Show WILD PANICKY MARKET Wheat Pit Was Jammed With Eager Buyers I ADVANCE NEARLY FIVE CENTS Opening Was Bather Startling in its Strength but Throughout the Session Ses-sion the Market Had the Appearance Appear-ance of Bullishness Gone Wild Heavy ProfitTaking by Longs Kept the Crowd from Going Perfectly Per-fectly Crazy There Was Apparently Apparent-ly No Big Short Interest SILVER New York fC C034 t San Francisco tVrT1 COA London 27 13lCd LEAD < Now York brokers 53GO COPPER New York brokers iG25 Silver and Drafts New Yortt Juno Z5 Silver certificates hfrYidliv Silver bars COe JUexIcin dollars 475ic San Francisco Juno 23 Sliver bars COc Drafts Sight lOc telegraph 12JLc Mexican dollars IS11Jltc New York Metals Now York Juno 23ThO brokers price for lead was 360 and for copper 1023 casting copper 15c Son Francisco Mining Stocks San Francisco Juno 23The official closing quotations for mining stocks to day were as follown Alta 02 Justice S 07 Alpha Con 03 MexIcan 21 AfldeS 0G Occi Con ii Belcher ic Opuiii Best Overnian 15 Bullion 03 Potosi Calcdonh 110 Savage ii Civil Con 11 Seg Beicher Choilnr 1i Sierra Ne Conihienco 65 Sliver ITIll C C r 155 Strtnlarl Crown Point 0 UnIon Coit 20 Exchequer 01 Utah Con 13 Gould Yellow Jacket 11 little N 2d NIDW YORK MINING STOCKS A S BZ537 ½ Mexican 17 Preferred S5M Ontario 075 Chollur 1G Ophlr f > S Crown Point 07 Plymouth 10 C C Vn 115 Quicksilver 10 Deadwood 10 Preferred 700 G t O 10 Sierra Nov t 2r H it N 22 Standard 300 HomcBtako 5000 Union Con 10 Iron Silver W Ycl Jacket OS BOSTON MINING STOCKS Adventure s 200 Franklin 12K AlloucK M Co 100 Osccola r > 300 Amal Copper So 00 Parrot 5000 Atlantic JJOO Quincy 13100 B M 2SOOO S Fo Copper 450 B B 0300 Tamarack 7SOO Cal Heels 72500 Utah 2250 Centennial 1550 Wlnona 250 TRIBUNE SPECIAL Boston Mass Juno 23 Copper stocks extremely dull though more buy than sell orders were apparent today That the copper shoro market la In a very steady position Is evidenced by tile fact that the isxlrcmo weakness In the New York market Is In no serso reflected to any considerable dcprco In these shares flornblowcr Wcekg brokers S3 State street Boston furnish lie following quotations quo-tations Sales High Low Close Amalgamated Co JS550 5 Blnglmm 92S 875 Coithlll 10CO D5Q Utah 10 2300 United States Sr0 700 White Knob 1100 Curb Boston 5200g300 Navaho 150 t 5323 ttia i Grain and Provisions Chicago June 23 Wheat opened 2 > SVfec higher at EGc to S7c advanced to Sue declined to SiPe and thou rallied to SSc closing at the lostgiven price lc over yesterday This In cold figures Is tlxp story ot a wild panicky and decidedly bullish market Tho opening was rather startling In Its strength but throughout tho session tile market bad the apppear nnco of bullishness gone wild An advance ad-vance of 2d at Liverpool and a mass of messages reporting an almost total failure fail-ure ot tho spring wheat crop In the Northwest brought in buying orders by tile hundreds many sections of the Da kolas and Minnesota and of Manitoba reported re-ported total failure Others told oC thin npare sickly crops good for from three lo six bushels lo tile acre There was still no Indication of rain in Iho NorthWest North-West while tile temperature remained high There was Jlitlo talk today of improvement im-provement 1 good ran should fall even at this late date Statistician Snows estimate es-timate of a crop oC 75000000 buuhelu for tile three States should there bo no further fur-ther deterioration wag considered too high by many today At the opening the pit was Jammed with buyers and Hales were made nil the way frOm SC cents lo 87 cents Heavy profit taking by longs kept the crowd from goIng go-Ing perfectly crazy There was apparently appar-ently no big short Interests Longs following fol-lowing the opening forced July back to S5k cents by dumping large lots on thoi market Then tho market bucked with a vengeance The Northwest was a heavy buyer aa ununl anil foreigners with whom most of tho abort Interest apparently appar-ently lay covered freely July under this buying nncl some letup In the realising pressure rebounded to S3 cenls Iongn crushed It back to 84 cents again but permanent dlps were not on the schedule and the market uloaetl on llroly recovered July Hfc cents ovor yesterday yes-terday at SS cents This IB sin advance of 24 cents since last Saturday Thon tho crowd loft the pit and July wheat Hold at ED cents The Cash business was small consideration Trade In Corn was active and broad Tile great wheat strength was unquestionably unques-tionably the Influence as country offerings offer-ings wore heavy oeelpts liberal and the shipping demunil poor July closed Ixfy 1 up Oats nero active and strong Wheat waa a great bull influence but Northwest North-west damage lo tile crop and loss of hay and pasture In that territory arc Important Import-ant factors July closed c over yesterday yester-day at 254 cents Tho provision market wan oxcllcd and strong At the beat pork showed an advance ad-vance of almost 1 lard 23 cents und ribs 35 cents Tho market look its start from tho grain advance Outsiders cmno In a rush as buyers and shorts wcro In a Homlpanlc From the top the market reacted re-acted fxirtlally Belling by packers being the factor July pork elowd 17 over yesterday lard 15 cents higher and ribs closed 7te Improved IHL i RANGE OF THE LEADING FUTURES Articles Opci flIgiL Low Close Wheat 7o 2 Juno 37 JUly 33 5 SI SuJII su Corn No 2 iune 44 43 4l 42 July 42 43 ilh Imi August 42 42 is Oats No 2 July 2i4 2 2s August 2i 2G4 2sl 6 lcsS Pork July 1300 12 1265 Stetnbcr 16O 1O I2C0 iS7 JUly 7 57el7i 705 7O7 September 710 75 710 722 October 130 720 725 725 Short Ribs July 50 7JXI 712i 715 September i0 740 720 725 CASH QUOTATIONS Cash quotations were ns follows Flour firm winter patents 1200110 straight J3tOftl10 clears MOon3S > spring special spe-cial JlTSj patentHj p00n420 almlght i2otiL7o bakers 340PC No 2 spring wheat e 3 liSlc tj 2 rd S7e No 2 Con 42fi425o No 2 yellow 12tj 43e No 2 01lt9 2Gil6c No 2 WIllie 2l fj2Sc No 3 white 24i2c No 1 flax ed iS0 No 1 Nortlingntorz 11 211055 torlc per barrel 3Il51i1270 Silirt rIbs ldn Iouo t7Gtf70 dry suited shoulders boxtd rf7c short clr sides boxed 714fi700 whisky buis of fclsli vlns fli spgi3rs It loaf s4t L granulated J3K > confectioners A S5S3 OIL A oi3 clover contract grade SOO RECEIPTS AND SHIPMENTS rticles ttint Shpts Flour our barrels uooo 14t0 Wheat bushels 10COO 7000 I Corn bultei 507000 I Oits hilBileig a7coo 154000 I Rye bushels JOOOO Barley bushels 14000 COO I I On the produce 1 exchange today the but tcr market was firm creamery IljPlOc i dairy 13Q15V Cheese steady Sl914c HESS llrm fresh 10c V Coast Grain San Francisco June 23 Wheat Quiet December L22 cash Illi Barley Quiet December 70Vic cash 7fU > Live Stock 1 CHICAGO Chicago Juno 23 Gallic Receipts 200 I nomlntiily steady native good to prime steers SolOfiRJS pqor to medium WGOfp iOO selected feeders IIOfl7o mixed I atockCTS 10fc40Q cows l0031I40 heif ers 310frl3 canners 52308USO bulls I 2001HOO calves KOO < J7G05 Texasfed steers 105520 1 Texas I grays steers 375 U123 Hogs Receipts today 14000 Monday I lft 10000 callmulMl left over 2000 Active I hIgher toj1 539ii537 good to choIce llea 32i4iS374 rough heavy I 5IIY1JS20 light 5l07j3S bulk of sales 1i52Z ytiS35 Sheep Receipts 5000 Sheep and lambs I slow good to choice wethers IOtfS00 1 I fair to choice mixed 350g EO Western sheep S41Q1 75 yearlings 50072540 na I tlvo lambs SoOOoG Western lambs 4G0006 uprlng lambs 4OJJG7G RcciIpls this week Cattle 53000 hogs 1SOSOQ sheep 70400 Receipts last week Cattle 47PW hogs 157ECO sheep 62800 I St Louis Wool Market St Louis June 20 Wool Weak lend Inglng lower Territory and Western medium me-dium 1719c thin 13trl7c coarse 13lt > c Butter and Eggs New York Juno 23 Butter Rocelpls 31957 packages firm creamery extras 1611lCc factory ISfjlGc imitation cream cry 1iMu17c ISggb Recclpls 7C03 packages steady Western ungraded lose ofT 14l4lc Western ungraded at mark lOii12 ½ e Stocks and Bonds Now York June 23Tile Saturday short session of lie stock exchange was a feverish and excltlnu one under the domination of much the sumo Influences aa for some days past The holiday In London left the New Tork stock market without Ha accuslomeil guide to the spec ulallve sentiment of the outside world With iho usual result that professional room traders were ut sea for a tlmo after the opening The sentiment oblcrvablo for some time past among the professionals that the market was oversold and was due for si rally was In evidence al tho opening and was reinforced by some obvious nervousness nervous-ness on the part of the shorts The lat ler clement covered freely in Northern Paclllc and there was a firm tendency In Sugar the trunk lines and Reading first preferred which served as points of rc slslancc lo weakness But tho continued jdemorallziitlon In Brooklyn Rapid Transit upset the confidence confi-dence of tIm bull oicmcnt and stocks began be-gan to come on the market hi large volume vol-ume before iho end oC the first hour Northern Pacific was carried down over a point from the high level after the opening Extreme weakness did nol bc como general iho trunk lines holding comparatively Inn and shorts covered In anticipation of the bank statement Tho oxcllcd advance Jn wheat hero was an influence In the break In stocks The market had become quiet and steady when the bank statement appeared and gave u shock to sentiment by the large decrease shown in cash reserves Estimates based on the official reports of subtreasury operations and statements of tile movement move-ment of currency by express to and from lie Interior furnished by the banks themselves them-selves had foreshadowed a gain In cash by the banks after allowing for the gold exported during the week of JlOOOCOO or over Wall street Is mystified aa 10 tile source of the drain which has depleted the cash reserves of the clcarlnghouso Inslltullons lo tho pxl nt of J31CSSOO The late brooklit the market on Iho bank statement cnusod some prominent railroad and industrial stocks to drop from 1 to 2 points below last nights level National Steel loSt 3 Northwestern Ki and Brooklyn Transit Except for a few rallies on covering by rcom nhortp tho market closed weak Tile market has been depressed during the week butlhe movement of prices has been nxcocdlncly confused and Irregular and the net losses arc In mon cases more than the cvtrcmo declines for tim week owing to Homo recovery during the latter part of the week The recovery has been due for the most nart to tim coverlnpof short contracts by tho professional pro-fessional bears who had put out short lines very freely last week and early this week The motives attributed for sonic of this selling proved to be but noisy pretense pre-tense with ihe purposn of prcclollatlng further liquidation and when this became be-came manifest tho covering movement checked the decline In prices and gave lo the market the appearance of Ignoring the reactionary factors whIch continued In force Reports of railroad earnings show a level above last year sllll maintained But the ifollcy of conservatism In dividend divi-dend disbursements now avowed by practically prac-tically all railroad managers has prevented pre-vented this from having much effect on values The outlook In the Iron trade IB admitted ad-mitted lo be more favorable by conservative conserva-tive authorities the Iron Age voicing the impression thai tlio Opinion Is gaining ground now that wrjce are down pretty clofo lo a basis which will bo considered fairly safe by consumers This encouraging encour-aging view oC the Iron market conditions Is partly offset by lie approach of the wage adjustment period whlcn has In It the possjblllty of widespread Industrial unsettlement There Is an element In Wall street which urges that the market la due for a rally owing to the existence oC a large short ago In wheat which would be obliged to cover at any considerable advance In prices Thin clement points to the face that prices of many stocks have receded now below the love touched In Iho panic of last December and have therefore amply discounted the unfavorable factorS In the situation An aggressive leadership they argue would precipitate a bear panic But the bull lender has nol come to the front The continued dribbling of liquidation into Iho market has shown clearly enough that holdcs of stocks are Inclined lo sell rather than to Increase their holdings It Is almost the Invariable sequence of such a panic as that of last December hat prices afler a violent rally on bear covering cov-ering during which those who bought to chnck the panic realize their prolltH begin be-gin to drift slowly downward again lo si point below the panic level Thai phase was deferred after tIle December De-cember panic by successful bull manipulation manipula-tion accompanied by confident predictions predic-tions sometimes witli semloCIlcILi sane Utv of liberal dividends on stocks hitherto not sharing In their Important profits or large Increases In existing dividend divi-dend rates Some of the movements In prices of stocks thus secured arc In large part still maintained although the predicted pre-dicted dividends have nol been declared The action of the Northern Paclllc dl of dividend rectors In reducing Iho amount dend han led lo the general adoption railroad aulhorlllcs of u similar among conservalivc policy Even where the In torosl Is made as In the case of Alchlson preferred II hsisled lo bo much unfavorable unfavor-able criticism that the stock has failed to The developments of benefit In prices iho week In the wheat markets strengthened strength-ened the conviction that ther will bf it shortage In the wheat crop and uneasiness uneasi-ness has Increased regarding the cotton cIoi ie effect of the Chinese situation on Iho stock market IKIH diminished to In slgnltlcanco But the movement of monoy markets and the semiannual solllemenls to bo met on July 1st arc si crowing source of apprehension In hccurlty market circles I cir-cles BerllM has borrowed heavily on I Now York capital for aqmc time past I and this has served lo Increase surplus I reserves of New York banks by expanding I the reserve requirements Thin week Germany has nddod lo hpr demand for I credits a call for bullion lo replenish her I own banking reserves In preparation for I July 1st I i The Hank of France also continues to accumulate reserves and to roduco note Issues and loans as though in prepara I I lion for si storm Th resUlt hna been a stiffening of discount rates Jn London I and un advance of 1 penny on ounce In I tim Bank of Eglands price of gold bars i and of American eagles I The lurge disbursements for pensions bv the miblrensury have tided over tho slluallon In Now York this wool r But the I banks have to meet next week a call for i J5CCOCOO of Government deposits to bo rc turned lo the treasury anu afterward the I 1 demands Incident to preparation for the i i July 1st Interest and dividend dIsburse I 1 menu with the prospect of n resumption i of Interior demand for funds to move the crops I The actIve peculation In wheat also makes additional demands for loans A There 1w I nol much likelihood however of a rcpMire of idle fund to stimulate n sluggish stock market I The bind market has mned irregularly inward n lower plane of prices United Ii States new ls liate declined and tile old Is the Cs and lie rffundIng s when Issued lj In lie bid price BOND LIST ti S reftulid regi021 D H G Is 1OI coupon 1C1I 1s 1 S rs reg 100 Nor Pae 3s l S 3s eg 1111 is 103 T S 3s COUp 100 Or Nit l 109 1 S a 4s rag 13114 Or Nrv 1 S ii 1s cotIplShi 0 S L 6 127 t S old Is reg111 con 5s 1l3 L S 011 Is cotlpil H G West Is tOV 1 S s rc 11t So Pac is 1 S Ss coup 113 So fly Ss 110 Cole So is S5 Union Pan 4s 1M I CLOSING STOCKS Taiiroamls Union Pac 43Z I Atchisca 24 preferred aY14 preferred 634 Wahashi B Ohio 73t4 preferred 17 Can Pac Sh IS L E Can So hS 2nd preferred 21 C Ohio 24 Wis Cent 1314 Chile G V lob Third Ave 110 C 13 Q 121 Express corn Chic I L 1S panics preferred 50 Adams 117 Chic B I American 150 Ide N V 152 United States 45 C It 1 1 J WeLi Fargo 120 C C C St L 55 MIscellaneous I Cob So Am Cot 011 20 1st preferred it preformed 2nd prfcrred 16 Am irtlt