The islander. [volume] (Friday Harbor, Wash.) 1891-1899, 1896-11-05
WEEKLY MARKET LETTER.
Downing. Hopkins Co.'s Review OF
Trade.

Trade.
Portland, Or, Oct. 28.-A new era
of speculation has started, and lndlca-
tions point to better times in the grain
market. 1t commenced in wheat by
the foreigner taking hold, and now
that the prices are up nearly ~ cents
the outside public are commencing 10
take hold. Everything points to better
prices for the next six months, and the
bulls will have more than for years
There has never been SO large move
ment of grain as during the past
month. Accommodations are small COM
pared with the receipts. and they are
likley to cotinue SO, as the grain is
going into consumers hands IN the
east and abroad. Large purchases
have already been made and exports OF
coarse grain during September nave
never been exceeded, and October Will
show the largest movement for many
wears, The clearances of wheat and
-four alone were 16, 237, 900 bushels, the
largest this year, and also since Sep
tember, 1898, when they were IL, D.
900 bushels. Prices have been ex-
tremely low, wheat selling too low, In
fact, and depressing other grains. NOW
that wheat is up, other grains are SYM
p.thizing to fair extent, and are ex-
pected to do considerably better. We
have good supplies, which is fortunate,
as it puts us in position to supply
pressing wants of European consumers,
and exchange our surplus for their gold.
We need their gold more than the
grain, while with them it Is the re-
verse. With gold coming in and grain
going out, and with all the available
ocean tonnage that can be had up to
the 1st of February, and in few in
stances beyond, already engaged at
high prices, there is good reason why
buyers should not have the best of it.
This tonnage will have to be filled with
grain, so that the export movement up
to March promises to be heavy. The
present buyers of wheat are men who
are able to see beyond the borders OF
the wheat pit, and are basing their
operations ON the future more than the
present prospects. They are trained
operators of unusual ability and sue
cess, who make market, at times
when it is necessary by buying and
selling on scale that prevents con
gestion, and keeps it in healthy con-
dition. There have been times when
wheat advanced faster than in the past
six weeks, but it was due largely to the
heavy covering by shorts and the taking
off of hedges, and not backed up by
the cash demand, as at present. Mill
ers and exporters were not buying
heavily then. but now they are taking
the wheat rapidly. San Francisco
has been selling wheat for shipment to
Australia, Africa, India, and Liver
pool at rate that will soon clean up
their surplus. When they get through
the Atlantic ports will come in for
large business, and should the latter
continue at the rate they have been
going for several months it will neces.
state the free movement of all-rail
grain from the West. Parties in the
foreign trade estimate that between 49,
100000 and 5O,000,000 bushels of
wheat have been bought for export
AS it is held tenaciously for higher
prices, the buyers who come in now
stand a good chance of making money
without beng forced to hold the bag
for the foreigners, as the latter are in
the market to stay.