Press and daily Dakotaian. (Yankton, Dakota Territory [S.D.]) 1880-1889, 1888-08-29
lHE WHEAT CROP.
A Leading French Dealer Predicts Very
High Prices.

y
High Prices
Paris special: A leading member of
the largest wheat firm in Paris furnishes
valuable information regarding the
present crisis in wheat.
"We have foreseen this trouble for
weeks he began, SAND our conviction
as to the imminence of higher prices was
30 firm that month ago we began buy
ing large quantities OF wheat in Ameri-
can markets for which we paid moro
than the same article would bring here
in France. At that time many dealers
thought us mad. but they think 80 no
longer. We have at present on hand
about 1900 ,00G quarters, and we are still
buying. A month ago few houses were
able or wiling to risk half million
dollars on the truth of the pessimistic
prediction OF European wheat growers.
We were almost alone in acting on these
advioes. We have had no reason to re-
gret our action. This crisis is genuine
because the caraes producing it are
natural. Nor is the full magnitude OF
the deficiency of the wheat harvest vet
appreciated. Within the past few days
the reports OF growers eli over France
are to the effect that the threshing now
going on and which is the only real test :.
is demonstrating that the condition Of
things is much more serious than they
had supposed. The shortage in France
alone, ss compared with last wear. will
be not less than 5000 600 quarters.
This ls due, of course, to the rpprece-
dented bad weather with the continued
cold and uncessing rains. England has
hHaYf harHQr off A.
import this year an excess, at least, OF
1000, 900 quarters over her imports OF a
year ago. The shortage in Italy will be
5000, 900 quarters and in Germany 81
600 900 quarters, making in all Europe
q shortage of certainly 10000, 900 quar-
ters, which Will have to be supplied
from Russia, India, Australia and
America.
"Let us look, then at the wheat mar.
.kets in the different countries. The
Australian crops have been good, but
they are OF little Importance from their
limited extent. In India the monsoons
which were counted Oh to ripen the
wheat have been wanting, and unless
they spring up in Sepsember the Indian
crop will be o failure. Even assuming
this harvest satisfactory, Hindoo mer.
chants, with their characteristics shrewd.
ness. are disposed to hold back the
surplus wheat of last year, in expectation
of still further rise. Therefore, India
cannot be counted on at present to re-.
lieve the situation. There remains
Russia and the United States where
wheat crops have been up to the syerape e g
in spite of interested reports TO the CON
trary. AS said we began giving orders
in both these markets months ago.
Other French houses, more timid than
ourselves, began buying about two
weeks ago and within the last few days
there has been general rush for wheat.
So much SO that quite an excitement
has been produced in the United States,
where prices have already advanced
nearly 10 per ceat. In France the rise
has amounted to about % per cent. {
shall be greatly surprised il there is not
further rise in prices which, all things
considered, seems 10 me as yet cheap
l should have mentioned that, small as
is she European harvest, it is not even
satisfactory in it's quality. So much 30
that much of it will be unfit for any
thing bnt fodder. The demand therefore,
upon Russia and the United States will
be tremendous. 1 expect to see wheat
selling next winter at rise of 20 per
cent. There are, however certain reasons
why present prices may remain unohane-
ed for some months, that is, supposing
speculation does not force them up
premsturely. The chief of these reasons
is the fact that the farmers of the conti-
nent being, as q rule In greatly reduced
circumstances, will be forced by their
immediate necessities to sell at once
their entire stock of wheat, holding back
none of it. This will produce tenn.
porary abundance, but il will be only an
illusory abundance inssmuoh as the
supply from this source will be totally
inadequate to meet the demand. These
small quantities OF wheat being once
exhausted the crisis will break out again
in its full entirety and prices will con-
tinue TO mount.