The Saint Paul globe., 1900-06-12
MARKET SCARED TO THE HIGHEST
PRICE SINCE LAST
OCTOBER
RULED EXCITED AND BUOYANT
Fluctuations Were Wide, There
BEING Practically but One Con-
sidcrntiOn, situation of Spring
Crop in the Northwest.

! CHICAGO, June 1.-THE wheat market
! today scared to the highest point since
! October, and closed 21sp214c higher than
at the close of business ON change ttur-
! day. Continued drG u8ht and orEp dam
| ages were influences. sa Corn closedb>34c
| lower and oats SC 10 Wser. q prOVistonS
at the close was unchanged TO 21RQtoc de
pressed. 5Ef91ftS% ts -ai5l
Wheat was excited and bnoyant today.
and the pit a very busy p.acel-eVen busler
! than during the three Preceding SeS@fodS.
A huge amount of trade was transacted.
All the commission houses had an extra
number of brokers' in the pit "jammed in.
cIammed in, all eager to get in, as one
of them put it. Fluctuations were wide.
Practically there was but one cOnS.dera-
! ton, the situation OF the spring. crop, In
the Northwest. The frantic advances,
however, were tempered by large profit
realiZations. Had it not been for these
sales, the price might have advanced rig1t
On through the roof.
Despite the stuff put on the market IN
this way, most of the advance was he'd.
| The fluctuations We're not due to any
changes in the crop situation, but depend
ed upon the pressure of sellers or buTe s
at the time. July opened 1@11sc over Sat
urday at 721sc to 7212c and shot up to 1873
G73$4c early without a break. Realizing
by longs forced it back to 731sc but fol-
lowing the dip the market advanced ag-
gressiVely to 74c, the highest price since
October, when the BOer war began. A
decline from this price to 731sQ7314c c. was
followed by a recovery to 7334@737sc. On
the heels of this bulge, July dropped to
! 731sc, then recovered to 735sG73$4 G.. and to
wind up, dropped ito 7914cS at which the
! market closed 21g6D214c8 over Saturday. |
At the opening the fact that the North
west had received noa rain over Sunday
was a piece of ball information star 'ng
the traders in the face Rain had fallen
| in moderate showers round the drought
stricken territory, but the Dakotas and
Minnesota were still dry. Todays signal
service prediction held forth no hope of
! relief. During the day reports of dam
! ages in the Northwest flooded the COM
mission houses The burden of them was
that an optimistic view promised less
than half a crop; that week more of dry
weather meant the practical destruction
Of the crop. With information Of this
| sort close at hand, foreign news was
| ignored completely.
! CIearances at the seaboard in wheat
! and flour equalled $4,000 bu. Primary re-
| ceipts aggregated $4,000: compared with
l 10000 bu last year. Minneapolis and
! Duluth reported us cars against 225 last
| week, and 976 a year ago. Local receipts
| were 6S cars none Of which graded con-
| tract.
! though it showed some advance early un-
| der the influence of the wheat strength,
! lost 1t later and closed heavy. Crop re-
ports We're as usual favorable and country
! offerings were decidedly freer, while the
! shipping demand was slack. The sea-
| board was believed to be waiting for
| break in lake freights. July sold between
395sc and 3S84c, closing Ac down at SSa4c.
| Receipts here were 346 cars.
| Oats. had there been no excitement
around them, might have been considered
fairly active. The trade was not large.
| The market showed some advance early
| in sympathy with wheat, but relinquished
! 1t later. July sold between 221022$sc, and
&c closing unchanged at 22c. Receipts
| here were 2S1 cars.
Provisions We're dull and featureless,
| closing rather easy. The market showed
some steadiness early in sympathy with
| the wheat trength, but lost 1t later. The
outside trade was small. July option
! closed: Pork unchanged at S11 Is: lard 21s
@5c lower at Sc S21a@6S5; ribs a shade
| down at S.. S21515.S5.
Estimates tomorrow: Wheat, 1870; corn,
$50: oats, $50; hogs. 5000 head
The leading futures ranged as follows: