The morning call., 1893-08-29
FACTORS OF FOOD.
England Dismayed Over
a Shortage.
THE EUROPEAN TELEGRArIS.
Brokers Anticipate Heavy Demand
Upon the Surplus Wheat Crop
of the Country.

Wheat closed yesterday at 81 021s for
No. shipping. This is most discourage
ing figure for all concerned in the produc-
tion and sale of the cereal. and 1t does not
materially benefit the consumer. how
ever there is faint ray of hope OF better
prices, and the members of the local board
were in decidedly better humor yesterday
when the news came from Chicago that a
substantial advance had controlled
strong market.
English advices continue to grow favor
able, though they are yet SO indefinite that
the market has not been materially af-
fected by the possible acquisitions or the
United Kingdom.
A London dispatch. purporting 10 be
condens sed from an editorial in the Times,
says that the agricultural prospects oi
Great Britain are dismal, in consequence ce
of which that nation is more than ever
dependent upon foreign supplies. Inc
telegram then inconsistently adds
Great Britain will require at least 2S,-
0Oo,O00 quarters QS4,000.0 600 bushelsl oi
wheat from abroad"
Ii this were true the wheat market oil
the world would at once advance TO un-
heard of prices. The truth is that the
total consumption of Great Britain is only
28, 100000 quarters, and against TINS
amount must be placed the home product
of about 20, ,O00. 600 bushels (S,500,0O0 quar-
ters).
Brokers urge that il is too early to pre-
sumo upon such information, and that the
figures at best are only the veriest approx
nations. Egypt. Algeria, the Argentine.
India and Russia are all uncertain factors,
and their output. surplus or demand must
be carefully weighed before the yield OF
the United States assumes It's place as a
basis of British breadstuff supply.
The sale of No. l cash wheat at 81 a
GENITAL is surprisingly low figure. but It's
cause is explained by the assertion II only
arose because of the urgent needs OF cash
holders. In order to realize for Immediate
demands sacrifice had to be made. and
cash wheat dropped TO a cent poun0-the
lowest price ever known. IL has only par
TALLY recovered and sales were freely
made yesterday at 81 02R. December rose
to 81 1874 and closed at 81 13A, being we'll
held throughout the day. Operations were
active and futures were stronger. Men
who are buying December wheat at 81 13A
know that they are going to come out big
winners on the deal, and for this reason
futures have trengthened.
Brokers say they have not yet based
any purchases on the prospective demands
of the United Kingdom. An annual crop
report of the world recently published in
Vienna is of decidedly bullish nature,
but is so apparently inaccurate and incon.
sistent that It fails to influence the board.
In the first place its approximations are
based wholly upon averages, and therein
rests the basis for the opinion that it is
not compiled from recent re ports. 1t is un.
certain, also. as it gives the wheat Weld
of North America as being 362, 600 900
bushels, instead of figuring separately the
output of the United States and Canada.
The report says that the worlds official
average of wheat has decreased Goo, 600,
600 bushels, whereas a contrary condition
is expected, as Great Britain Is the only
great area in which shortage is autkori-
tatively announced.
''We must expect the local wheat mar
ket to remain depressed as long as the
Eastern money II arket is so dull" said an
extensive dealer yesterday. I'VE are gov
erned almost wholly by the New York
market, and until it improves we cannot
hObe for a material change in the local
tone. Ii is slowly growing better, aud is
positively certain to advance to reason
able rate, but we must wait until the Old
World looks over its bins and sees how
much it will need. We must not be in toe
wheat the world over. and is as good as
gold. Last week about 100000 bushels
of cash wheat were shipped. 1 think those
sales will cover all emergencies, and the
remainder can be held for what it is worth
| look for strong market after the ses-
sion of the International Wheat Congress
at Vienna, but we will not be apprised of
its results before thirty days"