The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-07-30
WHEAT BOUND TO GO UP.
THAT'S WHAT NAT REAM, OF CHI
CAGO, THINKS.
An Interview in Which He Gives Reas-
ons for the Faith That is in Him
Every Prospect OF Most Favorable
Year,

Ream was in the wheat pit in person
yesterday buying in good sized lots,
says the Chicago Herald. Later in the day
he surprised those in his confidence and
who had considered him bear on grain
by declaring himself believer in an adj
vance. "The buying by the foreigners"
he said, 'shows that this year, as in 1870,
they are going TO take a great lot of
American wheat at fairly good prices. The
visible supply on this side is down to 2l,-
100000 bushels. With the Minneapolis
and other northwestern wheat, which will
be turned into -four, taken out there are
really only 100000 bushels in sight for
all sorts Of purposes. The new crop on
this side is from fortnight TO four weeks
late. The oats and hay is almost ready to
cut and farmers must have their wheat in
shock and hurry along with their other
crops. This is what they are doing, as ]
learn from my own correspondence. There
have been no such wheat receipts rs last
year, and there will not be. The short sellers
who are relying on the winter wheat rush
., TO help them out will be disappointed.
Over on the other side evidence is accumu-
lating TO show that the crops in England
and France are short-not as short proba-
bly, as is claimed, but 20, 600, 900 to 81, 000,-
600 bushels under expectations in France
and disappointing in Great Britain. Over
there, too, they are having wet harvests,
which delays the movement OF grain.
Their farmers, like ours, must leave their
wheat to dry out. There will not bc over
there, as there was last year, rush Of
fine, dry wheat from the fields to the mill
ers TO ill up the demands usual at this
season. Then there is no bankrupt stock
anywhere pressing on the market, no
"busted" clique here with 30,000,000 10
10000, 900 bushels, nor any busted clique
in California with 10000, 600 to 10000, 600
bushels more for sale ut any price Most
OF the Australian wheat ailoat is bound for
the continent, the Frenchmen having been
early buyers, as they always are when they
foresee their needs. The Englishmen must
buy somewhere, and IL is not easy 10 see
where they can buy except here. But IL is not
necessary to theorize on this foreign short
age. II is only necessary TO keep informed
OF the foreign business going ON ut New
York TO be assured that this foreign de-
mand IL fact. The purchase Of the forty
and odd boat loads at New York today is
caused by the bad condition Of their crops
and the knowledge that their new wheat
will not be available for months. II July
wheat had not been at premium here a
very large business could have been trans.
acted. About 500, 600 bushels could have
been loaded here this morning at about
the August price. There is every prospect
now that this year is going to be most
favorable one for this country; that for our
own generous crops we are going TO get, as
we did in 1879, fairly good prices"
''ls there anything in the speculative
situation TO help along the influence o.
This cash demand on the pricep
81 think that there is a very large short
interest here. New York stock traders
especially those who operate from sara
toga, have bought stocks ON the big crops
and sold enormously Of wheat. They ex
pcct TO cover the latter in the big receipt,
OF new wheat. These big receipts, a.
have already explained, will not be real
lied. The farmers will not have III,
chance TO thrash and ship much unit
their fall work is over. The foreign de
mand Is pretty certain, think, TO keel
ahead Of the movement this summer"