St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-08-01
Take Back Seat and Give the Hot
Wheat" Coterie Chance to
Operate.
Between Them the Bulls Weaken,
Allowing Grains to Show
Decline.
Stocks Firner and an impression
That Vanderbilt VIII Force
Prices Up.
Chicago.
Enecinl to the Globe.

Chicago elevators are nlleu Will HoV "iiO''''
In order to give some stability 10 inc aSsel
tions, the name of a leading hrln Is quoleo
as having been the employer OF private
exnert who investigated the condition OF
the storage on his own account. Inc tdie
he tells is that wheat is sweating" ana
the house on the wrong side forthwith as
siImes that everything is heated, secures
the publication of the result OF the llVestl-
cations of its special, and tries to cover. a
careful inquiry shows that the Wheat III liie
elevators was never in better condltloh AT
this time of the year. Last years crop came
in in better shape than was ever KNOWN pe-
fore, and yet every year there Is sweating;
Season after season the grain Is turheu anu
aired, and no more is done at present Ilah
heretofore, when the amount on hand Is
considered. 1t can be
STATED AS A FACT
that the grain in the city elevators was
never in a better state than it is to-day.
The cry had an effect, however, on the
opening, September dropping from 90Bc
to S93lc, and October falling to 92c. Corn
tended upward and provisions were UNI
changed. Crop reports cut but secondary
figure in their influence on the floor, though
some damage from rust was reported from
Minnesota and Dakota. The great bear
argument was the condition in the elevators
of the visible supply, and there were not
wanting men who were ready to testify that
$50 Fahrenheit was the ruling tempera-
ture i'll the bins. On this all-abSOrblng
question there were many different men OF
as many different minds, but the greater
portion of the feeling was that such thing
as actual ''hot wheat was something as
vet unknown in Chicago this season. {.
7. Ye1lleS. one of the most cautious and
conservative members of the board, proba-
bly, voiced
THE GENERAL FEELING.
81 do not believe" said he, THAT there
is more wheat in bad or SWeaty condition
than has always been the case at this sea-
son of the year. In the first place very
large majority>of the stock was put in last
winter. when itNwaS intensely cold, and the
berry was therefore unusually dry. There
is absolutely no reason to base the idea
upon that any large amount OF hot wheat
exists. save in the imagination of some
spectators who are Oh the wrong side"
Norm Ream conceded in the views eX-
pressed by Mr.. YerlleS, and said the only
danger was in taking the grain out and
shipping it when, in the present
humid atmosphere, it would be certain to
absorb moisture. ''Such contingency N
not at all liable to happen, however" he
added, 'as there are not going to be any
shipments of Importance from here for
some time at present prices" Considerable
discussion was INDUCED in as TO the pro-
priety Of appointing
A SPECIAL COMMITTEE
to examine into the condition of grain in
the Chicago elevators, with a view to set
Ting the veXed question and putting it out
of the power of any firm ''gone wrong to
employ alleged private experts and
give out their views, to the general in
jury of trade. 1t was quite notable
that as soon as this method of
taking the bull by the horns was bTuited
about. the ''hot'' howlers Immediately said
no authority existed for the creation of such
q committee. ''The wheat doesn't belong
to the board" said one, land the directors
have just as much right to search into my
bank account as they have to see if my
wheat is in good condition" This view,
though, was very extreme, as it is generally
understood the directors have authority to
fully examine into anything so directly
affecting the general trade, and should a
committee be appointed it is hardly prob
able any elevator management will refuse
them full access. All this was
BEFORE ANY ONE
could officially deny the truth of the rumor.
but later it was entirely disprOyed, and
looked as a cOoked-up affair engineered
by New York parties to break off the
market. 1t had an easing effect for time,
and made the general range somewhat
lower. though many leading houses showed
their confidence in the quality of wheat by
buying literally. Armour, it is reported,
took in about 2,000 900 bushels. Toward
the close some easineSS came from a report
telegraphed Brega from New York that
our next visible would show an
increase Of $780, 900 bushels. Crop
news was in the usual supply.
Pitcher had advices from Nebraska City,
that wheat harvested was in fair condition,
but there was little blight on late wheat
Moorhead, Mimi, adviceS to the same
party were that the crop showed the heavi
est average yield ever grown. No. 2 spring
sold at S715c cash, with August at size,
September at 9O5Ic, and October at 9215c
ON THE LATE BOARD
there was more activity. but prices were
lower the market closing 35@%c under
yesterday at SIC for July, SIC for August
S9@5c for September, 915sc for October
The variety of wheat that has become Sof
and sticky is known as Northern soft, anC
comes from the Northwestern points, St
Paul and Minneapolis. There is only abou
800 or 400 bushels of it all told in the eleva
tors complained of. A little of the sam,
variety may be found in a few other eleva
tors, but the whole amount is insignificant
when compared with the vast mass now il
store, which is as cool and sound as though
1t were III an ice-boX. So says one of TN
most reliable inspectors in the trade. TIL,
four boat loads rejected in New York to
day consisted of the same variety of whea
Northern soft-which has not the keep
ing qualities of the regular No. , spring
This is a matter of the utmost impOrtanc
to the grain trade of this city. and the fact
In the case are as above stated. In ever,
year this kind of wheat is liable to &c
moist at this season.
CORN UNDISTURBED.
Corn continues on its course undisturbe,
by the violent agitationS which ever ant
anon rage in and around the wheat pit
There is hardly enough corn in any on
place to get hot, so that all danger on tina
score is avoided, and as long as the receipt
continue light and the new crop is so ia
away, there is no danger from any surplu
accumulation. Hence corn traders can lleel
cool and serene, so far as violent disturb
anceS are concerned, until the new crop
secured and then there will probably b
some scampering to get rid of long stu1
bought at high prices. Liverpool was fin
Oh corn to-day, and one-half penny pc
Genital higher; but here Angus
and September opened steadily. sol
down a little and then recovered, the ell
tire range of activity being covered by &c
Large freight engagements tirined the mar
ket up on the late board, and the close wa
slightly higher than yesterday. at 49,
for July, August and September, and As
for October.
OATS ACTIVE,
Oats were tolerably active, but the large
Il