The San Francisco call., 1898-04-26
France and England Short, Russia Stops Selling
 and War Rages.
Argentine Crops Are Light and Cables Indicate Higher
 Prices.
BARLEY FALLS A LITTLE.
Interesting Details of the Fever Among Bulls of the Local
 Market

There was more excitement among the wheat brokers yesterday than on Satur day and before the day closed the old time prices prevailed.
 December wheat on the curb, after the closing session, sold at $1 SOA, a phenom- enal advance of two cents over the regu- lar closing
 Those who attempt to account for the market attribute the great rise to English cables and to the shortness of the hold over supply as well as to the war
 Business opened yesterday with unusu- al signs of life, the exchange rollcall find- ing every broker at his post. There was a great rush and every sign that great business would be done when the first Liverpool cables came, quoting futures from two and two and a half pence higher with cargoes from three to six higher and in good demand at the ad- vance.
 Liverpool showed further rise of two pence at the close, or from four to four and a half pence for the day. Paris showed a sharp advance and private ca bles confirmed Saturdays report that Russia had stopped exporting wheat. All these conditions worked up a strain of excitement seldom equaled in the Call Board.
 AS soon as the caller, H. c. Bunker, sounded the gong there was the quietness
 
 anticipation of others. The crowd waa not long in finding some one to start the ball rolling.
 F. C. Evans bid $1 T. s1 72, ST B, s1 74. Fl I5, then S1 75l2 for December wheat. At the latter price a few sales were made.
 In the excitement $1 v Was palo, this price against $1 69 on Saturday. There was considerable wheat for sale at s1 T. The offerings were greater than the de- he shorts. Within a short space of time the price had dropped to Sl 70 at the decline. There were found a great many buying orders. This, together with Chicago ad- vancing, started the market on the up road again at Sl l612. The market hesi- tated, however the buying craze being found stronger than the selling pressure This time $l TIA was reached. where the price rested after the closing morning session
 At the afternoon session bull enthusi- asm again broke out causing the price to reach $l 1Sl2, with May $1 S2, prices which have not been seen for eight years. The market closed strong at the extreme top price of the day. Generally a strong advance like yesterdays brings free real izing orders from those who have profits. Not so yesterday.
 The longs, instead of realizing. added to their lines ana are talking S2 wheat. In such times of excitement the average speculatOr doesn't stop to reason. but goes madly into the swim of excitement
 The situation presents one of great
 
 short of wheat. Their stocks are dan, gerously low, and their crop prospects are only fair. Russia has stopped exporting wheat. Argentine has disappointed i'm porterS, the offerings from the Argentine being so small that buyers generally con- sider that country out of the market
 Comparing December wheat with the same option in California it will be found California December wheat is 3S cents per bushel higher than Chicago This diff ference will almost allow the importing Q wheat rlxat wheat as far east as Wyoming and Kan sas can be brought into California at intoxicated, and as is alr-a5s the result prices will be carried far beyond where legitimate conditions will surraih them The present price is probably higher than facts will warrant, yet the bull fever is on and prices are liable to go much higher before they run up against a stone wall There is very little argu- ment to offer against a small crop, but one does not want to overlook the fact that present speculation is discounting no crops at all. This is where speculators wifi find themselves wrong sooner or later. The wheat plant is naturally strong and can withstand more than many will wheat harvested in Caufornia regardless of opinions to the contrary. Again Ore gon and Washington crop prospects are fine. These States can supply California millerS and yet have a large exportable surplus. Utah will find California a good market for her wheat this year. All in all
 
 the people of this State will be deprived of wheat bread for the next fourteen months. for old stocks of wheat are larger than generally supposed.
 Barley was a surprise to the trade Brokers asked one another Whats the matter with barley?" The matter is bar ley has been boomed to death and the heavy imports of corn nave cut the de- mand fully 65 per cent. in many sections D per cent. There is a great deal of bar ley which will not pass Call Board in spection, yet it meets the requirements of feeders. The trouble with barley is that the market Is overbought The country is long and insiders are short The action of yesterdays market would indicate a condition not at all favorable to buyers In the face of rise of 10 cents per cental in wheat barley actuall. declined 1Ib cents. with q heavy feeling The local talent are fearful Of heavy break in the near future.
 The features of yesterdays trading were the heavy selling of barley and buying of wheat by B, A. Bresse. Duri-:l. the early morning Cutter X Moseley sold wheat and barley freely. Gerberding & Go. bought wheat. Blum bought May wheat Rosen- berg also was a buyer of that oDtjon Kaufman sold December barley ard wheat early, but turned buyer later Soule was good buyer of December wheat at $1 IT. Costigan sold around Sl 7S1k Miles also Gauthier. sold considerable Decem- Der wheat at the advance