The San Francisco call., 1898-04-28
Strong Foreign Quotations Suffen Local Wheat
 Prices.
Harry Wise Credited With Be- ing the Letter of San
 Francisco.
Fluctuations During tho Morning Develop Into Feeling
 of Strength.

The wheat market -esterday opened with traders at sea. First Liverpool ca bles reported decline of two pennies (4 cents) in wheat futures. This news caused a weak feeling in Eastern mar kets and depressed the bull enthusiasm in the local market. Chicago wheat open ed half a cent under Tuesdays closing figures. Good buying then resulted in advancing the price to S39sqS4c at the ad- vance Longs began to realize, causing a sharp break to S1Ac. About this time closing Liverpool cables reported the early decline fully recovered, when started an advance.
 These conditions kept wheat traders in the local market in quandary. Decem- Der opened at $1 so, declined to $1 7SA, where good buying was found. The short selling was strong, but not heavy enough to offset the buying demand. The result was a victory for the bulls, who bid the market up to SlS012. At this price an- other stand was made by the shorts, and their efforts effected decline to S1 79s4, the offerings at that nrice finding ready buyers, and a rally to $1 S0A followed. This was the action of the market before noon.
 At the afternoon session there was a marked change in the character of trad ing: Chicago advices were surprisingly strong; the public curb showed an ad- vance of l cent over the closing prices. One firm wired: Chicago has gone from the highest to the lowest wheat market in the world; we will soon get strong advance Many other expressions Of strength were received by local brokers from their Chicago correspondents
 The feeling in wheat was one of strength before the opening of tne ses- sion. December was Sl S112 bid; then Sl S2. S1 S21s and $1 SPA was reached before much wheat could be found for sale. About the only offerings were those who had bought under $1 S0 at the morning
 Harry Wise took everything offered just now to be to the San Francisco mar ket what Letter is to Chicago. The talent are opposing him, while he has condi- tions and a strong foreign market in his favor. It is estimated that his winnings amount to $50 900.
 The feature Of the traulng during the afternoon session was the buying by Wise. The offerings came from those who were willing to take In their profits. But little short selling was indulGed in, as the crowd seemed to have overdone is again largely oVersold. Should Eng fish and French markets show another be a scramble for wheat by the shorts. The undeniable strength shown in East ern markets late in the day made shorts
  was said about the action of the board in putting the rule into force, brokers be- ing about evenly divided on the point. Some are in favor, others against, the rule.
 The situation in wheat is one that neeos the exercise of judgment al present prices. Conditions abroad are very strong. Liverpool and London report stocks exhausted. Paris wheat and flour continue to show sharp advances. The war cuts no little factor in the demand for wheat, the fear that others besides the United States and. Spain may be the foreign wheat and flour trade into re- filling their almost exhausted stocks The conditions of the growing wheat crops of the United Kingdom and Continent are United States as a whole is most promis ing, but the secret seems to be that inn porters on the other side of the Atlantic have pursued their dangerous policy of a hand-to-hand character until the case has gone beyond their control.
 There is no telling where the boom craze will end. As is generally the case the price will in the end be carried too present there seems no stopping the tide of advancement.
 Barley opened weak at the start: De- cember sold at $l S2; buying by shorts ad- shorts was the chief feature of the days trading. The life seems gone out of this cereal. There is a very large long inter est in the market, which will in the end drag prices very much lower. The de- mand for spot is very poor and daily growing less. The action of yesterdays s market indicated the shorts were trying to advance the price in order that they might sell again. Barley seems doomed to lower prices.
 On the D. m curb December wheat sold at S1 S3&: December barley at S1 35 a strong feeling prevailing.