The Saint Paul globe., 1904-01-27
ANOTHER DROP IN WHEAT
MAY BREAKS BADLY, BUT THE LOSS
is RECLAIMED
Heavy Selling by Armour Sends Price
Down, and Support From the Same
Source Restores 1t and More, Too-corn
Also Gains.

CHICAGO, Jan. 26-Another sharp
preak occurred in wheat prices today,
following the severe slump of yesterday.
Heavy sales. attributed to the principal
bull interest, caused a decline of 21a@2%c
in the price of the May delivery. Active
support from the same source, however.
resulted in not only a complete recovery,
but gain over yesterdays closing quota
tlons, final figures on May being up &c;
May corn also gained 1ac, while oats were
ssc higher. Provisions were 21sc higher
to z 1ac lower.
The action of the wheat market today
was more or less of riddle, which few
traders professed to be able to solve. One
thing seemed certain however, the key
to the situation was held by the leader of
the longs, whose enormous selling yeSter-
day resulted in a break of over SC in May,
while today, a selling movement, originat-
ing from the same sources, carried the
price over &c farther away from the dol
lar mark. The action of this one power
full trader was the only factor in the pit
all general news being totally ignored
AT the start the Armour interest was an
open buyer. For the first hour. while
the demand from the leader of the bull
crowd continued, prices were firm. May
opened . q Ac lower to Is @A Ac higher at
1914 @S95sc. A slight advance was made
shortly after the opening, the price rising
to 89a @S9Bc.
.,.gA Lots of Wheat for Sale
No sooner had the buying from this
source ceased, however. than the crowd
appeared to have wheat for sale in I'M
measured quantities. A large part of
account of the Armours. The pit was void
of buyers. In consequence May dropped
2R @29sc in ten minutes of trading, going
down to S7Ae before any support was
offered. At this point the leading long
apparently decided to check any further
decline. For the remainder of the session
it was believed the Armour interest was
an active buyer. The market responded
readily n tha domain Tho fallu ol
most as rapid as the previous decline.
Purchases of 100000 bu not only caused
a recovery of all of the loss but May,
late in the day, sold up to 911sc, an ad-
close was firm at S9% @90c, gain of 21ac
over yesterdays final figures. The July
delivery did not experience as sharp
decline; After opening at 81 @S1%c the
price slumped to S0Ac, break OF 1a4c,
but the close showed a gain of 4 ssc at
S1Nc.
Clearances of wheat and flour were
equal to 100000 bu. Primary receipts were
52O,S00 bu. compared with 643, 800 hu
year ago The worlds visible supply, ac-
cording- to Bradstreets, showed de-
and Chicago reported receipts of 215 cars,
against 40 cars last week and 429 cars
year ago.
Course of Corn.
The early corn market was easier in
sympathy with lower cables and favor
able weather conditions for the drying Of
the grain. There was selling by local
bears, but commission houses were fair
buyers and the price yielded but little.
The break in wheat prices was scarcely
felt in the corn pit.
Late in the day there was good de-
mand from elevator people and commits
sion houses, which resulted in developing
a strong tone Light receipts and con-
tinued good shipping demand We're bull
factors Closing prices were at the top
with May at 1880. The opening was &c
to 1s@Ac lower at 4S7s 649c to 49c. The
low point was made at 1850. Local re-
ceipts were 304 cars, one of contract
grade
Buying credited to the leading long had
a tendency to create firm tone in oats.
although there was a disposition to sell
early in the day in. sympathy with the
weakness in wheat. A quite general de-
mand developed during the latter part of
the session and continued UP to the close.
which was firm. May opened unchanged to
&c lower at 415sc to 41%c, sold off to
411ac and closed at 421sc. Local receipts
We're 202 cars.
There was a large trade in provisions
and prices fiuctuated nervously. The
market was strong early on buying by
commission houses and packers, but later
weakened on selling by Western interests.
After several advances and declines the
market closed barely steady. Selling due
to prospects of increasing hog receipts
was responsible for the late selling. May
pork closed 71ac lower at $13 40. May
lard was up 21ac at 81. 521R .55, while
ribs were a shade lower at Sc. 80.
Estimated receipts for tomorrow:
cars; hogs, $4,000 head.
Range Of Quotations.
The leading futures ranged as follows: