The San Francisco call., 1897-08-24

SAN FRANCISCO Aug 20 1884,
The following resume OF the wheat market is
furnished by K. A. Bresse Produce Exchange
GIainbroker, 4l2 Pine street:
San Francisco.
9:l5 A. NJ SESSION
Wheat opens easier in sympathy with Eastern
markets. First sales were made at 81 66, against
81 6714 at the close on Saturday Prices may go
down some lower. but cannot remain down. De-
cember closed at 81 64s4 and May at 81 6S1s
l0:15 A. SESSION.
Wheat trading heavy, the largest ever known
since the great Dresbach deal. Prices are hard to
follow There has been good buying Of wheat by
strong parties. December sold at 81 67 and closed
at 81 655S
11:l5 A. NJ. SESSION.
Bih, bang, went wheat prices at the opening.
December opened at 81 6314 and closed at 81 653s.
There is an undertone of strength to the market
which is causing considerable comment Wheat
looks cheap enough.
2r. NJ SESSION.
Wheat opened steady. December, 81 651a;
closed at S 6514. There is firm undertone to
the market December barley, 97c.
Chicago.
Wheat was again the star attraction to-day Lv-
erpool reported 40 shillings for May shipments.
Paris markets strong ON the early curb
September wheat sold at 81 02A. but later the
price worked to 81 QUA, sellers. At the opeulng
tuere appeared food of sci ling orders. Septem-
Der opened at 991ac TO 9S1ac. Prices were l
CeuU apart aU uiHere L slQeS OF the plI Inc price
quietly dropped TO eo14c. before one could catch
his breath the price was again 9934c. Commis
sion-houses then began pouring cut their long
wheat. Buyers were less inc ined TO take wheat
on the bulge. and rapid drop OF cents quickly
followed. Buying by the clique started another
bulge which took the price to 9S34c C. The price
ranged between 9S34c aud 97c until the last half
OF the session, when determined effort was made
he part of the shorts to drive prices down.
Septe m Der sold at 951ac and closed 96c, De-
ce mber 9534c and May at e712, sellers. he
days news was inclined 10 the bull side. North
crops continue 10 be poor. foreigners were
fair buyers
The visible supply decreased SOC, 900 bushels
The amount of wheat and flour on passage in
100000 bushrls less than New York. New York
reported com bin alton formed to bear the VIII at
market. Their efforts will have hard work going
against the world demands. European countries
require lS5. 000, 900 bushels more wheat than
America can spare. Talk OF higher ocean rates
that will keep higher prices down Is all folly. II
foreisners must have wheat and farmers will not
where rates are going to stop wheat reaching a
certain limit. The shorts based their Judgment
upon this theory when wheat was around so cents
The result has been di astTous Wheat Will have
its setbacks such hings expected, but
wheat has not sold at S on sentiment. 1t reached
thai price because current conditions warrant
the price. There has never been year when con-
ditions we're favorable to higher prices the
present. In 1891 the advance had no real foun-
dation to stand upon. France had many market
to draw from that year. hereas this year finds
every foreign country short Of wheat. England
has Kept out OF the market The buying for the
pas; six weeks has been for Continental count
1t remains yet for Englan to buy her stocks
There will be q steady natural demand for wheat
months [