The San Francisco call., 1897-08-18
WEAKENING
THE WHEAT
Combine
Farmers Strongly Inclined
to Hold Back Their
Crops.
PklUES FAk ABViE QUVIAI lVAN.
They Are Paid for Several Lots
Of the Booming
Cereal.
THE PURCHASES MADE III SECRET.
Belief That the Bears" on Change
Are Olandestinely "Bulling"
the Market.
THE PURCHASES MADE III SECRET.
Belief That the Bears" on Change
Are Olandestinely "Bulling"
the Market.

This is the wheat-growers' year. For
the first season in many just past the
farmer is able TO rule the market, where
formerly the converse was true.
According to facts that have just come
to light the board quotations in San Fran
cisco are no. at all 10 be depended upon as
a criterion of the vslue of the golden
harvest of the wheat fields of California.
As a matter OF fact shippers are actually
paying more for spot wheat than the
prices quoted for Decem Der options. And
the fig ures for the latter are close to 81 81
per Genital.
1t is we'll understood that an agreement
exists between the heaviest shippers 10
refrain from paying more than a certain
figure for export purposes. In this way,
by softening the demand, it is hoped to
hold prices down.
Judging from the peculiar clandestine
course that is now being pursued, this pc
culiar movement, with depression tor It's
object, is not proving as etficacious as was
hoped by its instigators.
Up to date nothing Il as come 10 light to
show that the earlier reports of short
crops in the Argentine. India and o.her
large wheat producing countries were in
correct and it is now believed that the
shortage will be as great as first an
nOunced.
This has given courage to the farmer.
Instead of jumping at the opportunity 10
sell his wheat for 80 per cent more than it
has brought for a mum ber of years. he is
disposed to hold on to his crop and make
the most CT the proved situation. Farm
ers will not sell. and banks ar" not in a po-
sition to force them 10 do so, Most ofthem
have apparently determined to hold their
product until the end of the year, in ex-
pectation of reaping the full benefit of the
continued advance that is confidently anti
cipated between now and opening OF the
new year.
Shippers and spectators are alre ady feel
ing this wheat stringency that is thus be-
ing produced, and there are those who
are sanguine that the "combi to bear
the market will soon go to pieces.
From an unquestionable source it has
been learned that within the past few
days several sales of spot No. l wheat were
made 81 54 per Genital, while the board
quotations stood at 81 81 for Decem Der.
This was done on the quiet and by one
of the largest operators in the San Fran
CISCO market.
One OF the sellers in speaking of the
transaction said ne had no doubt that the
purchase was made for one of the parties
to the arrangement not to nay more than
a certain agreed price. He refused to
divulge the name of the purchaser but
did not hesitate TO comment freely on the
situation.
"These big operators got together" he
said, ''and made solemn compact not 10
nay more than the figures they fixed.
They evidently did not count upon the
intelligence of the farmers and the valuable
sources of inform alton accessible to them
through the news columns of the news
papers.
From my own experience l feel con-
fdent that while they have bound thenI-
selves to certain figures, they are now each
seeking 10 take advantage OF the others by
surrepitlously, through agents, buying
up as much wheat as they can get hold OF,
even at considerable advance over rulin g
board quotations. They had hoped 70
deceive the farmers by controlling the
quotations at the Produce Exchange,
which are the ones printod in the news.
papers, but their stratagem has evidently
not been succe -sful. The farmer has
recognized his opportunity, and is disposed
10 even take chances to make the most OF
it. Most of them will store their wheat
and hold it until January, as they are in
a position to do so without Inconvenience. u