The San Francisco call., 1897-06-13


PARIS FUTURES.
Flour losing ...... ..A as so as so
Wheat-C osing ng......................2 % % % 80
Corn closes for the week with a strong under
tone showing fluctuations Of cents Speculation
In this cereal is becoming more brisk. Buying by
country IT aders has beeu special feature OF the
weeks transactions. This in itself indicates that
crop conditions are not as promising floor
trad ars are inciined 10 forca nDon nc nnhifc
There seems to be no end to the short interest
If a weather scare should come along here would
be some great scTambling on the par. OF Short.
The export demand continues good, but receipts
are much below anticipation. Armour is probably
market would indicate his eagle eye watching the
movements Of the market wi n no little interest.
Oats are dull. With crop OF zoo, ,0O0, COZ bushels
there seems no great amount OF anxiety upon the
part OF shorts.
Provisions have been weaker. Heavy receipts
OF hogs and falling of in the demand have caused
considerable selling b. pa kers against produces
CHANGE IN CONTRACT GRADES AT CHICAGO
Pr sident Baker explains the proposed amend.
me g 10 the Chicago Board of Trade ru.es chang
lug the grades OF wheat which may be de iVered
on 'Ontracts after October /:
'On contracts for grain or faxseed for future
delivery the tender OF higher grade of the same
kind OF grain flaXseed than the contracted
tor shall be deemed sufficient All contracts m Ade e
lot Wheai. unless otherwise speclned, shal be un-
derstood as for contract wneat, and on sucn con-
tracts lender of No. red wheat, No. red win
ter wheat or No. Northern spring wheat in such
proper ions as may lie convenient 10 the seller
lsubi=Ct, however. to the provisions Of section 5
OF RUE III shall be deemed a valid tender. saa
81 be ieve the proposed amendment of The rules,
making No. l northern and No. red winter
wheat the standard for delivery on regular con-
tracts, will add to IN volume aud greatly improve
the Character OF our business For years 1t has
been the policy of his board TO make either or
both winter or spring wheat legal tender on con-
tracts ior future delivery. The proposed amend
ment does not change this Gus ON, but only re-
quires IN best Of either crop, still leaving TO the
seller the choice OF delivering either spring or
winter wheat. This advantage, which viii remain
with the seller is hardly onset by giving the buyer
the reasonab!e lnducement OF receiving on MS
purch asrs the best OF either crop Under pres
ent system it is perfectly well known thai the
OuVer OF future wheat In this murSet, unless pre-
pared TO buy ana take delivery of the entire
stock, Will have de.ivered him only No.
spring wheat, a nondescrlp. grade,
which mas 10 equivalent fl any other
market and which is largely the product OF Clean
ing-houses where II is manufactured expressly to
deliver on contracts. This grade is sought Tor
Dy consumers and does not move out from here
unless other sources OF supply are exhausted or a
panic in prices here makes it a tractive con-
sUmers. NO miller or shipper buys future in
Chicago with the expectation OF taxing the wheat
keIs our pest buyers whle attracting sellers from
ev, ~ par OF The world. If 10 have all the
sellers in the world should also have all the
buyers in order 10 Keep this the greatest market
IN the world. he miilers and exporters OF the
last have no misgivIngs in buying futures in Du-
luth, minneapolis ST LOUIS ioledo or Detroit,
knowing that they Will have delivered 10 EN-
wheae that they can use aud that their trade re-
qulres and the speculative trade will follow in the
wake or the legitimate dema.d. 1t is growing
complaint amO.g our commits sion-houses that We
have 20 buyers, ana unless we can attract them
hlther we shat eventually have no market at all "
San Francisco.
9:l5 A. NJ. SESSION.
Lower Liverpool and French wheat markets
caused only steady zone. Chicagos adyaucin.,
tendency was less effective than usual.
December opened al 81 21 ana advanced TO
81 21Ss, where II closed.
OFF CALL.
Offerings OF wheat in excess q The demand. De
cemoer sUid al 81 ZI1s, buyers bidding 81 IL
lO:l5 a. NJ SESSION.
Wheat opens easy. Crowd inclined to sell De-
cember opened at 81 2I1s and closed at s 2l14.
Transactions small.
Il :15 A NJ. SESSION.
stronger Chicago curb starting shorts TO cover.
large shipper began buying. but found too much
whea. for sale a tue advance Dec m Der opened
a 81 3s, advanced TO 81 2l12 ard closed at
81 z1l4 bid Market seems h2rd 10 bull without
fVTei assistance.
December barley sold at 6914c and closed at
6912c.