The San Francisco call., 1897-05-19

SAN FRANCISCO, May 1S, 1897.
Chicago.
Yesterdays weak feeling in Wheat continued
this morning. Liverpool cables reported 34d
lower at the opening, while French markets were
higher. Heavy Nor hwestern receipts and hne
growing weather discouraged holders, while
shorts with renewed courage pounded the market
hard. July openei cent lower than yesterday s
close May at times was within 14d of July; again
the spread would widen to l1sd.
Outside news to-day was generally favorable to
sellers. The desire to short Wheat is becoming
very fashionable again. Shorts have increased
their lines largely during the past two days. Con-
siderable long Wheat came into the market under
I'D. Buying around 701ad was by brokers sup
posed to be acting for Armour. The demand for
spot " heat was less urgent This was used by
shorts TO depress the market
The amount of Wheat reaching tidewater points
is increasing rapidly.
Receipts in the Northwest will, it Is thought,
drop of materiayj within a few days Much
Wheat now being moved from interior elevators
has been sold for export and is now being hurried
forward. Reports from England give crop condi-
tions as improving; weather brilliant.
Reports from France are less assuring. Esti-
males vary to the shortage in the wheat crop.
conservative authorities claim from thirty to fifty
hundred million. II is rather early to give an ac-
curate idea, yet il is almost certain France will
need considerable wheat from America this year.
Tnis factor will not be felt for time to come.
Bushels.
Receipts to-day at primary points. 1872 995
shipments to-day at primary points. s.......552, $40
Receipts to-day at tidewater points. 1858 II
Exports ..146019
Closing Liverpool cables show further decline
early advance. Buying By shorts near the close
advanced prices 3sd over the low point OF the day
CoRN-Some weaker; receipts fairly large;
country offerings increasing. Commission houses
report larger inquiry for spot. Exporters asking
concessions, which sellers are not ready to meet.
Railroads giving shippers inducements just
n
ment employed during the dull season.
oATS-Held their own regardless of weakness
in other cereals
PROVISIONS-Openedw weak. Receipts Of hogs
in excess of estimates caused weaker feeling In
after the opening. resulting in advancing prices
some. Trading throughout the session was rather
limited
San Fran cisco.
9:l5 A. M. SESSION.
Lower foreign markets, together with Chicago
showing decline OF 34c against yesterdays clos
December wheat opened at 81 PTS and advanced
to 81 271a good buying. AT The advance offer
ings became large and buyers withdrew until prices
were shaded tr tie AT the close 81 2714 was bid,
81 35 asked for May. Nothing doing in barley.
Between sessions December wheat dropped OH
TO 81 u on lower Eastern markets.
l0:15 A. NJ SESSION.
The session was devoid of special features. Fluc-
tuations in wheat narrow. Trading was of fair
tinuec depression in the Chicago market started a
few longs to selling out. shorts, who are ever
ready TO assist their weakened friends, Joined in
contributing their mite
Buying around 81 ~ stopped selling of long
wheat. The stubbornness shown in resisting bear
attacks in The face of depressed Eastern and Euro
pean markets is remarkable. december barley
opened at 7414c and closed at 743sc.
11:15 A. n. SESSION.
Early sellers of wheat round themselves con-
fronted with weather conditions not altogether to
their liking. Hot winds are predicted for nor-
row over the San Joaquin and sacramento VAL
leyS In order 10 get back their wheat the price
was advancet to 81 271z for Decemter, against
81 27 at the close of the previous session. Offer
ings were extremely light shorts had sold all
they cared to.
Buyers were quite in the majority. prom O ent
shipper bid 81 2714 for any amount. This same
shipper Just returned from three days trip over
the country. He reported the recent rains as
having done more harm than good, on account Of
warm weather immed ately following.
P. NJ SESSION.
Traders who had anticipated an advance in
December wheat 10 81 % at this session found the
feeling somewhat changed as compared with the
late morning session. sellers were, o limited
extent, in the majority. There seemed to be
plenty of wheat for sale at 81 271a and q reversal
Of form at 81 z7z at the latter price there ap-
peared no limit to buy Ing orders
The local market continues 10 shape prices Of its
own, regardless OF outside influences, Holders are
disposed TO hold on, while shorts in and can't
get out. 1t remains to be seen which influence Is
the greatest.