St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-01-28
FALtS,0FF 4 SHADE.
=.
WHEAT CLOSES CONSIDERABLY
LOWER AFTER A STRONG
OPENING.
MANIPULATION THE CAUSE.
OPINION STRENGTHENS THAT AR
\. MOUR is WORKING A 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 manipuations,, the
price declined nc from Saturdays close.
Germ and oats suffered from free realizing,
declined 1zc and &c respectively. Provisions
opened higher, but lost the advance and
closed at practically unchanged prices.
Wheat at the opening was wild and prices
irregular, but the buying sentiment for
the moment in the lead, and some Of the
transactions were at 1ac advance over the
close of Saturday. But 1t was soon found
that Armour a heavy seller. His broker
let the crowd have all it wanted at the open
ing and followed the market as it went off.
For time the trade readily absorbed all the
offerings, 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 de-
crease in the visible supply as 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 luctuating between 65ac and
Gee, thought to have been fully 800, 900
bu, but when the price had fallen to 64%c his
brokers were active buyers, and the market
quickly strengthened, Notwithstanding the
visible decreased less than half as much as
expected, the prices soon 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 $4,000 bu, instead Of 216OOO bu as
I reported Saturday. Against those matters
however, were the Northwestern receipts
Minneapolis and Duluth reporting 724 cars a
big increase. The cold wave predicted for
Sunday proved to be of a very mild type. Still
the opinion is quite generally entertained
that the plant has already suffered material
injury, and is at present in very exposed
condition. The market got another lively
rally after that a report of doubtful all-
thenticity, saying that the present seasons
crop of Argentine wheat was too poor for
Shipment. The price reacted to 651hc on that
ana the still underlying fear of Armour man
EQUATIONS. In fact, Armour was a consider
able factor all through the session. Nav
opened at about &c up at 6524 D66kc fell
gradually 649sc, up to 651sc and at noon was
6oWn to 64Bc. The market was easier dur
ing the last hour and there was free reaIiz-
ing and short selling, which gradually sent
may on to 64'$c, at which price it closed.
me trading was moderately brisk in corn,
ana the chief feature of it was the taking of
Pronts by people who had bought on Satur-
udy. III opened strong, in sympathy with
wheat but tended downward during the re-
visible supply, nearly 5000, 600 bu. had a de-
ciueaiy weakening effect. May corn started
pracucally unchanged at from 3OA @31c, sold
OH 10 3Oc and closed at 30030kc bid
oats were very weak, but active. From the
nrS 1 there were heavy offerings. lorgs princi-
pany realizing on their holdings and taking
advantage of the recent advance May opened
unchanged at from 217s@21Ac, sold at 22c, de-
clned to PIC and closed at 211sc bid
PROVISIONS The light run of hogs gave the
market marx ia strong opening, and quite good
tIade was done at an advance of from 121L6O
doc IN May pork, and from TIC to 10c in lard
ana nc in ribs. The demand at those prices
was quickly supplied, and during the re-
nla , OF the session the crowd was grad
uaily supplied with what they got orders for
az gently declining prices. At the end, Nav
p pc TX was selling at $10.92k and May lard AT
s6.o5 and May ribs, $5.471s, being rise Of a1Sc
and ribs. -eou ioi iaru
BS5; hogs, 20, 00O. '''' o"'S'
1he Leading futures ranges as follows: