The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1894-03-07
SCENE IN THE PRODUCE EXCHANGE

delivery, May wheat has gone up in many
instances 10 and II cents higher than when
sold and the "shorts" must be delivered OF
settlements of contracts made by Nav 2.
To buy wheat TO fill the ''shorts" is out
OF the question. Not by this is it to be
understood that there is scarcity of
wheat in the State, for on the contrary
there is an abundance. The predicament
in which the bears find themselves is that
a greater portion of the contracts on May
delivery that are now held by McGlaufiin
were sold when May wheat was at much
lower figure on the board than it is liable
to 60 again. Most of theiI contracts were
bought at 81 OF to 81 O5, and il the May
delivery falls between now and May be-
low much higher figure than these pur-
chase prices it will be big surprise to the
bulling firm and a considerable number of
the bears.
The sessions yesterday might well be
called anxious ones. The amount of trade
was not voluminous. being for the entire
three sessions only 6100 tons. OF this
amount there is no way OF telling how
much was purchased by McGlaufiin & Co.,
as the principal amount of their trading
during the day was done through brokers.
The deals of the principal bull himself
and his partner, Eugene A. Bresse, gave
no idea OF their operatlona. One minute
they were selling the other buying in an
effort TO get the shorts" worked up to a
bidding or selling heat.
At the close of Monday afternoons ses-
sion May wheat was 81 1874, having been
pushed up by the bull syndicate during
the session to 81 16A. At the informal
session at 10 o'clock yesterday May wheat
opened at 81 11%, went to 81 IS and closed
at 81 1874 per GENITAL. At the regular ses-
sion. II 10 A. NJ. opening price 81 12A,
closing 81 11A. At the p NJ session,
opening 81 115s. highest 81 liz. closing
81 11A.
December. IL is A. NJ. opened 81 liz,
highest 81 11%. closed 81 11A. At2P. M,
opened 81 Tx, highest 81 Tx. close
81 IL u. all per Genital.
The Chicago market opened 10 May
wheat 57B cents per bushel. closed 6O1s,
New York, opened 63% cents per bushel,
closed GA. London. quoted 25s cd per
quarter.
The situation at the present time is CON-
plicated. AS yet the furry is only local,
but with hanging on for few days at
yesterdays prices or a move UP the prices
in other markets will be affected. Besides
this it will tend to tighten the supply on
hand in the country by giving an incen-
tive to the farmers to hold on.
As to who are the Shorts" much specu-
lation is INDUCED in. George w. McNear
most positively denies that, TO any consid-
cradle amount, he is behind. While he
has sold large number of tons of May to
McGlauflin & Co., which apparently makes
him short. he says that he has on hand
almost. if not enough. spot" to make his
contracts good. Each operator on the
board has the same story TO tell, but there
is an air of uneasiness over ALL
Who is behind the big bulling firm ? is a
question that is being asked in little groups
that huddle together on the floor aud dis
cuss the matter between the sessions. Il
is certain that some hidden hand is d.
recting the manipulations and furnishing
the capital for the squeeze by the firm.
They themselves may have an interest In
the deal. but not an exclusive one, it is be-
Iieved. Several names ere spoken of in
this connection, among which is that of
Chicago's Board of Trade King Part
ridge, who for several weeks has been a
visitor on the coast
To all appearances this would be errone-
Gus, for seldom, If ever. is the shrewd
operators face seen upon the floor. Yet
Notwithstanding this there are those who
claim TO have knowledge Of conferences
between Mr.. Partridge and the head of
the bulling firm.
At yesterdays session the most CON-
posed figure present was L. w. McGiauf-
lin. Never once during the brief moments