The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-06-21
SENSATIONAL JUMP
IN WHEAT PRICES.
MARKET ADVANCED NEARLY
FOUR CENTS.
Bullishness Due to Crop Damage
i'm the NOrthwest-Five Buy
ers to Every Seller.

Chicago. Ill. June O.-rry weather too
long continued ruined half the wheat IN the
most fruitful section of the Northwest. ana
now excessive heat Is burning up The re-
maInder. according 70 to-iay's advices. "A
message from that unfortunate region said
the temperature was as high as 10 IN the
shade In some places. If any additional
stimulus TO the heavy buying that has been
going on was required. there Il was. ana
that the ,emperatura in the wheat pit was
thereby raised to the boiling point WAS The
natural result. An enormous business was
done. and the price o: July wheat. starting
with a jump of li2c. kept making a series
IF kangaroo leaps all day. after each shsh'
dip. until in the end sac had been added TO
yesterdays price.
Corn was a coed imitator of the pull
ishness of wheat. gaining lasc. Oats ad-
vanced Il. pork sl2c. lard and ribs &c each.
Wheat.
Wheat opened excited and higher. with
five or six buyers to every seller. The
Weather conditions in the spring wheat
country furnished the material for the con-
flagration that burned iierceiy in the wheat
pit all forenoon. Very bad is becoming much
worse in the matter Of crop damage IN the
Northwestern spring wheat fields. The
rams DING GtCdSltfdilN ntdiu VI a. '"'
u he mere scattered showers and not even
those were forthcoming to-day. Nothing
hut the wall of ruin was heard from the
suffering country. and the dispatches on
the crop damage suggested little short OF
complete failure. Minneapolis and Duiuih
followed Chicago for awhile in the addition
msde 10 Tuesdays prices. and that was
taken as corrobofative OF the worst OF the
crcp damage news. those markets bsiaS
in close touch with the ruin reported. July
wheat orened at from 1sTsc to a3iAc. as
against IIasc at the close yesterday, and 1t
rose To .Sssc almost Immediately. There
was much for sale at ih- advance and
the buying was overcome for a few min
utes- resulting in a reaction To .sxc. n,
the latter point tGer- was a fresh and
irresistible rush OF buying orders, and they
kept pouring IN uniil The price was up to
sv-sc. Or 3h4c over tn previous days resting
place. The highest point named was reached
about l. o'clock.
The elimination Of the days advance was
not reached until the session was ending.
when July sold at SlAsC. ana that Was bid
strong at the close.
The foreign quotations did not suggest any
great alarm over the wheat prospects of
this country. Liverpool opening on,y sd up.
although il improved that to "a before tn.
close. while Paris quoted lac a bu. decline:
y London cable reported rains had rel eyed
the drought and improved crop prospects
in Southwestern Russia. but that. thodgl
rain had also fallen in tn. tnited King
uchhA anu 'Dlit s'bE' Sofh nv "a
wheat was thin and a good yield doubtful.
London was reported TO have raised their
bids on flour 2s I'd per 80 pounds. but previ-
Gus bids were PROBABLY at lower than sellers
here could accept.
Local receipts of wheat were ~ cars.
against II; a year ago. and Minneapolis
anu Duluth got S5i cars. or So cars less
than ON the corresponding day last year.
The aggregate at chief Western receiving
bu. the year before. Atlantic port clea~-
ances Of wheat and flour were equal To- 2;S.-
COO bu..: all but 1907 bu. WAS In shape of
-four.
a good general buying OF corn resulted
from the extreme bullishness 81 wheat. and
the price wac advanced r.c before IL
o'clock. The receipts were LberaI. ami re-
ceivers appeared to have had fairly goui
country acceptance. of ,he:r bids. 20 jud 80
from the quaint tees their representatives
sold in the PIT at the opening TIL" nrmb"r
of cars inspected into store was as. al
against e,s the like dav OF the year before
and the total days receipts at the chief
Western receiving points amounted Ia ss7.g,,
bu.. as against 9i2.V1 bu. the similar IA.
of 1899. The estimated receipts al hc1y1
for to-morroY were SIS cars. Seaboard ciea--
ance;;. were only e2.oc1 uu.. and New York
reported the days sales for export "a: onl!
soe. 0O bu. Liverpool quoted their marke;
closed yesterday at $3.50. opened at from
foe to .oisc. which We're the lowest hgur.<
Of the day. The price rose gradually II
lli.c. ard closed at the top. and 1Sc higher
than yesterday.
Oats were strong. closing lIsc higher. An
enormous trade was transacted. with orders
following every m1ye in wheat. Co.nnis-
sion-houses did the bulk of the business.
Profit takers Were the best sellers. 1t wa
a wheat market. and crop reports cut very
little figure. Sept. and July changed quite
freely at the same figure. All options closed
at the same figure, 2fi.c. The cash bids do
not follow the advance in futures. but $500
bu. were worked for export. Clearances
from the seaboard were 4i.0V bu. Receipts
were as cars, with 800 estimated for to-mor-
row.
Barley.
Barley was strong under light receipts
ard good demand. Feed let's were quoted
at 3Sii3sc and mailing grades up to I5c. Re
ceipts were iight-ll cars. Clearances from
the seaboard amounted to i0,oai bu.
Rye.
Rive was firm and from li.c to lac higher.
The advance was due Ia the very light Of
ferings and to the strength Of wheat. July
sold at SIC; closed nominaily at sAc. Sept.
sold al 5Sc. No. 2 on track sold at 5sc. Re-
ceipts were very small. l car.
Range of Futures.
Nheat-June ....-..-- -.-...- $3.50. eAs
yulN .Ss.n 49,. SL ~ klL