid
oats were very weak but active. From the
hrst there were heavy offerings. loEgs princi-
pally realizing their holdings and taking
advantage of the recent advance. May opened
unchanged at from 217s@21%c, sold at 22c, de-
clined to 2lc and closed at 211bc bid.
ProVlslons-The light run Of hogs gave the
market a strong opening and quite good
trade was done at an advance of from 121b0
l5c IN May pork, and from TIC to Toe in lard
ana 112c in ribs. The demand at those prices
was quickly supplied. and during the re-
mainder of the session the crowd was grad
ually supplied with what they got orders fo1
az gently declining prices. At the end May
5000 and May ribs $5.471A, being rise of PIC
Tor Tor the day in pork and unchanged for lard
. Estimates-Wheat, so cars; corn. 375; oats
BS5; hogs, 10000. '''''
The leading futures ranges as follows: