The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1891-04-22
CONDITION OF TRADE.
A Phenomenal Advance in Wheat
and Flour.
Barley, Oats, Corn and Hay Also Selling High.
Bread Marked Up-High Frei6hts and
Cheap Coal, Etc.

The feature Of trade during the past week
was the sharp advance IN wheat and flour.
Otherwise there was very little worthy OF
remark. The local bank clearings exhibited
a continued gain over 1890, those for the
week being s19,O46, 5S7, against SIS SAG, 763 for
the corresponding week last year. The ire
quent showers practically clinched the fine
crop prospects as far as rain is concerned,
the west side of the San Joaquin Valley
being the only grain district where the plant
is net thriving.
THE GRAIN MARKET.
To say that wheat has risen during the
past week is putting it rather mildly. The
market has not gone up with such leaps for
years. The rise in spot wheat for shipping
purposes since last review is from 81 GO to
81 1874. The rise in options during the past
eight days is 30H cents in buyer 81, 1874
cents in buyer the season, and 275s cents in
seller 1891. sAs a matter of course, all who
are short on the market are getting badly
squeezed, as each advance Of l cent means a loss
of $50 on every 1O0-ton transaction. In other
words, the operator who sold buyer 81 short al
81 60 loses $500 on every 100 tons al yeser-
days top price, providing he has not already
covered mis- shorts. Those who started at still
Gambling is all very fine when one wins, but is
disaster and often death when one loses.
II is hard to account for all OF the current rise.
II is certain that the markets all over the world
lave been bounding up and are unusually ex-
cited. Everybody agrees that short European
crops was the basis OF the advance, but since
then the 81 eculators have seized the NJ Iket and
Loisted il more rapidly than 1t otherwise would
have risen. Every Wheat-tradlng point IN the
world has its clique OF longs, who are eagerly
squeezing the lfeDOOd ont OF the shorts Ike SO
many spiders and flies In fact, man knows no
mercy in speculation, and the more life blood he
sucks the more he wants. some say that II IS Il
gigantic French deal 10 squeeze the Englsh )
others that 1t is legitimate advance based on
the discovery that wheat Is scarce all over Tue
world, which, as matter oil facty IS more or less
true. In any event, the farmer IS getting the
benefit OF 10. and everybody ought TO be glad Tor
The farmers sake. He has been selling MS
wheat at or below cost OF production Tor some
years and sees IL now at point at when
he can make profit. But II must not be con-
sdeTed that wheat Is high, for II Is mol, despite
the phenomenal rise. AT best II Is worth only
81 S254, and thar certainly is not dear II is
only because wheat has been abnormally low
for some years that II now appears TO be high.
II present prices ule until the new crop comes
forward the California farmer will be happy
man.
Flour, Of course, has gone up with wheat, and
is now So so per barrel, an advance OF to cents
per barrel since last review. The mers report
a shIrp demand for 1t al the rising prices.
Barley has also gone up, aud II is now selling
for - so for the best feed.
Oats, TOO, are stiff at 81 80 to 81 30 per cen.
tai for fair TO choice, with small supplies and
light receipts. At the above prices there is
money in grain. -
lows, and 81 so TO 81 521s for white. AT these
quotations buyers only purchase when compelled
10.
Cracked cern, corn meal, ground barley and
chopped feed have all been marked up In sym
palliy with the raw products.
Bran and mddIings have been marked up ) i
per ton IN order 10 follow the fashion.
Rye is the only cereal in the list that does not
advance. Ii IS dull.
GENERAL COUNTRY PRODUCTS.
Hops are now in fair demand. and buyers bid
271a cents per pound for choice, but holders asR
80 cents, hence no business results. There are
very few hops here 10 work on anyhow.
WO Is selling moderately, and prices are flrm
The market presents no new features.
Hay Is stiff. Notwithstanding the approach Of
the new crop, the market has actually advanced
and is now Squarely up to $40 per ton for choice
wheat hay. This is the top notch for years
Hsy is selling freely al this price, providing 1t Is
choice.
Beans as a rule are quiet. Pea and white are
firm aud wanted, but Limas and all colored
Leans are neglected and more or less weak.
Potatoes are unsettled. one or TWO varieties