The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1898-10-23
LARGE EXPORTS CAUSE
AN ADVANCE IN WHEAT
MILLIONS OF BUSHELS PUR-
CHASED BY FOREIGNERS.
Dissatisfaction With Local Call Board
Methods May Result in a
Change.

Quite a change has come over grain
prices during the past ten days. Wheat
shows a material advance as compared
with prices during the early part of Oc-
tober. 1t is hard to say whether war ru-
mors have had very much to do with the
advance or not. 1t might at first so ap-
pear, but upon facts based upon supply
and demand there would seem a different
reason. Never in the history of the
wheat trade has so much spot wheat been
purchased Of American exporters as dur
ing the past week. On Thursday New
York, Baltimore, Philadelphia and Chi
cago disposed Of 100000 bushels to for
eigners. Every day the demand grows
greater, while farmers deliveries de-
crease. Even the advance does not cause
holders to sell their wheat. There can be
no question about the supply being ample
to meet all requirements; yet what good
does this do those who have to buy?
Farmers are surely showing flour manu-
facturers they have a few chips in the
game this year, and propose to receive a
fair profit for their product. The low
prices during June. July and August were
not warranted. Wheat was depressed
much below its actual worth. 1t only re-
CURED time to adjust the price to its
level. Foreigners were not slow in sizing
up the situation, and have been urgent
buyers, using a little manipulation in their
own markets in order TO check the Amerl-
can advance whenever there was too
much steam on. Liverpool quotations
would suddenly be dropped 2d3 pence.
American markets would at once drop in
sympathy, when foreigners were always
on hand with good buying orders.
Indications point to wheat in the Chi
cago market going into the seventies: New
York on Saturday reported foreigners
accepting all offerings at prices from to
cents over Fridays quotations. Min
neapons reported 10000 barrels of flour
sold in one order for direct export, show
ing that flour is in good demand as well
as wheat.
Crop reports from the Northwest have
been bad, too much rain causing serious
damage to wheat in shock. The Russian
crop outlook continues IN the balance, GER
tain sections reporting complete failure,
while others would indicate a fair harvest.
Reports from the Argentine are very un-
faVOra BILE but whether or not enough
data has been gathered regarding the
crop to give an intelligent report is ques-
tionable. 1t is rather early for the crop
killer TO have started in the Argentine.
Australia reports the crop outlook unta-
vorable. France will harvest {! larger
CrOD than usual. English millerS' stocks
are very low. and show no signs of in
creasing, even at the rapid rate OF Amerl-
can imports.
have been Of late prices must go higher
yet On the other hand, farmers should
not expect to get last year prices on any
further advance. No doubt, freer move
ment of wheat will take place from farm
ers' hands. At present prices there is a
fair profit to producers which they S n tao
great to admit of any fancy price or
Conditions on the Pacific Coast are
much the same as those of the East II
is said rs 900 barrels of Hour were sofa
by California millers for shipment 10
China March delivery. The oriental De
mand shows a large. Increase; December
wheat sold on Thursday at 81 26l2. down TO
81 2314 on Friday, and was 81 2o52 bld on
the curb Saturday. Considerable realiz-
ing was done by longs, who had good
Profits in sight Now that these offerings
have been absorbed the market SHOWS
good strength, in the face OF advancing
ocean rates. -.. -
ing only of a scalping character. Sellers
seem plenty whenever the price reaches
81 25 1t is a case of who holds out the
longest 1t is not likely the longs are IN
great want of the actual stun When the
time approaches for delivery. No DOUBT
enough barley will be piled to satisfy
those who really want II.
More or less talk has been going on OF
late regarding the changing from centals
10 bushels in call board transactohs'
many arguing that the speculative inter-
EST that naturally belongs in the local
market has been driven to Chicago on &C
count of the peculiar marginal methods:
A great many members want the call
hoard room remodeled, the floor lower, so
as to admit of a goOd-sized gallery, where
the plbIfc might come and view the trad
ing and in this way give more interest TO
the institution A regular clearing house
seems TO be the wish of many instead or
me banking system now in vogue.
little awakening would make a great dlt-
ference to the exchange. The agitation
is more pronounced than ever before,
and favorable action may be the result
anu - r. z. MULCAHY.