The San Francisco call., 1897-08-24
Chicago I ouched to the Tune
Of Two Million by San
Francisco.
THE REACTION CAUSED BY THE
DESIRE FOR GAIN.
All Indications Are That the Prices Will
Take Another Jump Skyward IN the
Course Of Few Days.

moe rents are being demanded for grain
land and values are steadily increasing.
Many of the farmers who have been sum.
mer fallowing land will do winter plant
ing in order to realize sooner on their
crops"
c. Adler, who has watched the markets
of the world for years. said yesterday
evening:
''In editorials in the Chronicle and Ex-
aminer are some wild statements regard
ing the wneat yield o. the State last year
and this. 1t was stated that the crop of
last year was A, 900, 900 bushels and over
and is as large as this year. This is a
glarlng misstatement that should not be
permitted to go unchalle nged. The actual
facts are that this State raised just
$4,000 tons, or 27,919000 bushels, last
year. The best informed parties IN the
trade do not put it any higher this year,
aid one who should know best, having
the best means OF ascertaining true condi-
tions and who was nearest the correct es.
innate last year, places the crop this year
at from 7S0, 900 to 800, 900 tons. The Gov
eminent report of August 10 places it at
high.
There have been so many wild state
ments regarding the crop of the United
States this year that it is difficult to get
at the actual facts. One trade paper that
makes the crop 575, 600, 900 places the Cali.
fornia crop at 40,000,000, and if its esti-
mates OF other States are in line with this
they are not worth the paper they are
written on. If you will examine the Gov
ernment crop report for August 10, by
States, you will find that it is pretty fair,
even If 1t does overestimate California by
from 100000 to 100000 bushels. For
instance, Kansas is credited with 49, 900O,-
600 and the State report does not claim
any more than that. ! can't see where
any of the States are underestimated.
Since this report crops have deteri-
Grated decidedly in the Northwest, and l
doubt if any of the States will raise as
much merchantable wheat as is given,
the total of which is 400, 0O0, 900 bushels;
but even say that the United States shall
raise AIS, 600 QUO bushels, it is far from the
figures given by those whose means OF in
form alton are far inferior to those OF the
Government.
Now, SO far as the actual position of
wheat in the worlds supply is con cerned,
every one will concede that the reserves
have been run down to as low point as
possible. This will give US a clean sheet
to start with; no old stock and unknown
quantity OF reserves to hamper US. The
importing countries import when they
have fair stock and reserves on hand, bur
tLis year Russian, German, French and
Italian crops are far below an average, so
that the requirements of those countries
will be at least 400, 900, 900 bushels.
NOW, what can the exporting coun-
tries do during this crop year2 The
United States with AIS, 900 600 bushels
can spare from 100 0OO, 600 to 11O, 900. 900
bushels; Canada. 10000, 900. Russia with
fair reserves and fair crop exported last
year liz 600, 600 bushels, but how much
can she spare this year with the above
conditions reversed? Probably not over
70, 600 900. The Danubian countries ex-
ported out of their large reserves and ex-
ira large crop last year so, 000, ,000 With
reserves exhausted and a poor crop this
year they will not export more than 3d.
100000. Austria Hungary will be an i'm
porter instead of an exporter this year.
Other exports fr. m Australia, Argentine
and other countries will increase this 5O.-
000 900, making total of wheat to be ex-
ported from all the world of 800, OOO. 600 to
meet demand for 100000 600, making
deficit in the supply of the world of 13O,-
600 600 bushels"
Commenting on the wheat and cereal
situation generally from a standpoint
which takes into consideration conditions
in this market and wheat-producing coun.
tries, E. A. Bresse, prominent member
of the Produce Exchange, said yesterday:
"In Chicago there are but l, 500, 600 bush
els of wheat in stock. Shipments exceed
supplies each cay from SO. 600 to 1OO, OOO
bushels. The wheat there now has been
sold, and in order to fill Septemb Der con.
tracts it will keep many OF the railroads
busy hauling wheat from Kansas and
Missouri, as these two States seem to be
the only ones having any available sur
plus. 1t seems that corner could be
easily run in Septem Der wheat. l would
not be short of it under any consideration.
This is certainly not year for the shorts.
They are giving back all the money they
have made during the past five or six
years.
II don't think the result of this years
crop will exceed $40, 600, 900 bushels,
whereas 600, 600 600 bushels was the esti-
mate sixty days ago. The spring crops
have diminished fully 20, 100000 bushels.
The Northwest will yield about l20. 700. 900
bushels, one-third OF which will be what
is known as rejected wheat. The other
will be milling wheat. Minneapolis has