The San Francisco call., 1898-06-26
WHEAT MARKET HAS
 A BEARISH TENDENCY
HEAVY SELLINGS DURING THE
 PAST THREE DAYS.
A Steady Decline in Farm Products Generally-Barley Market in
 Bad Condition.

Farm products, while not materially lower than a week ago, still show de- clining tendencies. Liverpool quotations during the past week have daily shown small decline as compared with the previous day. Paris markets became im- bued with bearish inclinations and have shown marked decline for the week.
 The situation abroad Is one where buy CTS took fright and overstocked them selves with wheat at very high prices Now they are selling futures in our mar kets to hedge first holdings. Some for eign importers have, upon technical grounds, refused purchases made from Letter, using as a basis of their refusal that the goods were not equal to sample, which course will probably prove of no avail to them. The trade throughout the world know that Letters wheat is the best the market affords. The refusal to accept is merely to avoid a loss. yhe failure of Letter has put all wheat mar kets in a state of chaos, no one knowing what to expect next.
 Another depressing factor is the good crop prospects, which were par excel lence until the past ten days, when much danger was reported from the South western States by too much moisture and cold, unreasonable weather. Upon these
 
 freely, causing an advance to 691lc for September wheat. Added to these bull ish factors came reports of damage to the French crops, which was later de- nied, effecting general change in sentt- ment
 Heavy selling by those who bought early in the week characterized the mar ket during the last three days of the week. The market yielded stubbornly but the bears succeeded in forcing the YlYn tn lLp fnrs oHar- December at the close on Saturday. Ar mour and his following have been persis- tent sellers of the deferred futures and buyers of cash wheat, spot being in good demand at Sc to 10c over July, which op- tion Is about 5c over September. At pres ent the feeling in the wheat market from a professional standpoint is bearish There is a bright side to look upon that is at this time well to consider. The trade Is discountig crop of T50 ,000, 900, or 100 900 more than the Government re- port of June 10 estimated. There has been considerable damage done to the winter wheat will begin after July 4. The continuous rains of late, If they continue will make harvesting late and additional damage result. The yield per acre it is claimed by well-posted grain men, will prove disappointing. The spring wheat section is rapidly approaching a period where conditions, if a change comes must be for the worse. It seems only
 
 really should be. Sentiment has carried with 1t a period of depression which later on may prove unwarranted. Foreigners will want American wheat at prices much above those prevailing at present. June is about over and liquidation by long holders of July, if not entirely over, IS well nigh so. It would not be unexpect- ed to see a change for the better after July l. Wheat in the local market sold at $1 22A for December during the week. At the decline shippers were quietly buy ing. Should any accident happen to the Oregon and Washington crops an ad- vance of no small proportions would oc- cur. Shorts are becoming more cautious and playing close to shore. The bulls are holding off, awaiting. some favorable signs that will strengthen their position.
 Barley continues steady around $1 12% for December. Considerable old barley is arriving from the north. It will take con-