The San Francisco call., 1898-07-10
WHEAT DULL WITH
 A SHORT SUPPLY
STILL, PRICES ARE NOT EX-
 PECTED TO FALL MUCH.
The Situation Abroad One of Fair As surance-Weekly Review of the Local and Foreign Grain
 Markets.

The dullness characterizing the wheat market during the past week was any thing but pleasing to the trade. At the opening on Tuesday there was evidence of strength, caused by the continued dis appointing yield, as reported by thresh- CTS. The Southwest filled the trade with news of this character. Its influence was fast taking hold, when Shows Crop Re- view made its appearance-clalming 7O0,O000O0 bushel crop, regardless of pre- vious damage-claiming the Kansas acre age will be 4,500 900, as given by County Assessors, and 5,000,000 acres, as given by experts, against the Government estimate of $500, 900. The report takes into consid- eration reported damage, yet in bushels there appears no deductions. The report a this time was given more credit than 1t really deserves. from the fact that the speculative sentiment is bearishly in clined. The Government estimate for June will be made public on Monday, and, 1t Is believed, will show falling off from the figures given for May
 The spring wheat sections are reporting some damage where the soil is of a sandy character, showing a lack of moisture. South Dakota complains most of insufh- cient moisture, while North Dakota has had too much rain. The James River Valley, in South Dakota, a valley quite the equal of the Red River Valley, in North Dakota, begins to show signs of drought. Nltl too uIIl6 III one and too much in the other. this must before long influence speculation. Re ports from the uplands adjacent to these valleys are on the whole favorable. crop is never secure in the Dakotas even after it has been cut. The severe storms that are always to be feared at that sea- son of the year many times do the great est injury.
 If the small yield of winter wheat shown by Southern States should prove true of other localities, there is a grave question whether the crop of 1898 would be equal to that of 1897. Any accident to the spring wheat crop would cause a rapid advance in prices. The visible SUD- ply decreased 2524,000 bushels, making the total supply 4,7O2,O0O bushels, the smallest at this season of the year for a long period.
 On Friday Chicago didn't receive one car of wheat, fact unknown before. St. wheat. The visible supply on Monday will probably show a large falling off. Spot wheat is in good demand. July shorts are not yet out of danger. It is claimed there is a heavy short interest in that month. It is hard to see where they will find wheat enough to deliver. Prices should not go much lower. fair advance would not surprise the trade.
 The situation abroad is one of fair as- surance. The English crop prospects are good. Seasonable weather throughout June was of great benefit Stocks throughout the United Kingdom are com- pletely exhausted. Consumers of all kinds must depend upon foreign importation of wheat and four to carry them into their own crop. English farmers scraped their bins dry in order that they might sell during the period of high prices.
 England will require 4S0,000 quarters of foreign breadstuffs per week for almost six weeks Port stocks are now below the level of 1000 900 quarters. These condi- tions exist in the face of the largest i'm ports ever known to the British trade.
 Russia reports drought in the eastern ,-g1n heavy and continuous rains have fallen. and there are now reports of crop dam age.
 Poland crop prospects are good. Re- ports from the Samara and Charkoy gov ernments are very unfavorable, as the crops are suffering from want of rain. The wheat In Southwestern Russia has recently improved and now shows better condition than at this time in 1897.
 French prospects are good. The crop promises from 65, 900, 900 to S5 100000 bush els more than 1897.
 Roumania-Crop outlook Is favorable, harvesting being well under way
 Austria-H -Hungary-Conditions point to an average crop.
 Kingdom show crop prospects very fa- vorable.
 Holland and Belgium-Conditions are reported good. Average crop anticipated.
 Germany-The weather Is generally fla vorable to the growing crops, which with some exceptions have a satisfactory ap- pearance.
 India reports large shipments of wheat to Europe still continue, and the total of the season is close on 5000 900 quarters. The yield of the wheat crop in the Bonn bay Presidency is given at 3,550 900 quar- ters. being 1,650.0O0 quarters larger than last years short crop The monsoon has set in, and 1t remains to be seen how long 1t will last and if 1t will be well distrib- uted.
 Argentine-Last years crop completely sold out There will be an increased wheat acreage. Sowing of wheat has just commenced:
 Spain reports wheat conditions very fa- vorable; expecting to have 10 ,000, 900 bush els for export this year.
 Sweden-Crop conditions are unfavor- able, on account of cold and unseason- able weather.
 Turkey reports conditions excellent: a good crop Is looked for.
 Bulgaria-Harvest secured. Barley crop very large; wheat acreage greatly de- creased.
 Greece-Wheat crop smallest ever grown, resulting from war causes.
 Australia-Good rains-the best for five years; prospects bright.
 Tt1nis-The area under wheat Is given as S84 900 acres, against TAI 900 last year. but the acreage is still inferior to that of some former years.