The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-19
NEW HIGH POINT MADE
WHEAT ROSE FOUR CENTS, HOLDING
ALL But A FRACTION.
Northwest Crop 60 Per Cent. Short
Corn and Oats Higher and Pro-
visions Slightly Changed.

CHICAGO, June 1s.-Wheat was sensa-
tionally strong and excited to-day. clos
ing csc over Saturday. Corn closed kQssc
and oats AQ%c up. The provisions mar
ket at the close was barely steady and
but little changed.
Startling reports of the extreme gravity
of the crop situation in the wheat-growing
States of North Dakota, South Dakota and
Minnesota flooded the floor of Change to-
day. They were on hand when the mar
ket opened and they maintained their early
pace throughout the session. The pit was
wildly excited. The demand for wheat,
especially from the Northwest, was far
away the largest of any day this
year. Brokers had their pockets stuffed
with buying orders from all quarters.
Longs took moderate fortunes in profits.
but their sales were absorbed almost as
sand sucks in water and the market con-
tinued the booming advance begun with
the ringing of the gong at $3.50 a. m. July
opened AGssc higher at 75%c to 75Ac and
almost without a check went booming up
to 1850, hsc under the high mark last year.
The top was reached half an hour before
the close, and such dips as occurred on
the advance were comparatively trivial.
From the pinnacle of its strength July
reacted to 7s5sc, and closed 3Tc over Sat-
urday at 7s%G7Ssc. The great mass of re-
ports may be briefly summarized as to
purport as follows: Saturday and sun
day were the worst days of the season
for the spring wheat crop in the North
west; many sections of the Northwest will
not raise enough wheat for seed; 30,000,0 900
bu Is an outside possibility for the North
Dakota crop. which last year approximated
$4,000, 900 bu. North Dakota South Dakota
and Minnesota combined cannot raise over
100, 900, 900 bu-a decrease from last year of
100000 bu. The entire yield, winter and
spring wheat. Notwithstanding the bump
err crop Of Kansas, will not be over $780,
100000 bu, according to the estimate of
Mr.. Enow, a Board of Trade statistician.
The foregoing, as mentioned, is merely the
tenor of the reports received to-day. 1t
would take a good-sized newspaper to print
them all. In comparison with the spring
wheat advices the winter complaints re-
cefved little attention. although they were
serious enough to start things moving with
a clear field to themselves. Illinois, Indi-
ana and Missouri reported damages from
excessive rains. Russia was said to be
suffering from drought in the south. The
market was several cents out of line In
respect to cash business and in many in
stances cash wheat was resold to advan-
tage. Clearances at the seaboard in wheat
and flour We're equal to $4,000 Blu. Primary
receipts aggregated $4,000 blu, compared
with 1,022,0O0 bu last year. Minneapolis and
Duluth reported 6s cars, against 76 last
year and S46 a year ago. Local receipts
were Ill cars, s of contract grade. New
York reported % loads taken for export.
Corn for a long time inclined, like vice
presidential timber, to resist the hand held
out to elevate IT.. Finally, however. the
market grasped the coat-tails of the as
cending wheat values and scored a SUBJ
stantiai advance. July sold between 394c
L and 4OLC closing ATMc N Of 2QTkT A0c
Crop reports were favorable, as usual, and
the opening was a shade reduced from
Saturdays close. Later, shorts covered on
the theory that a Accent advance I'm wheat
called for some upward action in corn by
sheer force Of example. Receipts here
were S4s cars. Local shipments, including
Sundays. were 1,437, 600 bu. Compared with
wheat corn was as quiet as the seven
sleepers. There were many assertions
from corn to wheat.
Oats piped up in a thin, small voice at
wheat and said: me too" and the big
wheat market condescendingly lifted the
little one up a bit Shorts were the lead
ing buyers. but changing formed much
of the business. July sold between 22kc
and 23i2c, closing AGSsc improved from
Saturday at 23Ac. The cash trade was
draggy. Receipts here were 325 cars.
Provisions were steady, but no attempt
was made by the controlling interest to un-
duly stimulate the market. Trade was
rather quiet and the main business Of the
day. was in changing July over to Sep
TENDER. Hog receipts were lighter than
expected and the markets at the yards
higher. July pork sold between $11.65 and
S1:471s, and closed unchanged at sl1.5O;
July lard between Sc. 72la and ss.67h. clos
ing 2Ec lower at $6.67ik, and July ribs be-
tween $6.771a and Sc. 721A. with the close 211c
higher at $6.72n. The September premium
at the close was from TIC in ribs to zoe
in pork.
Estimated receipts Tomorrow: Wheat.
1876 cars; corn, 1,190 cars; oats, 400 cars;
hogs. 24,00 head.
Leading futures ranged as follows.