The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1896-10-29
WHEAT TO STAY HIGH
Leading Authorities in England
Expect Advances.
MAY GO TO ONE DOLLAR A BUSHEL

lea Holds the Key-Thc Present situation
Results from Natural Causes--American
Farmers Advised Not to Rush Their
Wheat into Market.
London, Oct 29.-Mr. Rush, editor or
Beerbohm's Corn Trade List, the rec
ognized authority of the market. says
the recent advance in wheat will be
maintained, that the present slight re-
action in prices is only temporary, ana
that men of widest experience In the
London market believe that wheat Is
going to rule at 35 shillings a quarter.
equivalent to nearly $1lo bushei. Mr..
Rush also stated that the story OF the
advance in prices being due to politi-
cal manipulation was simply absurd.
as a consideration of the various
sources of supply and the conditions or
demand would show. The rise began
in Europe and not in America, ana
was caused by a recognition or the
| fact that after several years OF great
| abundance this one OF only ordinary
| supply. Mr. Rush was interviewed on
| this subject just after leaving the corn
| exchange, where he had ascertained
| the views of all the leading men In the
] grain trade. and thus checked his own
| information and advices from all parts
| of the world In discussing the sub
1 feet of the recent advance In wheat,
| the slight reaction from the highest
prices of a week ago, and the pros
poets of the future. Mr.. Rush said:
| Due 10 Natural Causes.
This rise, almost for the first time
on record originated here, not In Amer
lea. This shows that IL could have haa
| nothing to do with any manipulation
of the American markets for political
or other purposes. Its cause Is that
after several years of abundance the
people now recognize that this year is
one OF ordinary supply. owing 10 the
aloof from buying wheat, and the
| stocks ran down Besides, the Aus
tralian crops are pretty certain to be
| a failure, and there is the extraordi-
nary fact that India has become foI
the nonce, though to a small extent ar
| importer These things caused the re
cent advance in prices. The trade al
WAYS goes to extrems to start with. 4
reaction that has occurred was TO o'
| expected but the cause of the advance
remains.
, Dollar Wheat Is Expected.
.Tbe men of the most experience II
, the London market believe that whea
, IL going to rule at 35 shillings 1S.75)
, quarter teight bushels In quarter
, | because IL is now realized in addition
; To the other reasons 1 have given, tina
. n is not possible to produce wheat Il
; | Europe cheaper. Argentina does no
count in the calculation, because ne
! | crop cannot be reckoned on until TN
| end of November. IL is now promising
. but a week of bad weather might spo
. IL altogether. If the Argentina GRO
fails there will he excitement In TN
|, trade. If it Is a fairly abundant Gro
IL will prevent sub excitement IL can
not at best supply us with more ina
5000. 900 quarters, which is bagateii
:. in the general movement OF the worid
: wheat Besides, the difference In gol
/, premium means a loss of from to
e shillings a quarter against the Arsen
: tine farmer. The continental market
r. follow us here and until the preser
n occasion we have followed America
: Tendency to Higher Prices.
IS For the first time in years Americ
Is now holds the key TO the situation
10 Every bushel of wheat in America tina
le | can De Spdrtu VIII oe "oi'sSN 80
t. rope. At least 20,000,000 quarters Q6o
d OOO. 900 bushels) will be wanted befol
l. the season is over. If America coul
,e hold back the wheat for month
would go up 10 shillings $3.50 qua
ter. But I suppose the American banl
do not consider wheat a commodity {
lie which il Is safe to give large accomm'
he dations: so that the American trat
l. Is Obliged to send wheat on as fast
Is n can. The Russian shortage is III
e. certain, but IL Is now assumed ne
D. that IL will be 10 100000 quarters.
10 look forward, on the whole, TO an
e. tive time, with considerable fuctui
In tions. fro the moment trade becom
r brisk the spectators will rush In al
'e influence the market.
America Holds the Key.
The Evening says that the tenden'
in wheat is for higher prices. The IA
al ure in India" says the paper, Will
a vert Californian and Australian whe
n from Europe there. Only the tremen
-, ous effort Of the United States TO hur
vs wheat across the Atlantic In exchan
10 for gold prevented much greater ]
-, crease in prices, and when the inru
a. is mast there will be further rise.
"A At the Baltic Tuesday morning bu
ness in wheat was very duh ana I
tendency was toward easier pric'
of business closed dull, at mostly Sd 10
or er than the day before. A cargo
he | Walla walla wheat sold at S2s ana
n cargo of oregon at 35s 80.