The San Francisco call., 1897-09-03
WHEAT STILL
ON THE JUMP
The Market Shows Signs
of Going Over a Dollar
a Bushel.
Cudahy Deserts the Short Ranks
and Local Brokers Fall
in Line.
The Stock of Flour and Wheat il
London and Liverpool Prao-
tically Nothing.

The condition of the wheat market yes
terday had a tendency to make farmers,
speculators and every one else who had
any of the much-desired commodity feel
contented and happy.
Brokers generally are holding on to
their interest in this article, as they hope
that its price will rise to 81 rs per GENITAL
within the next week. a great many of
the local shorts have followed the exam
pie of Cudahy and have gone over to the
long side OF wheat.
A mem Der of the firm of E. S. Bresse &
Co. was seen yesterday and gave the fol-
lowing interesting account of the Eastern
and local markets during the last week. He
said: THE market started off this morn
ing al an advance of l = cents over yester-
days close. Liverpool cables were 21z
pennies higher. Paris -four and wheat
were up equal to l franc higher than yes
terday's close. Foreigners were good buy
ers OF spot wheat in the New York, Balti-
more, Boston and Philadelphia markets.
Even Kansas City reported foreign houses
asking for offers of wheat in that market,
which is considered an exceptional case.
The bull clique started the ball a
rolling this morning by bidding 95 for one
shortly after the opening. Shorts took
fright and began covering, sending De-
Gem ber to 96H on very small trading. At
the advance the cliquesbrokers and also
brokers representing Armour, sold freely,
their sales causing a reaction to 94M,
where these sellers turned buyers and
succeeded in advancing the market again
1895
The local crowd who are bearishly in
clined tried to follow in the wake of these
leauers. Around 95 Armour began bny-
ing Deccm Der and Septem ber wheat. On
the bulge to 96 the local scalpers got
flied up with long wheat and when they
tried to find a market they were unable to
do so, as the clique brokers, also those of
Armour, would not buy until the market
had gone under 95. Selling by this class
OF traders resulted in a break to 9414 for
December wheat just before the close OF
the session.
Cash wheat was in good demand
throughout the day, the premium for
September wheat to IL cents over May,
showing that much appreciation since
yesterday. The local market is in the
hands of people who seem able to lower
or raise the prices as suits their interests
best. Many of the large shorts have run
in ard have entirely given up tie idea
that wheat will sell much lower this year
The condition abroad is such that cash
81 25 per bushel. The speculative senti-
ment throughout the whole United States
is bullish. Shorts have been hurt so
badly that their strength bas been greatly
lessened.
The market gives every sign of going
over the dollar limit this week. 1t IS
more than likely that when wheat passes
the dollar mark again it will be some time
before il again goes back into the nineties.
'Cudahy, who has been a prominent
short on wheat, has deserted the ranks
and says he ooes not care to sell wheat
under dollar and ten. 1t is more than
likely that he has taken the long side of
wheat.
"Clearances from Atlantic ports for the
Continent and the United Kingdom have
been larger during the past ten days than
for any previous ike period. United King
dom bought freely OF spot wheat to-day
showing that they have awakened TO the
situation and are beginning to supply their
needs. The amount of wheat and -four in
stock in London and Liverpool is practi-
cally nothing. Rumors that Russia was
Offering wheat In English markets freely
were apparently gotten up Tor a purpose.
Russia has light STOCK and there is no rea-
son to believe that she will have very
much wheat for export this year The
Argentine viii have little or no wheat for
export. The conditions abroad as whole
are seriously short America is assured
of good prices for wheat for the next Two
years to come.
Wheat in the local market was strong
and excited. December sold at 81 81 3I
against 81 5214 on Tuesday afternoon. A
little reaction followed The advance TO-
day, but at the afternoon session there
was good buying by shippers. The mar
ket is in e healthy condition. Within the
next week 81 70 per Genital is predicted for
wheat