The Providence news. (Providence [R.I.]) 1891-1906, 1896-10-28
1t is Justified by a Legiti-
mate Demand.
Countries on the Other Side
of the Ocean Need II.
The Key TO Situation in the Hands
OF Farmers of America.

London, Oct. 2S.-In an interview with
Mr.. Rush. the editor OF Beerbobm's
Corn Trade List. the standard author
ity on the English wheat market Mr..
Rush, who had just left the Corn Ex-
change. where he had ascertained the
views OF all the leading men In the trade.
said; This rise In wheat. almost for
the hrst time on record, originated here.
not In America. This shows that IL could
ha - had nothing to do with any ma
nipulation of the American markets, for
political or other purposes. It's cause Is
that, after several years OF abundance,
the people now recognize that this year
Is one OF ordinary supply
owing TO the previous abundance
everybody held aloof from buying, and
the stocks ran down. Besides, the Aus
tralian crop Is pretty certain to be a
failure, and there is the extraordinary
fact that India has become for the nonce,
though TO a small extent, an importer
These things caused the recent advance
In prices. The trade always goes To ex-
tremes 10 start with. A reaction that
has occurred was TO be expected, but the
cause OF the advance remains The men
or the most experience In the London
market believe that wheat is going to
rule at SO shillings ss75) a quarter. II
the Argentine crop fails, there will be
excitement IN the trade. III II is fairly
abundant crop, II will prevent such ex-
element. 1t cannot at best supply us
with more than 100000 quarters, which
is bagatelle i'm the general movement
OF the worlds wheat.
For the first time In years America
now holds the key to the situation. Ev-
cry bushel OF wheat America can spare
viii be wanted in Europe. At least 90
G00,000 quarters l60,0O0.000 bushels) will
be wanted before the season is over. IL
America could hold back the wheat for
a month,it would go UP 10 shillings ($2.5 500
n quarter. But suppose the American
banks do rot consider wheat a COM
modify on which IL Is safe TO give large
accommodation, so that the American
trade is obliged TO send wheat on as fast
as II can. We look forward on the whole
TO an active time, with considerable
fluctuations. for the moment trade be-
comes brisk the spectators will rush
In and influence the market"
Philip b. Shelton. secretary Of the old
Corn Exchange in Mark lane, in an in
terview yesterday. said, In regard to the
recent rise in wheat: Il certainly think
the demand genuine and the rise just
lied. A reaction Is probable. but IL will
be only temporary, and causea by peo-
pie having stock on hand being induced
TO rush TO sell. A number of cargoes are
already on their way TO India. Every
body is waiting. The shortage of corn
and wheat in India Will compel pur-
chases. The fall in price here was In
sympathy with the foreign markets.
believe that there will be wheat enough
brought 10 market In the next six months
to supply the necessities OF the world.
The absence OF the surplus of former
years has stimulated trade. The state
ments which have been made that there
is a manipulation OF the market to sup
port the candidacy OF Bryanin the United
States Is absolute nonsense Indecision
Is sure to characterize the markets until
confirmation IL received that India and
other countries have no reserve. as upon
former occasions. sufficient TO feed them
selves. This indecision is causing glut
in the European markets and a resur-
gence OF prices"
lhe Daily Telegraph says OF the de-
r1and for, and the supply 0f'wheat: This
stock of foreign wheat at the principal
British ports would not suffice to feed
the country for fortnight. 1t Is the
opinion of one OF the best known corn
factors in Mark lane that American
wheats will speedily rise With bang,
and that by Christmas. prices will be
much further enhanced During the re-
cent excitement, speculation In Eng
land and America was carried beyond
reasonable bounds. American opera
tions were decidedly Incorporate and
excessive, but In the market the opinion
is positive that at least proportion OF
the rise will be retained. and that the
area of low prices Is for the time ended.
The Evening Standard says that the
tendency In wheat is for higher prices,
adding: Only the tremendous effort in
the United States 10 hurry wheat across
the Atlantic, in exchange for gold. pre-
vented a much greater increase In prices.
and when the inrush is past there will
be further rise.