The San Francisco call., 1898-04-27
Morning Prices Drop at the Afternoon Ses-
 sion.
The Board of Directors Finally Force Marginal Price
 on Wheat.
HAY IS STILL VERY HIGH
Tim Othy and Alfalfa Are Beino Iro- ported From Other
 States.
There was a great deal of exci+ar,a,+

mere was great deal of excitement
 at the Produce Exchange yesterdav Naorning and all day, owing to the ad-
 vance in the price of wheat. Brokers
 assembled at an early hour, and there
 was no lack of interest while the day
 lasted, and, as on the day before, there
 was great deal of talk of business
 after the regular closing of the call
 board.
 The most important feature of the
 early day was the going up of the Liv-
 erpool market, which showed an ad-
 vance of to 4 pence With cargoes
 quotably 46 shillings for Walla Walla.
 California wheat is quotably l shilling
 higher than Walla Walla. Added to
 this was an advance of 315 cents in
 the Chicago market, with New York
 reporting acceptance of everything of
 fered yesterday. English houses were
 using the call freely in order to secure
 near due cargOes. Liverpool reported
 French importers making urgent re-
 quest for wheat in that market. All in
 all, the widest enthusiasm had worked
 into the market even before the gong
 sounded. At the opening of the session
 S1 S2l2 was bid for December: then if
 Jumped 12Ql cent at a time until sl 87&
 was reached. This advance was caused
 by covering by a prominent short of a
 heaVy line of December. His purchases
 or May sent the price of that option
 to Sl 69. At the advance shippers open-
 Iy sold freely, giving shorts, who were
 the only buyers, all the wheat they
 wanted. This show of front weakened
 prices until $1 S3 was quoted for De
 cember and S1 S6 for May At these prices early sellers turned buyers, caus- ing an advance to $1 8514 for December closing easier at S1 S412 for December.
 At the final morning session Chicago began to weaken, which had consider able to do with the temper of the crowd. The board of directors deemed the time had arrived when a marginal price should be placed on wheat. as the market was fairly running away with ltseI1i also that margins should be paid Into the bank. This they passed, and notice was posted on the official board ot the Exchange. It was rather in favor or the shorts, as margins could only be called to S1 80, whereas the longs were compelled to deposit in the bank $3OO on each 100 tons of wheat This Is the rule that was placed against Fair when he had the market completely within his grasp. The rule is generally looked upon as an unjust one, as shorts sell with their eyes open.
 However the rule was effective enough to break the price back to $l 1894 for December. At the afternoon session, buying hv shorts rallied the price to $l ,412, later selling at S1 8I, with May Sl s. The rule bases the price of wheat upon Liverpool ouota- tions, freight added.
 It is more than likely wheat would have declined had the rule not been put into effect. The market has had an advance of 4712 cents without what might be called a set back The re- Inarkable feature to the market has been the small realizing by holders. They hang on with a death grip. believ- ing in 8 wheat. The substantial ad- vance in the English and Trench mar kets warrants good prices. Should for eign markets continue to advance no doubt American markets will follow. Yesterdays prices have not been ex- ceeded since 1891. At that time there was less merit to the advance than the present.
 Barley was disappointing to Its friends, who mustered up their entire to advance prices. During the rapidly advancing wheat market period their efforts were of no avail. As one broker put it, You can't raise 1t with derrick" The market was as heavy as lead, as it proved. On small offerings the price dropped from $1 3S1A to S1 36 | for December with May closely follow | Ing. At the closing afternoon session | he weakness in wheat was carried into barley, December selling to $1 B. Buy | ng by shorts advanced the market to | '1 34A. The only support barley had l vas given 1t by shorts. There is a very weak undertone to the market. The | act of its depressed condition in the | ace of such remarkable strength In wheat has and is rapidly losing for it | Q-41, Ire substituting corn throughout the | State. The spot demand is falling off | apidly as present prices are considered | oo high by well posted dealers.
 The trading yesterday was we'll dis -rtbuted among brokers. E. A. Bresse was heavy seller of December wheat from Sl S5 to $1 S71a, trading in over 1000 tons. He also sold December bar ey noerally. L. Kaufman was a seller 'f wheat and barley. Shippers openly sold May and December wheat. Sig Newman was the heaviest buyer of wheat. It is claimed his purchases amounted to 15, GOO tons.
 Cutter & Moseley unloaded a large inc or December wheat supposed to >e Tor prominent long. Blum was eller of May wheat, Baehr sold long wheat and barley. Soule bought barley arly, selling later. Tn the afternoon arly trading was animated Offerings -t s1 S1 were heavy, but the market ragged downward until $1 7s1H was cached for December At the decline . few shorts rallied the price to s1 79s4. Barley was fairly steady. December cling at $1 S4G1 341A. At the advance here was a heavy fec 'ng.
 From reliable flour dealers 1t was earned yesterday that it is not likely hat it will be necessary to irnnort that to the coast this wear 'perry & O., speaking of the sjtua. ion, said; We do not see any signs hat It VIII be necessary to import romises to be large enough to make ,In , he surplus needed over our raisings ( )f course. it is hard to tell just what he situation is until full reports are n, but there are not any particular 2 igns of desire to import from the last so far as we can see' V Secretary Wagner Of the Hay Ex- hange says that a great deal of hay !
 r. A...x. T