New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-07-29
PRICE THREE CENTS.
CORN GOES UP IN CHICAGO.
VIOLENT RELIEF SOUGHT FOR AN OVER
SOLD MARKET.
RISE OF FOUR CENTS-wHEAT SYMPATHIZES
TO THE EXTENT OF Il. CENTs-A FAILURE
iBY TELEGRAPH TO THE TRIBUNE

Chicago, July 2S.-The trading on Change was OF
an excited character. Corn played the leading part
While wheat was nervous and advanced l Ia cents
per bushel in the most active delivery was in q
raging fever, and closed at an advance Of cents.
Two failures occurred one. that of the f. Iess
Company important; the other. Il. q. Tenant
q Co.. was not for a large amount. R. G.
Tenant, the sole member Of the firm. 50 far
known, a conspicuous trader. lie a punger in
a small way in provisions. Ernest Hess ran
cesSful corner in May in the local oats market, but
since then has been The bear side and was short
in the corn deal The rapid advance in the price
Of those articles resulted in his announcing to-
day his inability 10 meet his engagements. His
Liabilities are estimated at from Sl50000 to $780,,
900, and his assets in the neghborhood Of one half
of the smaller amount named his pro able indebtei
ness.
Excitement high the curb before the regular
opening which until 10 80 O'Clock. acc)Ni-
ing to the present Monday morning custom. Two
cents advance was bid for september wheat
the price ruling on saturday afternoon. Con-
servative commission houses strove 10 allay the ex
citcment by reference to their European advces
which plainly showed that 50 much of the rapid
advance as was due to belief in the failure OF tho
wheat crops on that continent was unwaIIslnted by
the facts
After the first halfhour in the pit the market whlo
continuing sensitive and nervous, quoted down,
far as the volume of tradrlg was concerned. There
we're many different prices ruling simultaneously In
the pit at the opening While some sales were made
at % IL cents for september. others passing at
96 cents, and at all the fractions in between thoss
figures. The heaviest holders, with their wits about
them. took the tailboaris out Of their wagons and
dumped their loads top Of those who voclfeat
Ing for supplies. The fluctuations were extremely
irregular. but generally in downward direction
after the first fifteen minutes. The range up the
close from 96 to 81 33 cents, and possibly "a -
small lo rpcpiDiS
162 cars, against estimates made saturday of l95
There were 1iG caIs Of new wheat in the
ceipts. The Withdrawals from store only 1868
bushels. December ranged from at the open
ing 10 90 "a cents, and it closed at 81 Ia cents
May, from 81 90 IL at the start sold 10 and closed
at 90 "a cents.
Corn showed cents advance over Saturdays clos
ing prices. such sudden change in value has not
occurred in this cereal in several years The
of the difference in value between saturday night and
this morning in respect be used as the gauge by
which SPECTATORS measuring the damage t. the crop
but i, for the greater part, representative Of the
enormously .oversod condition of the speculative
market. Previous to the opening on Change, sep.
tcmocr had sold on the curb as high a. - IL
cents, and ii opened upstairs from A. II cents -
46 1t sold nigh as ~ Ia cents freely and
par.ngly at A. 3, cents and soma little at =. .
closing at 90 IL cents, or IL cents gain over
oa urday's final figures.
was supposed 10 be short 100000 bushels Tho
opening was wild aud excited, May selling at 35 81
cents on one side Of the crowd and at 36 Ia cents on
the other. Large quantities offered for sale az
the time at SO cents. september was, u pos
! sblc more excited than May. Traders in different
pats OF crowd made the opening price all the way
! from b 3+ cents to 80 IL cents. As soon a. tho
! shorts had covered the excitement cooled of. the
/ advance stopped and decline began that continued
| Until prices fell TO about the opening figure. Tie
range was August 80 = cents to "a Il cents 10
SO a cents. september 81 81 cents 10 30 "a cents
10 }3 10 33 Ii May, 35 "a cents to 80 -
36 Is cents 10 36 - cents 70 36 3 cents.
The receipts 800 cars, Of which thirty six cars
were new and 5000 bushels by canal. OF this
amount 146 and $500 bushels were OF the con.
| grade