St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-07-29
IN SPECULATIVE PITS.
Both Corn and Wheat Drop Back a
Little on the Chicago Board
of Trade.
The Pits Excited and the Flood Of Crop
kilograms from the Southwest
Conflicting.
The Heavy Traders Were Sellers OF
Both Grains and the Buying Was
by the Crowd Generally.
Vanderbilt Shares the Feature OF
Trading in Wall Street and
Changers Go Up.
Chicago Grain and Provisions.

Chicago Grain and Provisions.
Special to the Globe.
CHICAGO, July 2s.-No one can tell now
by simply reading the flood of kilograms
which come in from all parts of the South
west what the actual OF even the approx
mate condition of the corn crop is, so fatty
are the several ''crop experts getting in
the habit of contradicting each Other. "a TOT
day good many traders affected to believe
statements waited up from the South that
the increased acreage and stand OF corn
would allow shortage of 25 per cent. and
still show crop of 1000, 900, 600 bushels.
Some kilograms even go so far as to say
that there is no such shortage in Nebraska,
: Kansas and Missouri as is generally sup
posed, but say corn is looking quite well
and that there is more old corn
in the country than for several
years. Estimates in some quarters say SO
per cent. of the last crop is still in the
8 farmers hands. The statements are given
merely to show to what extremes specu-
: latiye interests permit themselves to run,
and not because the great majority Of
traders take any great amount of stock in
their truthfulness, for candor induces the
statement that they do not. So deep
rooted is the belief that the corn crop is in
pretty bad shape, that any assertions point
ing to the contrary are thickly spread with
salt before being swallowed. Werst still
maintains that Iowa corn is damaged one
half, while hundreds of kilograms to repre-
sentative houses say the weather is still
scorchingly hot, and that everything needs
rain. But the bears compelled hearing
of their news to-day. and broke the market
from Acc for September, to which point it
had previously advanced from 45c, down to
454c, but
THE OPENING WAS QUITE EXCITED
at 45c, and prices rapidly advanced to acc,
but this seemed to be about as high as they
could bulge it. The buying was by the
crowd generally, many of whom were short
small lots. Bloom gave them considerable.
After reacting to 45c there was recovery
to 458c. The close was steady and firm.
Wheat tended downward pretty much all
the session, with Cudahy, Ream. Hutch,
opened at 1871, which was &c higher than
it closed, and for time it was held up on a
decrease OF 1, 800, 900 bushels on passage
and by more or less buying against puts,
but after these Influences were off the tone
became weak and from an opening at 1890
there was drop to 7624c by 1880. Dur
ing this period the market was more or less
excited. Largely in sympathy with the
break in wheat and in part because of
CLOUDY" kilograms from the corn belt,
September corn broke off to 4435. Wheat
in the meantime sagged down to 76Ac,
there being no outside orders or news to
support the market and some heavy local
selling to break it down. 1t recovered
slightly, but closed heavy at 1890. Small
grains were weak and lower in sympathy
with wheat. Provisions showed strength
early, with active buying on local and out
side account, but the advance of 1Oc was
not sustained.
PETER BERKEY. Pres. f. W. ANDERSON, Cashier.
J.W. GRIGGS, Wires. A. C. ANDERSON, Asst G.
THE ST. PAUL NATIONAL BANK,
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