The San Francisco call., 1898-04-29
WHEAT SLOWS
 ITS HOT PACE Another Interesting Day on Change Yes-
 terday. Several Events Slacken the Upward Tendency of the
 Market.
Indications That There Win Re a Pretty Stiff Price All This
 Year

There was not so much excitement as usual in the wheat market yesterday be- cause traders got the idea that American manlpuiatorS were at the helm manipu- lating the British market As result of the suspicion the market closed at the forenoon session at $1 S0%4, though at the opening December wheat closed at S1 S4sS May wheat was the weakest in the mar ket yesterday, and it was freely onered by brokers.
 It was evident to all close observers that the weakness of the Chicago market caused considerable depression in the To- cal market. Barley opened quite strong. the price on December being $1 30, which soon advanced half a cent. Later in the day the depression in wheat caused a drop in barley, which fell to $1 34 but afterward gained three-eighths of a cent. Importations of corn also contributed to the weakness of the barley market.
 Liverpool cables reported July wheat advanced equal to 16 cents Chicago ouot- ed July wheat 9Sc on the curb before the regular opening of the board Added to this sensational advance strong Conti- mental cables came, following closely the advance made in English markets The cargo market was strong, sellers asking extreme prices and not anxious to dispose Of their goods at the asking quotations Russian exporters were offering very lit tie. The inquiry from France was of an urgent nature. Paris reported home sup plies almost exhausted, with markets heavily oversold. The same conditions prevail throughout the United Kingdom. America is about the only source of sup ply now open to the United Kingdom.
 The extreme high prices offered for No. 2 red winter wheat in the Chicago mar ket have failed to increase receipts be- yond that of ordinary markets The to- tai visible supply east of the Rockies amounts to 25,100,00O bushels. Home con sumption requires one million bushels per n ,N1i1 month. It is a fair estimate to say there is not more than 25, 900 bushels in farm CTS hands. This would make the total available stocks for consumption and ex- port requirements 50,000,0 900 bushels
 New wheat will not be available before July l, or in about sixty-fiye d0o ood days, bas- which is fully ten millions less than re- quirements. It is not difficult to see that manipulation, can advance prices to fig ure that might now appear prohibitory
 It is these facts which cause shorts ,.. run to cover quickly when evidence of strength is shown The conditions .ii tie wheat for millers. In order to keep their mills going wheat will have to be imported from Oregon and Washington.
 Yesterdays market was somewhat dis appointing to the bulls. December wheat opened at $1 S41a, sold at s1 S49s,. closing at $1 S41a at the first morning session. It be- came apparent that Chicago had received it's full advance at the start. This seemed to temper the talent for break. Little by little the selling began until timd shorts, encouraged by their more daring leaders, began a raid, which carried the price to $1 7S1s. This was the preventing price after the closing session. Buying by small shorts steadied the price to $1 79Jk later the price declined again to s1 7S1S' where it rested for the day. The bears used heavy receipts of Oregon wheat at Stockton as a basis of attack. It is claimed 100 cars of Oregon wheat were received at that point during yes terday May wheat was sold freely by shippers, the price dropping to s1 SO1a, against s1 S9 on Tuesday.
 E. A Bresse sold a heavy line of long wheat at the first session. He was fair buyer of barley. L.. Kaufman sold wheat sold considerable wheat, supposed to be for a prominent shipper. Cutter x Nose ley were good buyers of wheat early. but bought wheat early in the session. Ro- senberg sold barley. Mayhew saw the decline coming and got on board