Omaha daily bee., 1896-10-25
BEARS STILL AFFECT TO FEEL EASY

| LONDON. Oct. 24.-(New York World
| Cablegram-Special Telegram.)-The fnan-
cial and economist journals OF London is
sued today generally express the belief
that. while there probably will be an even
further reaction in the price OF wheat all
the statistics available point to much
higher prices than for years back being
maintained. Both India and Australia.
which hitherto have exported wheat. are
now importing 1t, and the Indian famine
promises to grow more severe, while the
| failure OF the Russian. crop seems most Sc
| rious.
There Is" says one authority today.
| IAN extraordinary holding aloof OF Rus
sian sellers. The prohibition Of the ex-
porting of Russian wheat In 1891 is re-
called as perhaps being enforced again
now, though privately.
The Argentine crop" continues this
same authority, (which is rcaped in De-
cember is fairly well spoken OF, but IL is
not safe yet, and, in any case, the Argentine
supplies cannot have the same effect an
when the gold premium was between $50 and
300 per cent which was the case In 1898
and 1894 The present premium is In fact,
us per cent against 230 per cent at this
time last year, and 253 per cent In 1894
This difference In premium represents about
shilllngs per quarter on wheat. The
! question, how much India, in consequence
Of the famine, will require to import. has yet
to be determined. Already two or three
steamers are on the way to Calcutta from
California with wheat, and the outlook In
that later India will require a good deal.''
In fact, not since the general European
war, preceding 1916. has there been IN
such short period so great and sudden q
rise In the price OF wheat, and II is noted
that the upward movement began in Europe,
showing that 1t could not be in any way.
political maneuver In the United Staten.
BEARS ARE NOT WORRIED.
On the other hand, Inquiries made by
the World representative among individual
exporters on the London Corn exchange
today ELECTED very emphatic concurrence
in the opinion that the recent jump in the
price of wheat was excessive, and that a
healthy trading basis will not be reached
until 1t has fallen n couple OF points be-
low the present figure. The tendency of.
the London market always is to minimize
the Importance of such advances, and IL
Is averred that the possible failure Of the
crop In Punjaub is already fully discounted
On this point Samuel Woods, a recognized
leading authority, says that two years ago
famine in India seemed certain until
Christmas. when rains came and the crop
was saved.
THE recent raid on the market of India"
Mr. Woods observed, was organized and
executed solely by the firm of the Sassoons,
other great firms in the India trade, such
as the Rails, not being concerned In il.
This fact is held to show that the Indian
famine predictions are Illuminated chiefly
for speculative purposes. The Indian specu-
lativo demand has been satisfied by four.
steamers carrying $4,000 quarters, two OF
which have not yet been appropriated Nor
is 1t deemed probable that Indian markets
are likely to rise to a level warranting
any further shipment from here. Although
the autumn shipments from Russia are $780,
coo quarters below last year, this shortage.
is explained by certain dealers on the ex-
change by the statement that the large
supplies are accumulating at the shipping
ports, but shippers are waiting for a break
in freights. The apparent Russian short
age, according to these bears in wheat. will
be neutralized by an increase in the autumn
shipments from the United States of nearly
100000 quarters, and from the Danube
provinces of nearly 1906. 600, which In ad-
dition, covers the shortage from Argentine
TO date BALLARD SMITH.