Omaha daily bee., 1888-05-09
they alone might open path through this
tangled thicket.
A MEMBER OF PARLIAMENT.
SETS THEM THINKING.
London Opinions on the Reported
Shortage of America's Wheat Crop.


tCoppiOht 1883 bv James Gordon Bennctt.l
LONDON, May S. New York Herald Cable
Special TO The BEE. THE article about
the shortage of the wheat crop in America,
published in Sundays Herald European edi-
tion, is raising a little storm among dealers
on the Mark Lane ralto and stock exchange
Mr.. w. M. Deverall, of Mark Lane and the
Baltic said; 1.-THE shrnkage of the winter
product will be neutralized by the increase in
the spring wheat territory. Some six years
ago the bulk Of wheat in the United States
was winter wheat. However, this has grad
ually changed to making spring wheat the
leading feature over here. The trade
seems skeptical about the reports, knowing
from experience that the damage done the
crop as early as April can be rectified by fine
weather from May to harvest time. The
strongest feature is the backwardness Of the
season on both sides. This, coupled with an
unusually light, visible stock both here and
over the water, may be sufficient to neutral
ize the small speculative demand, and this is
really what keeps the price so steady here.
Trade is demoralized. The and-to-mouth de-
mand for grain keeps the market apathetc,
and l do not look for higher price unless
something unfavorable happens"
Mr.. Moroney of the Baltic, referring to
the shortage, said ~ think that the re-
ports must be exaggerated OF course there
is some coloring in the rumor but not to the
extent the reports make out. 1t seems
absurd to Judge now because the season has
been backward and there is a long lapse of
time left, with favorable weather, to secure
decent and even good harvest. Our market
has hardened but the material advance is
owing to the Californian CROP We
are not dependent on the output
of -four in America, but on the output of
wheat. Barring California as regards mar
ket movements we can dispense with Amer
lean wheat altogether, but If the report is
true concerning the drought in California
and q deficit Of 45,000,0O0 bushels as COM
pared with last year, we may see wheat some
few shillings dearer ultimately, but as rule
London does not respond willingly to the
American markets"
Mr.. Seth Taylor, the most prominent
miller in Great Britain, who is chair
man of the London corn trade associa-
tion observed with differing opinions:
"There is, imagine, good deal of foundation
in the reported shortage, and If it is as bad
as the Herald says, it must materially affect
the price and will prevent millers from send
ing their flour to Europe, for on this ground
Illcy WILL uOb Stuuu CLdHCC VI COnDCtluS
with Russia India or Australia. Russia and
India are the two trump cards we hold should
shortage of As, ,000, 600 prove to be true"
However, Mr.. Seth Taylor pooh-poohed
the idea of anything like panic, although he
admitted that the shortage may lead to very
stagnant markets.
One of the partners of Messrs Hannah g.
Co., whose American correspondents are
Messrs. Jones, Mccormick & Kennett, said:
ut was generally believed that the expected
failure in wheat crops is exaggerated, and for
one do not think that the deficit will be
anything like as large as reported. OF
course, should the prophesed shortage turn
out correct, we must expect higher
| prices all through, but the people
are inclined to be sceptical and
accept the figures at very large margin.
The small receipts of wheat shipped to
Atlantic ports, ranging lately from 5000 to
10000 bushels, would, naturally point to a
shortage, whereas last year it seems that the
receipts were seldom less than 100000
bushels. Owing to the scarcity of winter
wheat, corn as well has decreased in receipts
very much, but it is not too late for rain to
do any good"
Mr.. Thompson, of Messrs. Thompson g.
Co., said: "The matter is very serious and
prices will be much affected. Cali
fornia rules the market here, and
should the drought continue we shall
be compelled to fall back on Russia, India and
Australia, from whence the bulk now
comes.n
On the stock exchange several members
| were questioned, and the general opinion
| ruled that the shortage in wheat meant a bad
outlook. 1t was also suggested that the old
war rates would be renewed the moment the
price of wheat became affected.