Omaha daily bee., 1896-11-01
HEAVY SHIPMENTS ALREADY DISCOUNTED
Stocks Afoat Will Soon Be Taken by Millers
and Dealers.
INDIA MUST SOON BUY MORE GRAIN
London Market Authorities Give Their
Expert Opinions of the Present
situation Conccrning the
Whole World.

Copyright 1896. by Press Publishing Company
LONDON, Oct. 3l.-"I am convinced that
wheat will rule at 35 shilings a quarter
during the best part OF the season, and
II the Argentine crop is nipped it will
go still higher" said Mr.. Rush, the editor
OF Beerbohm's Corn Circular to World
correspondent today. Mr.. Rush is thoroughly
in touch with all the leading operators and
is an expert Judge of admitted authority.
81 consider that the position has be-
come stronger" he went on, "and that the
present fluctuations are merely momentary.
In the last few days, in fact the probability
OF severe famine in India has increased
and our cables today serve to accentudtc ;Gat
expectation. The market is getting rid Of
the weak speculating element which rushed
in last week. When that is done Business
will begin on sound basis with a
progressive rise In prices
Some business was done on the London
corn market today. Prices were quoted a
cent up from New York, but there We're
no offers. Frank Wilson, the head Of the
firm OF Mongredien Milerby & Co., known
not only as n dealer in grain in large
way hg: as one OF the ablest defenders
OF England's free trade policy and as a
high economist authority, speaking the views
OF tho firm, said today:
Although | believe the wheat market
will be active for the coming winter and
spring seasons, still l doubt IL prices will
reach the average high level generally i'm
agined. / anticipate that 80 shillings a
quarter will be the ruling price although
l know a good many auth orites IN the
tbat u
bo nearer 30 shillings.
PRICE WILL BE HIGHER.
"As to the Russian situation / under
stand that there are large reserve stocks
which the holders have kept of the market
hitherto, hoping for better prices. do
not think India will be an Importer 20
any appreciable extent and barring acci-
dents, we should get large export from
Argentina. But, though In my opinion the
outlook has been painted in over rosy coors.
still there is no possibility of wheat soon
relapsing to the prices to which II recently
fell. II is realized that II cannot be worked
at such prices and on that account, though
there may be violent upward fluctuations l
do not think the average figure will be
below 30
Mr.. Woods the editor Of Dornbuch's Cir
cular, said Stocks are below what they
ought to be anG what they have been for
many seasons, and the large supplies now
on the way to Europe will disappear almost
as soon as they arrive, because Of the re-
duced stock in the hands of millers and
retailers. The failure OF the Aus'rIlian crop
is now certain and the India famine may
exercise a great influence on the market II
the present gloomy anticipations are real
lied The normal requirements of India are
27 100000 quarters. The crop harvested last
March was only 22,5OO,OOO quarters So
there is n present scarcity as we'll as a
prospective famine. II the next crop fails,
as predicted or even reaches 100000
quarters then India must become quite a
largo importer of foreign wheat. This posi-
BILE Indian famine in fact is fraught with
possibilities for the wheat market, which
may astonish everybody engaged therein"
may add that Mr. Woods is an authority
second to none on the London market.
BALLARD SMITH