The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1899-11-04
FARMERS TOLD
TO HOLD FAST
ManipulatOn will Soon Be Forced
10 Let 20 on Wheat.
PRICES MILL THEN ADVANCE
An Inscriptions Combination Has
Been VictimiIing the Grain Grow
erS of the COnutry.

The wheat market was In much IN
same condition this morning as durin
the past several weeks, except that tn
arrival OF fresh patches OF figures con
cerning supply and demand and tn
prices obtaining elsewhere brough
fresh encouragement to the heart OF tn
bull Receipts are showing gradua
falling OF in many quarters, and re
ports from different sections Of tn,
country show that the farmers are dis
posed 10 sell pretty much everything
they possess, except wheat. which they
have wisely decided to hold until tbs
manipulation has been driven to the wal
and values are permitted to respond &c
the dictates Of merit.
The San Francisco Bulletin has all
along persisted in the contention that
gigantic conspiracy had been organiz-
ed against the American farmer by a
clique OF Chicago spectators. and that
our wheat has never had a fair chance.
In England. for instance, in the face Of
increased receipts. the English farmer
has been getting an advanced price for
his wheat. On September 3 the wheat
receipts were eSeO0 quarters; 18th. So
800: 23rd. $500; 2Oth, 1900: Oct. 7th,
71.io0; 18th. 5000; 2lst. 64.2OO: 2Sth,
$500. The respective prices were 25s
Sd. 25s I'D. 25s I'd. 25s Sd. 2Ss, as 50. 2Ss
I'd, 2Ss Id. So that it will be seen that
the price in the United Kingdom has
gone up between September and oc-
tober 2S from 35s sd to 2Ss Id, while in
America, between these same dates. the
price has steadily declined. There is
no bear so hardened as not to be able
10 see the force OF the argument set
forth here, and so stubborn as not to
admit that INSCRIPTIONS manipulation
has kept the price down.
The last issue Of the London Statist
to hand contains the following regard
ing the wheat situation.
The actual outbreak Of hostillties in
the Transyaal has had less effect upon
the wheat market than did the antici-
pations Of war The demand has. in
fact, been extremely limited in charae-
ter during the past week, and prices
show little or no change. There is,
however, a decided firnness on the part
OF holders, who offer very sparingly for
shiT ment; from Russia, in fact, there
are practically no offers Of wheat"
The statement regarding Russia from
so reliable a source as the Statist, upon
whose opinion so many operators de-
pend. should settle for all time the ar
gument advanced with so much empha-
sis and frequency by the bear element
regarding the great Russian crop"
The prodigious crop in Argentina, too.
has had much effect upon the market,
although as a matter of fact from a
broad standpoint there is no reason why
it should be so. Argentina is but a fac
tor in the wheat question. Up to Octo-
Der 18th she has shipped about 56,0OOOOO
bushels to foreign countries, while it
is estimated that about two million
bushels or less, say 100000 bushels
will be available before the new crop.
But inside Of ten days this entire bal
ance viii be gone, and then the Argen-
tina argument will have become a thing
of the past. So 1t is with all the war
arguments; they're gradually wearing
out.
Prices have struck rock bottom, and /.
many brokers are wisely advising Gus /
toners to wade in and buy wheat while |
it is 50 low. The upward change will !
appear in ten days or two weeks at the |
outside.
A very interesting reference to India |
in the statlst. 1t is this:
"A somewhat rare feature in the trade |
which has recently been brou~' to
light is the demand for foreign VIII at /
and maize for India, in which country |
prices for grain are considerably higher |
than in this country, partly owing 70
the fear Of famine. end partly TO the
fear that the next wheat crop, for which
sowing ought to be now in full swing
may also prove to De a failure. Quite
lately two or three large parcels Of
Australian wheat have been bough:
for direct shipment to India, whilst dur
Ing the past week two full steamer car
goes Of maize-one from America and
)ne from the Danube-have been pur-
chased for Bombay at prices about Is
above our level.
A Simla, India, cable says: IT is
estimated that the present famine will
affect a larger area than that of 1875
It is likely to ne much more severe in (
vast tracts Of western India"
The ST. Louis Republic says: The es-
Innate Ct the Russian wheat crop. MAX
ng total Of 392,OOO,0OO bushels. Is GER
-ainly very interesting cae. During
ne Tour years ended with 1897 the av-
rage crop in Russia was a trlne under
IOO,OOOOO0 bushels, and the total exports
Lverage about 125,00OOOO. Last year the /
'rop was officially placed at 456.OOOOOO
bushels, ard the total exports were
3,2OqOOO bushels. This year the exports
or the two months ended September 30
ave been 100000 bushels less than last
'ear, promising even a smaller total