The morning call., 1894-12-06
BUT PRICES ADVANCED AGAIN
COnjectures as to Causes of the
FluctuatiOn.
LOCAL DEALERS OVERsToCKED.
Good Prospects for the Coming
Season-McNear Will Hold an
Auction Sale This Month.

The local wheat market was 10 a per-
turbed condition yesterday, and at the
closing of the call-board session there was
little prospect of an Improvement. When
the board adjourned on Tuesday May
wheat was selling for 81 O6, but yesterday
morning, through some secret influence
which has not yet been located, there was
perceptible weak tendency, ard prices
opened at 81 0512. They did not stop at
this figure. though, but gradually dropped
to 81 0454, where they stopped.
1t was somewhat difficult TO trace the
causes of the weakening and fluctuations.
By some it was attributed 70 the fact that
the morning advices from England had
been of a rather discOuraging tenor, ana
then on topOf this came the news that the
Chicago market had opened rather weak.
While these were the current reports, the
knowing ones "winked the other eye'
and hintsd at some other secret influences
which were at work. 1t Is a wel-knOWn
fact that several OF the local manipuIatOrs
Of the market are carrying heavier stocks
than they can afford.
1t was reported by some that the Nc
Glaufin pool had more of the cereal prod
ucts on Tvs hands than it knew what TO do
with upon falling market. nOtwithstand-
ing the statements that IL had disposed or
large quantities Of wheat during the re-
cent advance.
Then again old PluVius, who has been
rather generous with early showers
throughout the State, has been accredited
with being q "hoodoo" on the market. Re-
ports from every where have been to the
effect that the early rains have ena bled
the farmers to get in early crops and that
the said crops are doing remarkably we'll
With the prospects OF an unusually good
season and OOuntiful harvest there is
every reason why those who have been
carrying enormous quantities of wheat
Ovar the season should become a bit
anxious and try In quiet way to unload
themselves without causing a panic. As
the present condition OF affairs is pretty
we'll known and the future prospects seem
so bright there is c o apparent reason, az
cOrding 10 all rules of trade, as some of
the short men say, why prices should not
weaken.
The whole situation was tersely put by
a prominent wheat-dealer yesterday as fol-
lows: After the panic of last year, when
tie banks would not advance money on
crops, nor anything else for that matter.
the farmers began TO seek elsewhere to
place their crops and get some money on
whatever terms they could. AS a result
spectators and others Jumped in the
breach and loaded themselves up with
wheat at their own prices. Then came the
dry season. and, with short crops, those
who held the bulk of the grain thought
tHey ndl SOou InlnR. anu so JDey AelO on
TO what they had. But the ciuch came
when the present season opened so pros
perOusly, and now they must realize some
now or lose more than they can afford.
Thar, L think, is the situation so far as
local men are concerned. Prices may go
lower yet, and then again, if favorable re-
ports come from England aud the East,
they may stlffen a bit. At any rate the
prospects for the coming season are fine"
Among those who have more wheat than
they care to carry over is George w. Nc
Near. He was a heavy buyer last sum-
mer and has his warehouse at Port Costa
bullying out with tons of grain. He has
given notice that on the 20th inst he will
auction off a. Port Costa four lots of wheat
which are at present stored there 10 the
highest bidder. They are lots which nave
been purchased by MIN as follows: f. L.
Blodgett, 20.794 pounds; l. n. Buffers,
19S,004; j. j. Kelly. 1850 1. Fl. Noble,
116.1Sl. All of this wheat was secured by
advances made by Mr.. McNear to the
growers.