St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-07-31
Oopious Rains in the Southwest Knock the
Underpinning Out of the Corn
Market.
The Opening IL Cents Lower, but Buy
ing by Big Traders Prevents
Further Loss.
Wheat Also Held Up by the Heavy
Weights. but Fair A Advance
Fails to Hold.
The Stock Market Dull, but a Frac-
IionaI Advance Secured by Most
of the Securities.
Chicago Grain and Provisions.

Sp0cldl 10 lle OlObe
CHICAGO. July 30.-Rain fell in Iowa.
Kansas aud Nebraska in small quantities
last night and knocked the underpinning
out of the corn market at the opening,
though later the price picked up, the local
holders of several millions of bushels not
permitting much of a backward movement.
Where yesterday there were drying up and
dying acres of half grown corn, to-day
there are waving fields, well developed and
beautiful looking. according to the reports.
so quickly do speculative views change
that men on the floor who yesterday failed
to see how corn could stop under 65c per
bushel, to-day can see nothing to
prevent a steady decline to 3Sc.
Of course these are the views of
extremists. 1t is very improbable that last
nights rain has so suddenly changed the
actual condition of the corn crop. The
strength left the market with every addl-
tional circle on the enormous weather map
that Sergt Buell. filled with yellow chalk.
indicating cloudy" or inscribed with an
r, indicating rain" The crowd watched
the map closely, and, before the time for
opening crept around, they would gladly
have taken 45c per bushel for property that
last night held stiff at 46c. Frank Logan
was the first man to offer it in the pit.
naming 44Mc. Others offered lots inside
this. until at 4415c there was lively trade.
George Eldridge sold quite heavily at the
opening. George Baldwin took considera
bic but let it 90 later in the day at fair
advance. Cudahy. they say.
STOPPED THE DECLINE
and turned the temper of the crowd by buy
ing heavily personally and through brokers'
The floor talk is that his interest on the
long side OF the market is so extensive that
he cannot afford to let the market react.
He has big line of followers and enough
of them bought corn to put it up 1c, 45Mc.
making light in the meantime of anything
except bull news. From 455lc there was
reaction to fl sc, but the market recovered
to 44}5c and kept about steady to the close.
Wheat opened at the low point 7626c for
September. There were only 211 cars in as
fresh receipts. which in itself was
strengthening, but more was done for the
market on the bull side by corn than by
anything else outside Of legitimate wheat
speculation, which in itself WAS not heavy.
Hutch gave the market fair support. as did
other heavy weights, and after corn began
to show strength there was very little
trouble experienced in holding wheat up
until it reached 77%c, around which figure
it tiuctuated a long time. but when the de-
mand ceased. prices went off gradually to
rye. later picking up to 7719c, where the
market stood half an hour before the close.
Toward the close there was all advance of
&c. from 77A07Sc on exports at New
York, sixteen boat loads being reported.
The advance. however, was not all sus
tanned. The market closed firm at 77Mc
for September Small grains were very
steady. Provisions ruled active and firm,
September pork opening at 1895 and ad-
vancing to 5000.
PETER BERKEY, Pres r. W. ANDERSON, Cashier.
J.W -GRIGGS, V. Pres. a. c. ANDERSON, Asst. c.
THE ST. PAUL NATIONAL BANK,
CAPITAL 100000.
Corner Fifth and jackson streeta