The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-06-20


els. THIS. in fine. is the wheat situation
today and Il is so extremely bearish in
tone and outlook tina; the Eastern Wash
fngtoa farmer. whose eyes bulged out a
few short weeks ago when he read of a
sale Oh the Sound OF 80 go bushels a. slelts
is cast down and filed with misg!vings.
When the bears succeed the bulls in the
wheat market every thing is ,rampled mer-
cilessly under foot. including the hopes OF
the man who is long on spot wheat. These
are not altogether infrequent in these days.
The Letter collapse is blamed for the whole
thing-'a burned mischief-maker' is prob
ably what the Palouse rancher would call
young Joe Letter II he met him by the
roadside or on his own premises
little over month ago the farmers of
the state contemplated growing crop that
promised TO excel any yield OF wheat in the
history of the state. including the really
phenomenal crop Of last year. while their
hopes rose high as the market price for
June wheat jumped upward in Chicago
and quotations at Seattle and Portland APP
preached the aliuring dollar mark. OF
course the present reaction has caused
some people to predict that this seasons
crop will not be marketed at more than Is
or GO cents at terminal points. but when It
is realized tina, bear news always goes 70
the extreme that bun news is pushed By
those who seek to shove prices upward
the situation does not seem SO bad after
ALL
The best-posted wheat men in the coun-
try aver that prices are now really lower
than the market justifes and that 1t is
simply the swinging OF the pendulum from
the top notch mark OF the Letter boom,
which was only &c be expected. Besides
that the bear story current throughout the
country that this years crop is 100. 0oooo0
bushels larger than that OF 1897 Is regarded
as an overstatement Of the fact, so that
gradual recovery is predicted.
IL this seasons crop is marketed at 20
cents per bushel at the warehouses the
Washington farmer will be in high feather.
II costs the average grower not to exceed
60 cents per bushel 10 raise whea. while
the heavy growers. those with from 2e0
10 500 acres and more in wheat can raise
crop for - cents per hushel More than
that. the Yield IL Washington averages
perhaps twice thar of some of the Easter,
states ana In spots IL goes three times
larger than an average Eastern crop.
Alexander Baltic, manager for Bafour,
Guthrie * Co. al Tacoma, who = enc c;
the best-poste1 wheat buyers In the coun-
Try, was In Seattle Saturday for a few
hours on business. THE present depressed
condition Of the wheat market" said Mr.
Baltic to Post-Inteligenccr reporter, lis
simply the result % the collapse % the
Letter boom ard the bear news which has
been spread broadcas. throughout The
country. One factor in the situation is the
fact that The crop IN this country promises
20 be considerably larger than that OF last
year. The enormous yiefda OF wheat in
Washington in 1891, il seems. is 10 be dupIl-
Gated by another big crop. Conditions IN
the nak0tas and In Minnesota and other
wheat -growirs states Of the East and mid
de West are very similar. 1t Is stated. TO
those in Washington.
'Of course IL IS 10 ne supposed that the
hears vii! have everything their own way
when the marke. goes TO pieces as u has
done under the tremendous pressure Of the
Letter collapse. ] do not look for any I'M
mediate Improvement. Il IL practically
impossible to predict what the price will be
when the Washington >ror is .i+rts.-e3
Il is safe to say that I. Will not be higher
thar 30 cents at the warehouses in the in
terror indeed. am not AZ all.satisfied thae
tire crop Will be sold for this figure. OF
course there are plenty OF circumstances
that may change matters so as TO send he
prize up again. though l have no hope
whatever that II will reach the dollar mark
again soon"
+. Card.n. local manager for the grain
yesterday: The hears haVe a.
The wheat market Just now do not hope
for any immediate Improvement In prices
II Is lust possible that the statement that
fhIs years crop IN the United States -
IfA.'s9(s9 bushes greater taan that Of last
year Is exaggerated II = bear news and
Of course IN time Ike the presen; all the
accumulated statements Of q heariSh char
actcr arc turned loose 10 send prices down
war, The price AZ which the Washington
cron VIII b., marketed is probiematicai
There are too many things 70 take into
consideration fer me or any one else %
undertake - preslic; what the price viii
be iva months hence"
There is no DENYING the fact that the
Letter boom in wheat. whirh extended over
4 period - fourteen months has put thou
sands of dollars into tAe poeke.s Of the
farmers X Washington. Daring the sort
;isne when wheat sold NJ s. e. the people
w'1o wanted grain Herf a. eager 70 bus as
ever. one Na.}a Walla grower came 10
the scuad during the period ~ high prices
win 'Al5o bushels - sell. lie was here a
Mex 0r more. ana quotations unsiar fhe
stimulus II :As reported saortarc in Cali
f-rnla s0t acting ia sympathy wiki ne
f9s1sa chicago market went ~ A notch
every Esz- Finally thls man 20; ready -
SET 1Ee Na& oTe-C<3 wt A. every one not a
feA,er ~ 1Ufd consider "a great Tr.ce. name