Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1896-10-27
DOLLAR WHEAT IS IN SIGHT
Advance in the Cereal is Based on Solid
Foundation.
ENGLAND MUST NOW BE A HEAVY BUYER
stocks Arc Low md the situation II
One of Urgency, While America
Holds the Key to
the Market.

Copyright, 1896, by Press Publishing Company
LONDON, Oct. 26-(New York World Ca
blegram-Speoial Teegram.) wheat
market today was frmer than it was Sat
urday. feeling is beginning to assert
itself that the upward movement is based on
a surer foundation than the Produce ex-
change bears in London last week succeeded
in making 1t appear. A representative oil
the World had conversation today with
Mr. Rush editor of the Beerbohms Trade
List, the standard authority on the 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, almost for the first time on
record originated here, not in America. This
shows that 1t could have had nothing to dc
with any manipulation of the American
markets for political or other purposes. Its
cause is that after several years of abun-
dance 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 Australian crop Is pretty GER
tain to be a failure. and there is the eX-
traordinary fact that India has become
for the nonce, though to q small extent, an
importer. These things caused the recent
advance in prices The trade always goes
to extremes to start with. A reaction that
has occurred was to be expected, but the
cause of the advance remains.
The men of the most experience In the
London market believe wheat Is going to rule
at 35 shillngs (sS.70 a quarter Tor eight
bushels) at lelst, because II is now realized
in addition to the other reasons / have
given that 1t Is not possible to produce
wheat in Europe cheaper
WHY ARGENTINE DOES NOT COUNT.
Argentine does not count in the calcula-
tion because her crop cannot be reckoned
on until the end of November. 1t Is now
promising, but a week of bad weather might
spoil 1t altogether. If the Argentine crop
falls there will be excitement in the trade.
II II is a fairly abundant crop 1t Will pre-
vent much excitement. II cannot at the
best supply more than 100000 quarters,
which is bagatelle in the general move
ments of the worlds wheat. Besides, the
difference in gold premium means a loss
of from 8 to 10 shilllngs quarter against
the Argentine farmer.
1.-The continental markets follow us here
and until the present occasion we have
followed America For the first time in
years America now holds the key to the
situation. Every bushel of wheat America
can spare will be wanted in Europe. AZ
least 10000, 600 quarters Q60,000,O 600 bushels)
will be wanted before the season is over.
"If America could hold back the wheat
for month 1t would go up 10 shillings
$3.50 a quarter. But l suppose the Amer
lean banks do not consider wheat com
modify which Il is safe to give large
accommodation, so that the American trade
Is Obliged TO send wheat on as fast as 1t
can.
''The Russian shortage is uncertain, but II
is now assumed here that 1t will be 10000
600 quarters. We look forward on the WI lie
10 an active time, with considerable fiuctuI
tions. for the moment trade becomes brisk
the spectators will rush in and influence
tho market" BALLARD SMITH.