The morning call., 1894-04-07
MAY=JUNE VALUES.
The Exchange Directors
Fix Them.
Spot Wheat Values Forced Up by
McGlauflin in Order to Down
the Shorts.

A strain of humor was developed on the
wheat brokers' gossip row yesterday and
men stopped telling stories on each other
In order to play pranks.
The principal joke of the day apparently
emanated from the "long" side of the
house and took the form of petition,
{ hich was intended 10 hold the exchange
directorate up to ridicule and poke fun al
some of the weakened Shorts"
The petItion had reference TO the sales
of spot wheat" ald read:
To the Board Of Directors of the San Fran.
cisco Exchange Call Board association
undersigned beg to call your attention to the
fictitious and manipulated price that certain
parties are now paying us for our spot wheat,
season stor, ee paid" We believe that they are
paving US $500 per contract more than 1t Is
worth. You will easily see how this conflicts
with section 3, rule XII, Call Board Rules. and
with the best inter est Of The commOnweal. We
therefore ask you to protect US against this
outrage.
The petition was posted In the call board
shortly before the afternoon call COM
menced, and attracted considerable atten-
ton.
Several of the men whose names ap-
peared on other petitions which were re-
Gently circulated, and one or two of the
directors whose votes have always been
cast in opposition to the 'long- enders."
felt that the thing was intended as slur
at them and waxed quite indignant. No
blood was shed in consequence of their
Indignation. however.
The directors of the association met yes
terday attern DON and placed another STUN
bling block in the way of the men who are
manipulating the present deal.
A few days ago petition was circulated
asking that value for marginal purposes
be placed on May-June wheat, and it was
to consider this petition that the directors
met
One or two of those present favored post
p0nlDg action on the petition aud favored
a general meeting of the association at
which the purposes that actuated the d.
rectors could be explained, but this pr0po-
siton did not meet with general favor and
was defeated. Then a resolution was
adopted fixing the value for marginal pur-
poses at 81 OK per GENITAL.
The pulls" are beginning to become
ugly and are rapidly Gro wdiDg the "bears''
TO the wall.
Spot wheat was sent up with a rush
yesterday, and at the close of the after
noon call was worth, season storage paid,
81 IA. May wheat also took a jump to
81 17R A drop in the Chicago market
caused December wheat to recede point
or two.
The Jump in spot wheat is due altogether
to the action of McGlauflin & Co., who are
bidding the price up in order to floor the
shorts" Ii the price of spot wheat can
be kept at an inflated value for a sufficient
length of time the shorts will find it diff
cult to cover their May contracts and will
consequently be forced to settle at Me
GlauflIn's terms. but the chances of this
being accomplished are not great
In order to control affairs the McGlauflin
pool would have TO keep the prices way up
until the last day of May. and would also
be required to buy every pound of wheat
offered at the inflated value.
Much speculation is being INDUCED in
just now relative to the exact amount of
May wheat that is hort. but nc one ap-
pears to be able 70 obtain any definite
figures. Eugene Bresse places the amount
al about $4,000 tons, and there are many
who believe that his figures come pretty
near being accurate. There are others,
however, who maintain that the amount
represented by uncovered contracts will
not go above 5000 tons. If the latter fig
ures be anywhere near correct the chances
of the deal proving successful are very
slim.
The English market still continues in
a demoraliZed condition, and this fact is
discouraging to McGaufiIn, for should be
take all the wheat contracted for in May
he will be without market in which to
sell it, as it could not be sent to the United
Kingdom except at great loss, and the
home demand is not sufficient 10 absorb
ii. OF course there is a prospect that
prices abroad will take jump, but the
chances are strongly against it. The Ar
gentne Republic and India are now rush
ing enormous quantities of wheat INTO
England and unless this unforeseen hap
pens will soon glut the European market.