The Indianapolis journal., 1896-01-28
ARMOUR'S BIG DEAL
MANIPULATION IN WHEAT SAID TO
BE INFLUENCED By HIM.
Leading Cereal Declines L lie from
Saturdays Close, with Corn and Oats
on and Provisions Unchanged.

CHICAGO Jan. 27.-The opinion that Ar
mour is engineering a big wheat deal was
strengthened to-day. and principally from
what appeared to be his manipulations the
price declined 1Ac from Saturdays close
Corn and oats suffered from free realizing
and declined &c and 5sc, respectively.
Provisions opened higher, but lost the ad-
vance and closed at practically unchanged
prices.
Wheat at the opening was Wild and prices
irregular but the buying sentiment was for
a moment in the lead. and some Of the
transactions were at nc advance over the
close of the day before. But 1t was soon
found that Armour was heavy seller. His
brokers let the crowd have all it wanted
at the opening. and followed the market as
it went off. For time the trade readily
absorbed all offerings, but as there were
realizing sales by the trade at large and by
outsiders, the market began to weaken. 1t
also became evident that there would not
be as large decrease in the visible as ex-
pected, and this tended to increase the weak
ness, and there was gradual decline of 1lsc
from the early price. But on the break the
trade thought IL discovered that Armour had
changed his tactics and had turned buyer.
His sales early, while the market was fiuct-
to have been fully 100000 bu, but when the
price had fallen to 6424c his brokers were
active buyers and the market quickly
strengthened. Notwithstanding the visible
decreased less than half as much as ex-
pected and prices soon reacted nearly 1c.
The strong points in the early news were
an advance of Id In the price at Liverpool,
moderate gains at Paris and Berlin and a
correction of the Argentine wheat shipments
| for the week TO $4,000 bu instead OF 216,OOO
bu. as reported Saturday AS against those
mat N0rfhWQGtQrn
ceipts, Minneapolis and Duluth reporting VA
| cars, a big increase. The cold wave pre-
| dicted for Sunday proved to be of very
mild type. Still the opinion is quite gener-
ally entertained that the plant has already
| suffered material injury and is at present In
| very exposed condition.
The market got another lively rally after
| that on a report OF doubtful authenticity,
| saying that the present seasons crop OF
| Argentine wheat was too poor for shipment.
| The price reacted to e5iac on that and the
| still underlying fear of Armour manipula-
| ton. In fact, Armour was considerable
| factor all through the session. The crowd
at the start was designed to deceive. and
| this was strengthened by his buying attitude
| later. Not much attention was paid to the
| disappointment in the visible. May opened
| about &c up at 65stc to 66Ac, fell gradually
| to 645sc, up to 651sc, and at noon was down
| to 647sc The market was easier during the
short selling. which gradually sent May of
| to- 64ssc, at which 1t closed.
| Trading in corn was moderately brisk,
| and the chief feature of it the taking OF
profits by people who had bought on Satur-
| day. 1t opened strong In sympathy with
| wheat but tended downward during the re-
| mainder of the day. The big increase in the
| visible supply. nearly 100000 bu, had a
| decided weakening effect. May corn started
| practically unchanged at from 30Ac to 31c.
| sold off to 30c and closed at 30G301sc bid.
Oats were very weak. but active. From
| the first there were heavy offerings, longs
| principally realizing on their holdings and
| taking advantage of the recent advance
| May opened unchanged at from 21Hd21Ac
sold at 22c, declined to 2lc and closed al
| 2lkc bid.
| The light run of hogs gave the provision
| market a strong opening, and quite good
| trade was done at an advance OF from 1214
| to 15c in May pork and from .071ac to .10c in
| lard and 071sc in ribs. The demand at those
| prices was quickly supplied, and during the
remainder of the day the crowd was grad
| ually supplied with what they got orders
for at generally declining prices. At the
| end May pork was selling at $0.9215. May
lard at 605c and May ribs 5.4715c, being q
| rise OF 21ac for the day In pork and un.
| changed for lard and ribs.
Estimates for Tuesday-Wheat, so cars
| corn, $40 cars; oats, S35 cars; hogs, 20,00(
| head. fE