The San Francisco call., 1897-05-15

Chicago.
Wheat bulls were surprised this morning to find
Liverpool cables only 14d higher in the face Of
yesterdays advance on this side. Opening quota
tions reflected the weakness of traders who went
home long over night July showed shrinkage
of "a to lc at the start. Good buying at the de-
cline stiffened prices 5sc to s4c.
Second cables, both private and public, were
further depressed This started local longs 10 un-
loading; their efforts started st. Louis join the
selling movement. Offerings grew into large pro-
portion more than the Market was able to hold up
under result being break Of l l1ac from the top.
July declined to 7234c, May TO 7414c as against
76c for the latter early in the ay. Az the decline
Cudahy's brokers bought freely: their buying
stopped the break and changed sentiment to some
extent Many attribute to-day's decline TO an
effort upon the part OF prominent longs TO depreSs
the market in order to buy wheat on.
Outside news, except from California, was bull
ish. New ork reported yesterdays cable offer
ings accepted 100000 bushels of wheat sold here
to-day i0r export at an advance of &c over May
quotations. spot wheat is closely held and de-
mands iair premium over market quotations
The action in May WIN eat to-day set mani TO De-
lieving squeeze is not impossible. May is heav-
lily oversolu. Much of the short sales are under
70c. The difference between Nav and July at one
time during lhe session was 21sc in favor of May.
Estimates Mondays visible supply range
from 1,5CO,0OU to 1000 600 decrease.
Receipts of whea. at primary points. 1888
shipments of wheat at primary points. .2SS,I2d
Receipts of wheat at tdewater points. 81. oo3
i4Ai0i'''' ''-'.'' ..'''' .''''.
France reported weather cold and unreasonable,
with wheat prices hardening.
Liverpool spot market heavy.
English county markets strong, partially 90
higher.
Corn acted in sympathy with wheat Offerings
were heavier. Very little outside interest shown
in to-days transactions
Oa.s dull, fractionally lower.
Provisions received but little attention Trading
OF q prof ssioual character. Outside orders
were conspicuous by their absence.
San Francisco.
9:15 A.. NJ. SESSION.
A traa aaIin in phpot yya dian a q
opening. DisapI Iointng cables and cloudy weather
kept bull traders from taking hold. Initial price
close yesterday. Trading was of a limit ed charac-
ter. Longs did show any dis position to be-
come frightened, regarding small reaction as
due
Chicago advices were encouraging to the long
side, explaining the slump in their market as
coming from sources who were breaking prices In
order buy on. he session closed with 81 70 bid
for December No hing was done in May wheat
OF barley.
1915 A. NJ SESSION.
Continued weakness in the Chicago market
made the temper of local traders inclined to bear
ishness- Decem ber wheat started at 81 21S4 sold
at ST. 275s and advanced to 81 2S on good buy ing,
81 2S1s Oeing bid at the close.
LocAl operators are acting very cautiously. In
tornado regarding crop conditions as yet is not
of character TO JUSTLY fair eSIim ate.
to shore, temporarily at least. The remark able
strong undercurrent TO wheat makes selling haz-
ardous.
The advance has been healthy one. Very lit
tie sensationalisn has accompanied the rise
11:15 A. n. SESSION.
Trading in wheat at the opening was sac higher
than the closing of the previous session. Selling
by scalpers to take profit supplied the demands of
buyers. December huctuated between 81 2S3s
and 81 %, closing at 81 2s14 bid. with ST. % IA
blu directly after the close.
Clearing weather added to the stronger feeling
in heat Barley in better mand. Decem-
Der opened at 7514c, sold at 751sc and closed
1880. Between sessions buyers were bidding
751sc.
p NJ SESSION.
The afternoon session opened with a stronger
feeling in wheat Decemoer wanted at
81 2SA. against 81 ISIS the previous session
Trading restricted to the local crowd Ship
pers' influence absei t. The .rong undertone
nere in wheat is. TO say the least, rem ark able.
Foreign aud Eastern markets closed very weak
while in this market wheat closes to-day only q
trfe lower than yesterday. The market is In a
good condition to advance sharply with any
further encouragement. There seems very little
resistance against an advance