The San Francisco call., 1897-08-15

DAN RANC1SCo, aug. Ia, 1897.
The following resume OF the wheat market is
furnished by K. A. Bresse, Produce Exchange
tlainbroker, 412 Pine street:
San Francisco.
Sis A. NJ. SESSION
Regardless OF the decline in Liverpool wheat
futures The local market opened strong at 11sc
over yesterdays closing Eastern marke IS, causing
a very strong undertone wheat here. Decem-
her opened at 81 501s and Closed at 81 SOFA
lo:15 A. NJ. SESSION.
Wheat looks strong. Shorts nervous De-
cember opened at 81 50$4 and closed at 81 5114
Chicago is showing remagkab e strength.
Has A. NJ SESSION.
Chicago wheat clos at 21ac over yesterday 5
final prices. Local wheat continues strong. De-
cember opened at 81 51s4. declined to 81 51 6s
and closed at 5134; May, 81 511a December
barley, 9312@94c
The past week has been lively in the wheat
trade chicago VIII at closed cents higher than
one week ago Wheat in the local market has
shown less nervo S ess than usual. Many ques-
Jions asked why spot wheat does not keep up
its wild rushes The explanation of this is easy
In the cary part OF the season shippers became
satisfied that foreign countries would need large
amount OF American wheat 4 heir anticipation
led them into paving eX ravagant prices Il r spot
wheat in the country. tompetition soon entered
the case aud male the latter running fight The
result was that piic were advanced far beyond
an export basis. conditions enter the question,
and shippers aw themStlvTs going madly beyond
where thcy could anticipate a further rise o make
halt, not through any combine but cold fact, were
too apparent. 1t was ecxless und, r aking and
There is no shippers combine" Hereafter for
egn prices will control he California spot market
kveryt thing points to higher prices, but they will
be upon Liverpool aud Paris basis. These con-
ditions are healthy Fictitious prices are mis- eed-
ing and damage both producer and shipper In the
long run
The week Just closed has been one OF the most
interesting in The wheat trade since 1881, wnen
France began buying wheat in American markets,
much they are doing his year Inc dlnerence
between this yea and 1891 is that there IS far less
wheat in the world now than then IN 1881
wheat. This year India Argentine, Hungary,
Australia, Italy and France are all short Added
TO these cond tions are small SOCKS Especlally
is this true in England. Foreigners have been
lather slow in accepting conditions on This S dc OF
the Atlantlc as they actually exist. They have
been led to believe that America would harvest
600 600 900 bushels OF wheat this crop year.
heir opinions were based Oh reports or crop tx-
perts other tnan the Governments. The latter
has throughout mentioned that the crop would
not exceed 525, 100000 bushels. and in order to
continue at not less 80 PEI cent, which esti-
mate was made on July /. Conditions have de-
cnga ptt T. since thai date considerable
damage has resulted 1t is safe TO say conditons
are II per cent less than on July l. rms TACT has
been rec0g nlzed ABROAD ana d sCiau oio % pelhS
made to bnv wheat
A very favorable condition regarding America s
wheat this " its good quality, which II Is
| GAINED has never been surpassed. Naturally our
wheat i, in urgent demand compared with
other exporting countries. The demand for ex-
port ami milling purposes fully equals receipts.
| For instance Milwaukee bought wheat IN the ST
| Louis and Kansas City markets to-day. They
we, unable TO fill their wants IN this market on
| account OF the large premium OF spot over sep
ember wheat. Using a mhlng-in-translt rate
| they were able to compete with southwestern
wheat 1t is hard to recall in the past when sup
Nv and demand so thoroughly controlled the
| Uhea. market as a. present. Speculation does not
enter The question. Foreigners have bought wheat
| in this market for September delivery with ~
cants per pushel profit his handsome proht has
no charms Tor them They want the wheat, not
differences This goes plainly to show the actual
| conditions as they exist
| To-day's market was one of strength through
mt September opened at Sl34c, advanced 10
S2sac declined to 1880, advanced to S35Sc and
| Tell nack to S21sc Then came a rapid advance TO
s4sac selling against calls dropped the price TO
| sac st the close December ranged 5S9lc under
! Sentember May closed at 3434c.
Paris whest C ables said 10 be suppressed for
| some unknown reason Liverpool wneat closed
| az A lower Late advices reported prices excited
| AID higher 1t was reported that France had ak
| on off the duty on wheat On the curb September
! ubea at was S5c pid Calls for Monday sold from
| 7Lnc 10 9Oc showing the feeling and anticipa-
| tons for that day. Many predict that September
wheat will sell at 90c Monday This i, mere con-
isctnre but there is Disgusting the fact that
| more than an ordinary days business in wheat Is
1