I Del hlud 11O preferred 19 DIackWII2LAmSfl I D it c lo preferred preferred 6 Am SpirIts I Erie 10 preferred 17 1st preferred au Am Steel hoop 17 I Nor pfd 14rj1 preftrred 63 I Ilock Coal 1l4 Am S Wire I leck Vuil 25t preferred Illinois Cent 1l0 im Tin Pinto 18 Iowa Cent 11j preferred 71 preferred 13 m Tobacco I K C P 0 i5 preferred 129 1 E West 23 Anaconda M Co 3S preferred 52 Brook It T 51 Lake Shore 203t1 Cole F I I Nash 73 Coat Tobacco 22 Mauthat 1 t4 llreferred Met St fly 1iC Fed Steel 29 Max Cent 1114 preferred C3tJ Mum St L 45h flea Ehec l27 preferred 87 Glucose Sugar 4 ½ fo Pac 46 preferred 95 M Ohio 20 Interns Paper Mo IC 5 T 9 Iaclcde Gas 67 preferrod 221 Nat Biscuit N J Cent 122 preferred 79 N Y Cent Nat Leai IS Nor Vest k 31 Preferred 95 preferred 7 Nat Steel Nor Pac ISi preferred St preferred 79 N Y Air Brake 127 Oft Wct 13 Nor Amer 1P4 0 B N 12 lnc Coast IS preferred 76 1st preferred 52 Pennayivania 2nd preferred Reading 16 Pac rilail 26 1st preferred 57 Peoples Gas 2111 preferred 7 P Steel Car 13 Rho G Fest c4 preferred 71 preferred 87l Pullman I Car176 St Ii 2 S F 9 Stand It T isis preferred IGi Sugar 112 2nd prcfeircd 3iLs preferred 114 St Tj S W7 C Tenn C 1 53 preferred 21 U S Leather S St Paul 109 preferred preferrqd 17u U S Rubber 25 t St P 0 117 preferred 93 I So Pac 3114 cOt Union 7St So R 10i Rep I 5 S 9 preferred 49 preferred 50 PCCStL56 Noney and Exchange New York Juno 22MonO on call 11am inn I Prime mercantile paper 344 percent per-cent Sterling exchange steady with actual business in bankers hills mu 1341J4CS for clomtiitj nid at 3SI18pi for sixty dai hosted rates 485IS5t and 1s cornmerclsth bll is tl Weekly Bank Stntement New York Juiie 23Tii wcckly band statement shows tim following changes Surplus reserve decreased1 071D0 Loan8 increased Sliecie decreased 1991000 Legal tenders decreased 1176900 Deposits decreased 17S7CO < Circulation Increased 65500 The banks now hold lo5208SO In cvccsa of lie renulremenls of the 25 per cent rule t The Financier says As foreshadowed In this analysis last week the loan movement move-ment which has been an Important and interesting feature of lie Now York bank atalomcnt for some weeks pasl has apparently ap-parently culminated The loan item for the six days just ended remained practically prac-tically stationary a slight advance oC JljCOO contrasting with the average expansion ex-pansion of several millions weekly over the recent spring season Tho chief feature feat-ure of the current statement however Is the less of STICSSt0 In cash which is 1 also reflccte < j In a decrease of 1787600 In deposits It bad been figured that the loss sustained by the banks on gold export ex-port rcoulrements had been practically counterbalanced by Interior receipts nail In fuel thai the cash totals would show si gain but the official statement made on a system of averages shows otherwise Since ilay 2Cth last the banks havo Increased their cash holdings only nominally nomi-nally while loans have expanded 17000000 and In lie deposIts over 514000000 The rapid rlso of lie loan total Is generally Interpreted to bo duo to Invcstmenls In sterling exchange and some estimates have placed lie total ot such business at SIOO000000 It Is only fair to say however that no calculations on this point arc lobe lo-be rolled upon Tho anomaly presented In Now York within the lost week oC money loaning on call at 1 per cent while at the tame time gold was being exported to Europe cannot bo expected lo continue much longer Already there is more llrmness noted In the local market and an Indisposition Indis-position prevails lo mako loans over the end of the year If the precedents of the past year are of value on the forecasting of lie future Ihcru will be a decline In the loan totals of the banks very shortly This continued flow oC money to Now York Is attracting attention at present but domestic exchange rates for all that arc hardening at the more Important financial centers The circulation of tile banks Is now S233331SO and Is growing dcspltp the light demand locally for funds |