The San Francisco call., 1898-07-03
SUPPLY OF WHEAT
 REMARKABLY LOW
BARELY ENOUGH TO CARRY
 OVER TO THE NEW CROPS.
Relieved to Have Touched Bottom and Will Show an Upward Ten
 dency for Some Time.

Owing to the Fourth of July, all wheat and cotton exchanges will be closed from Friday, July 1, at 1:35 ?. m., until Tuesday, July g. The week just closed has seen quite a reversal in the sentiment control ling wheat prices. Early in the week the market was devoid of support. The very thought that wheat prices had favored prospects ahead met with ridicule.
 The argument was heralded about that England and France were heavily short on wheat in American markets. This weight alone would keep the market from advancing. People who were so inclined overlooked the fact that foreigners were selling what they could not deliver. They were hedging spot wheat held in foreign elevators. While this sentiment of bear ishness was accommodating, Armour and other wise operators were quietly buying. Letters wheat has been gathered into camp by Armour around 80 cents for spot and 73 cents for July. The condition has improved materially. Wheat has gone from weak into strong hands. The mar ket is in a congested condition. Outsiders are heavily short. They have followed Dame Fashion, and have to face losses at the present time.
 Conditions do not warrant wheat selling disappointing threshing returns, Illinois showing the yield at ten bushels, against the Government report of fifteen bushels per acre. 1nOlana, OnlO, MlSSOuTl ana Kansas continue to report severe damage to the crops, too much moisture and cold weather being the causes. If reports re- garding the crop are true, and there seems no good grounds to believe them other wise, the wheat crop of 1898 will not be more than an average one, and In this connection must come the. basis upon which prices must stand this year. Every wheat-growing country on the globe has small reserves to carry into new crop. The holes to be filled up will require an ;x, fvny hn OnT, ,i,,er
 While there Is no definite information regarding Russia crop prospects, yet. enough is known to say they are very dis couraging, and must exert an influence of no little importance in the near future
 The receipts of wheat at primary points during the past week have never been so farmers hands The high prices prevail ing during Letters period brought out every available bushel of wheat that could history of the United States has there been so little wheat to carry over from an old to new crop. The liquidation by the bears. who seized the opportunity and pressed their influence. Shorting wheat has become very fashionable. Armour, who is now In full control of the market. Is not always disposed to shape his ac tions upon the lines of speculative society. The spring wheat factor from now on will claimed as brilliant. July and the first part of August are trying times for spring wheat. Should any accident overtake 1t, fcl eigners would not be slow in accepting changed conditions
 It was pointed out in last weeks review, us well as the previous week. that Sep tember wheat might sell at or near 66 cents In the Chicago market and around s1 20 for December in the local market. The prices reached were 654 cents in Chi cago and s1 212t in the local market
 Easing calculations upon conditions as they appear at the present time, it looks as If wheat had touched bottom and will continue to show an upward tendency for some time, or at least until farmers, de- liveries grow into large proportions. which seems unlikely. They have been educated up to dollar wheat, and will not be anx- ious to sell at what appear unreasonably low prices. Farmers are financially able to hold their grain for suitable returns. This item will show it's effect fin manner not to be mistaken. Barley, while some what higher. has not the element of strength its friends claim for it. Un- doubtedly dragging yet active market will characterize the trade for some time
 Wheat In Chicago market closed at 70A cents for septebasrh and in q oSa at s1 SO
 R. B. MUICAHY.