The San Francisco call., 1898-07-24
A NERVOUSNESS IN
 WHEAT IS PREDICTED
FARMERS ARE MASTERS oI
 THE SITUATION.
Bankers Are Disposed to Encourage Storing in Anticipation of More
 Favorable Conditions.

Wheat speculation has been daily look ing for some one to brave the clements in cornering July wheat. Once or twice dur ing the past week a f1utter of expectancy
 appeared, but the flame was only mo-
 mentary. July advanced to 30, as com pared with T, the low point. At the ad- vance Armour's brokers supplied the scared shorts. After their wants were supplied the market dropped back into a quiet and uninteresting condition. As the close of July approaches the more nerv- ousness will appear.
 The very small stocks of contract wheat in Chicago elevators make manipulation very easy. There continues a strong cash demand. Interior millers are pay ing more for new wheat than buyers for shipment can afford to. While the winter wheat crop now being harvested is much larger than that of last year, yet farmers deliveries are a great deal less during the past ten days than the same period of 1897. The low prices now prevailing work to retard free movement to market. Farmers are to a certain extent masters of the situation. Money is easier. Bankers are disposed to encourage the storing of wheat by producers in antici- patton of more favorable conditions later
 The general conditions over the world indicate surplus of about 5000 900 bushels of wheat over requirements upon the present favorable conditions. It would be only reasonable to expect this small surplus to find room in the ex- treme low supplies the world acknowl- edges For instance, the visible supply of the United States is less than 10 900 900 bushels of old and new wheat at the pres ent time. Never in the history of the trade were stocks so low. The same may be said of all Europe.
 The great crops now argued as raised are far from being realized. England and America have thirty days yet of trying weather England's conditions are grow ing worse daily; Russia and Roumania are acknowledging new damage. As re- gards the Argentine nothing can be said or their crop, as seeding Is only about ! starting Heavy rains throughout Prus-
 sia and Austria have done material damage, the potato crop suffering
 most. The Hungarian estimate has l been largely. reduced. Many reports or serious damage come from the
 Danube; Harvesting will be late in Eng | land, Holland and Belgium. Late re- | ports from Odessa say extreme heat has
 caused considerable damage. Wheat on | ing off, showing stocks in all wheat ex- | porting countries exhausted or nearly so 1 Sonslderaple complaint has been report l ed from Washington during the past | week, especially from the Palouse coun- ! try. Many predictions are made that the ! Washington crops will be 20 per cent less l than estimated figures given by the Gov | ernment Agricultural Department The | same authority gives the California crops high
 ! A4A SHiiiiAliii6 lIie sItudllOn AS COnQl-
 tons now appear there Is very little req
 son to anticipate any lower prices while | Values may not appreciate for awhile | 10 any great extent from the fact that
 buyers will hold off, hoping to secure | bargains When it becomes evident that 1 holders of wheat will not sell, then sup 1 ply and demand will exert its influence and higher range will be brought about | There are enough war clouds in the at
 mosphere to dispel the idea of extreme | low prices this year.
 1 The most active market at present is | corn. Dry weather. coupled with late
 planting and decreased acreage, has | started speculation with that cereal | which promises to attract a great deal | of attention for the next two months
 Barley continues dull: speculation of a
 scalping character. Shippers are good | sellers of December on every strong spot. | The present holders of December barley appear to be waiting to find a hard spot l to unload on. The consumption of feed l barley has materially decreased of late. l Offerings will soon increase, when prices
 will seek lower level.
 R. E. MULCAHY.