The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-06-21
BULL FEVER RAGING
BIG ADVANCES IN GRAIN.
WHEAT MADE Up MORE THAN
LOSS BY RECENT DECLINE.
The Bulge in Wheat Gave Renewed
Strength to Germ and That Grain
Closed Sharply Higher.
Office Republic,

oIiEt EAtItRitNr
Wednesday, June %. iSS
The grain markets of America. whose up
ward course was to some extent arrested
and selling took the place of buying yes
terdav, started off boldly this morning and
in a short time had more than recovered
the loss sustained. Emphatic and we'll sup
ported strength were the features OF the
situation throughout the day. and III tue
case of wheat sensational gains were Ia be
noted. The weather and crop conditions
and the strength displayed elsewhere were
the leading factors. and their effects We're
far reaching. At this point the upward
movement was renewed with great vigo-,
all the speculative markets falling into line
and Throughout the day exhibited unnis-
taxable strength and bullIshness. In fact
nothing like to-day's experience has been
witnessed stree the present bull market was
inaugurated, the bull fever raging wi;hou;
interruption all day and the closing prices
for the different grains being right up at
the top. As was 70 have been expected.
speculation was livelier. there being periods
when trading fell off a little. hut as a Who'll,
the scene in the local pit was one of activ-
ity and excitement. each bulge in price BE-
ing received with ye1ls of satisfaction. CATS
go - go - NIN a
the volume of business transacted was
larger than on any previous day this week.
There have been bull markets and sharp
hulges Of various magnitude since ne pres
ent upturn in wheat was inaugurated some
time ago. but none to equal that of to-
days sensational advance. Liquidation
started yesterday having run it's
course, the bull side OF the situation
again became uppsrmosr. the setback of
YESTERDAY being recovered from without
dihfculty ard the upward movement in
prices renewed with so much yisor and
vim hat some very sensational advances
were made and before the close of the day
the best prices en- tie crop went on record.
There seemed to be no checking the aG-
vance after 1t once fairly got under way.
everything of a bea,ish cast bein. eCm-
pletely opershadowed by the bull irfuences.
and @c wheat was again brough: 'FRONT.'
nentty forward during the first hour ard
before meridian proved 10 be more OF A fact
than a theory, that figure not only haing
reached. but rices going over 1c higher. and
the market closed right at the top ard
from 3i4c to 3isc higher for the DAY. The
early conditions this morning were such es
10 bring about a complete change of front in
the speculative situation and wipe ont such
evicences OF weakness az may have re-
mained. over from yesterday, AMI :urn
traders to the buying side. Most prominent
among these considerations was the weekly
Government report on spring whsat, and
which Indicated undoubted damage 20 the
crop in various sections. with some fel.s
piowed up. Advices from many points in
the Northwest reported. nothing bu. light
showers. which were confirmed ny the
weather map on change. EnglisS CO bies
were largely better and iet'ic9ted .h=t the
markets on the ether side had commenced
to realize that there WAS some foundation
for our recent advances. and were Gen.
HOanNin m he af.-xA
prevailing In this country Their response
at nrsf. however. was small. Liverpoo! and
LONDON being nrm at sd advance over
night. There were other Influences. among
them being the light receipts at Ninueanolis
and Duluth and the well-deaned strength
SHOWN at those markets. On the other hand
be desired for harvesting winter wheat. and
q car of new wheat from Southwest Mis-
souri, was received here. but thes- bullish
Items cut no ice and had no important bear
ing upon prices.
The opening here was sensa tio1al and
fairly took the breath away ami created
Wild excitement in the DIT. i'he frst shake
out of the box was an advance OF il.Tissc
for suly. which sold iish; at the opening at
10 e:sc, from which there. was a drop To
N17c, which proved the low point of the day.
sept. did not bulge so mucn as the above.
there being more sellers than buyers, but 1t
still opened &c higher at 7sixc. There was
no apparent let-up to the bull news from
the Northwest. but late Liverpool failed TO
come up to expectations. the total advance
there being only sd. wniie Continental mar
kets were by no mears buliish. Paris being
&c lower. Berlin unchanged. ana Euia-
Pesth lc of. and exporters said that il was
simply impossible to make sales abroad.
The days exports were moderate at e5i.o91
bu. in -four and wheat. These unfavcrab.e
advices had no effect. the bullish feeling
being well grounded. and the news from
the spring wheat country being of a sensa-
tienai order, the reports ranging from half
a crop TO a complete failure. There. were
also hot winds This was too much for the
10 ouy' ana In less time that it takes to
tell II, July sold here at soasc and Sept. at
PIC. Bradstreets delayed report made a
bearsh report on available supplies, making
an increase for last week of LII. oc bu. In
the worlds visible. against 1889. 0o bu. a
year ago. On this July fell back to 7szsc
and Sept. TO S94c. but quickly recovered.
ana the market from this time Oh WAS
never headed on. The last hour of the ses-
son me news was more bnllish than ever.
"A perfect runaway condition prevailed,
prices advancing without Interruption, re-
ceiving no check until the gong sounded for
july Jul e's selling ann and w eIosinxx y F'snt h At the top TOP
the day at Sic asked. and Sept. u better
at Si@o buyers. At close Aug. was nominal
The booming wheat market was the chief
influence I'm corn to-day and the sensa tionaI
conditioEs prevailing in that market had a
material enect upon values of the cheaper
grain. The heavy buying and the excite
ment. however was lacking. the market be-
near 50 bullish as in the case of wheat
The Government weekly report was more
favorable. than otherwise. So was the
weather in all parts of the corn-growinS
regions Bradstreet's report was bearish
also. saying that an increase OF I.O61. 600 bu.
mad taken place In the available, where the
regular visible increase was only 700 bu.
receipts continue TO show up large, the
country selling right freely. The arrivals
At western markets to-day were 9s5. 900 bu.
against s7l.0oo bu. last year. st. Louis re.
ceived $500 bu.. against q. 100 bu. a year
ago. shipments were small at 322. 600 bu.,
and the clearances 232 600 bu. liverpool was
reported I'D higher. but exporters said they
could do TO business.
The strength in wheat more than Offset
these unfavorable conditions and was re-
sponsible for the good showing made in
prices during the day. July opened asc
higher at Sac. but sold OFF to 39lbc. and
then up to 4ec, Sept. selling at 40c 10 4aL.c
the FIRST hour. There was a further advance
later In the day. but sellers still outnum-
bered BUYERS. July sold up to 4Ossc. fell
mack to 40c. reacted TO 40ssc again. and
closed &c higher for the day at 4OIIc hid
As high as 4ol7c wss bid for Sept, hut late
u sold at 4okc and closed 1c up at SOssc
bid, June was nominally NC better at 4Oc.
The market for oats was stronger and
there was some good buying during the
session. due; IL was claimed, TO the Drought
In the Northwest. where last year SS,0Si no
hu. were raised. but which was expected tn
seriously shorten the crop. Western market
receipts were 527, 600 bu.. against 4Oi .NDl bI,.
last year. $500 bu. here. against 4.SG0 bu. a
year ago. Shipments were 2y'. 900 bu and
exports $500 bu. According to Rradstreet's
nsnres the available was increased 312. OO
nu.. against 244.00 bu. decrease in the
onncial visible July opened &c higher