The San Francisco call., 1897-08-22

Although the KIondike regions may
have the gold California has the pros
perity ii the animated scenes around the
local wheat pits count for any thing. On
California street, where the brokers have
their headquarters, excitement was at
high pitch during most OF the day. Short
sellers are IN rather a precarious condi-
tiOn, but so far responses to each and
every call have been forthcoming. Many
reports as to heavy losses sustained by
first one firm and then another have been
circulated, but as the reports have been
supposedly without foundation no atten-
ton has been paid to them. Many small
fortunes have undoubtedly been made,
but where buying and selling wheat is
concerned the general outside public
necessarily remain in the dark az far as
the fortunate or unfortunate party is con-
cerned. California wheat-growers have
waited years for just such 4 demonstra-
tion and rise in wheat, but :he advance is
so great that their position can hardly be
realized, even by themselves.
The general opinion throughout the
pits is that the bears will have a severe
time in undermining values and bringing
wheat = its former value. Many are of
the opinion that the price will stay where
it is for months to come, while others
look for a sudden reaction. But little
wheat has so far come in from the in
terror valleys of California, as the growers
are evidently waiting for still higher
prices. According to official statements
the total stocks of grain in the United
States but a few days ago was about
100000 bushels, against 40, 600 600 last
year. This condition of affair." leaves the
bear operators in rather uncomforta Bile
quarters. California will come to the
front with a possible crop of over 800, 600
tons.
The excitement seems to have been dis
placed by wonderment as the prices 20
higher and higher as the days go by. The
advance has been rapid and certain and
the end may not be yet. The local marke
is steady, but the importance of the rise
is fully appreciated by growers through
out the State. Though tons upon tons of
December wheat are steadily being sold.
many will undou edly hold over for a
higher marx. The i'm pre- ssion is prevalent
that a California wheat crop surpasses
ownership in Northern or local mines
going to prove that the realization has
exceeded the expectation.
The bulls have undoubtedly won q
victory which has set the civilized world
on fire. The fight goes on bitterly. regard
less of the feelings of their fellow beings,
the bears, or the saying that men may
seek their own commodity, yet if this
were done with injury to others, il was
not to be suffered.
1t is thought that the demand from
European and other foreign markets for
American wheat will greatly exceed the
supply. Europe's dependence upon
America for wheat this season is nearly as
great as it was in the celebrated famine
years of 1892. The deficiency will prob
ably exceed a, 900 quarters, which is
but S590.000 quarters less than in 1891
The arguments set forth that silver fol.
lows the rise or fall of wheat or other
commodities have been made ridiculous
The exception proves the rule.
Although the excitement seems to have
somewhat abated throughout European
count tries, there is little if any diminution
Of strength. The struggle between actual
scarcity afoat and in The hands of the
trade there and the abundance here con-
tinues, and though buyers are slow to
make up their minds that a higher level
OF values will probably be necessary to at
tract adequate supplies, sellers every-
where. with the exception of America.
seem determined to take advantage of the
strength of their position.
1t is possible that occasional periods of
weakness here help TO Induce the belief
still held by many foreign buyers. that
the necessity OF Immediately turning
wheat into gold will cau-e heavy shin
ments as early as possible regardless of
price, and that consequently If there is to
be a continued scarcity and nj her prices
they will not be witnessed before the ser.
ond half of the season, and perhaps not
even then, if the crop in Argentina, to be
reaped next December, proves to be large
one.
1t is acknowledged that America has
greater power in liking the worlds price
OF wheat than ever before, because, with
India practically non-existent as a source
of supply and with a crop in Russia
acknowledged to be a poor one. even by
the ST. Petersburg officials, the United
States will be called upon to supply per-
haps 100000 quarters, which is larger
quantity than ever shipped before and
quantity which it could not supply even
il the crop this year does reach the ex-
lraordinarily large figure of 6o0,OOO,000
bushels, which is expected by many.
The probable requirements of the va