The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1897-08-01

H. A. M. SESSION.
Considerable realizing in wheat. Offerings rather
heavier than the demand, bat an UNDERGONE of
strength is evident. December, ST. 4514Gl 45ss:
closed at II 451s bid May, 81 46Is. clos. at
Gem Der advanced to ssc from S71ae az the open
ing. and closed at $3.50. 4 little squeezing is
In the afternoon December wheat sold al
81 ASA on the curo. December bar.ey, 9O3sc,
closed at 9lcselers, with soi4c bid.
% Chicago.
Wheat opened strong on higher cables. saptem-
Der started at 1850 1913 and December at 1890
1890 seadied yhese prices for a moment and
then advanced asc quickly, on the buying of
New FORK showed sharp advance in all futures.
especially In July, VIII CHI was cents higher than
yesterdays close. st. Louis reported heavy buy
Ing IN that market by FASTENERS Heavy en-
gagements for France were again made at Phila-
deiphia and Baltimore this morning. Exporters
reported acceptances OF all offerings made yester-
the absence Of Liverpool quotations. caused
many bull operators to hesitate
Tn e TALL scalping crowd sold out on the bulge.
After the first hour the. trading mostly by
local traders, who were evening up over sunday.
he heavy weight traders we've not in evidence on
the floor, hayfbg gone int of town for Sunday.
spring wheat conditions are growing worse in
stead of better. The situation is as one Of the
large operators puts it, ~ his year is bich
TN short sellers will give back every dollar they
have gathet ed in during the past six years The
market has fooled he bears at every turn and will
continue TO keen pulling them ON until they meet
Am erica has large crop OF wheat This is the
one contt nding obstacle; ont they do not look be
yond American. shores. Evidently they intend TO
fight the ground inch by inch.
French markets. have steadily advanced, as
against decl mes in Liverpool at times The same
condition prevailed in 1891 England was heavily
oversold 10 France. The result was. that kngiiSh
speculAtors had to paY France strong advance
settle accounts I he advance this year seems
genuine beyond the pale OF ambling.
Inc market Is one of supply and demand. FIRE.
quent declines are recorded, but the ground is
quick gained again and a little more added to
IT, Inc N arket gradually seeks higher level. 1t
Is this kind OF amarke5 that:resuts1n high values
In 1891, with Conditions decidedly more bearish
than at present, wheat. WAS considered cheap at
81 1879 per bushel in this market for futures
with pot selling at 81 20 Compare. the prices of
to-day-44 cents per bushel less.
. In 1891 France was about. the only country
showing shortage. The Wor DIS wheat crop of
1891 was 400, 000,v0O bushels greater than the
estimated, crop of 1897. England wi | need
greater amount of wheat this year than last, but
Is holding back and playin the short side:
Americas wheat crop is overes.imated oy import
ing countries other than France. Few years have
been experienced when the demand for A merican
wheat has been as great as the present. The fact
that whe at prices advance in the face of harvest
that promts such good crops is all the more as
surfing of higher puces in the future il will not
lake long to era dicate rom the minds of specua
tors the idea that wheat is not worth more tnan
SO cents per bushel, because No isfortuhe once
drove 1t down TO that pr.ce. There Is every indt-
cation tn the present crop year will be one Of
profit for the producer.