Polk County observer. (Monmouth, Polk County, Or.) 1888-1927, 1910-04-22
ALL WHEAT TO BE USED
MARKET WILL BE FOUND FOR
STOCK LEFT IN NORTHWEST.
Opinion OF t. b. Wilcox on the Present
Market and the Prospect for
the Future.

A market Will be fOunQ Tor all the
wheat left in the Northwest accord
ing to T. B. Wilcox, president of the
Portland FIGURING Mills Company,
who says the supply available is not as
large as some people declare. Mr.. Will
cox believes that prices which have
been sagging for several weeks, are
now about at the bottom and that buy
ing will be resumed as soon as it is
clear that the lowest limits have been
reached. In discussing the present
market and the prospects, Mr.. Will
cox said:
"The difficulty is that on declining
market none will buy until he has to.
Prices in the Northwest were forced
by buying, by spectators chiefly, to a
point that was in excess of the value
of the wheat and out of line with all
the markets of the world. This was
mostly in anticipation of reaching the
high prices Of the year before, when
bluestem went to $1.25 and other
wheats to $1.10 and $1.15; but at no
time has the European market just
flied the extreme prices paid here.
"As usual, when there is a reaction
from extreme high prices, the tenden-
cy is to go to extremely low prices.
Whether the market has got to the
bottom is difficult to say, but prices
are now down practically to where the
market opened last September. Euro
pean buyers anticipate lower prices
but their prices today are fully as
high as during September and Octo-
ber.
Il do not imagine any great amount
of wheat is held by farmers in the
Northwest, nor do I find as much in
the country as has been claimed by
some experts. Estimates of 100000
or 12, 900, 600 bushels I consider exces-
sive, the probable amount of wheat in
the country being nearer half of that.
For ourselves, in view of the
knowledge that prices were excessive,
we have bought little or none since
January and have sufficient wheat to
carry us for the present. Prices can
not go down every day, however. and
the limit must be reached eventually
when buyers will take hold.
"At present we find little DISPOSE
most of the offerings being by specu-
lators
THE recent chartering was for the
purpose of unloading speculative
wheat and it did not represent recent
buying.
"As for the future of prices, the crop
conditions in Europe are not partic-
ularly flattering. The great amount of
wheat now coming out due to the
opening of navigation of the Black
Sea, has increased shipments some
what, but l doubt il the volume can be
maintained much longer. Unless
wheat production this year promises
to be considerably in excess of last
season, and indicates that production
has more than overtaken consumption,
l do not see much likelihood of lower
prices on the new crop than wheat will
bring today
"It will be five months or more be-
fore new wheat in the Northwest is fit
for consumption, and great amount
OF wheat Will DS COhSumcu III ehoN
time and wheat flour will be shipped
to California and countries where con-
sumption continues regardless of
price. On the whole, prices have been
too high for liberal exports to the ORR
ent, where rice has been a much
cheaper food and in abundant supply.
There are no ships available now
in Portland for exporting and so far as
| know there Is no demand for either
wheat or ships while foreign buyers
maintain their present attitude of alb
stention.
my European advices indicate that
the Continent will have still to buy
considerable wheat and letters today
indicate that the weakness abroad is
due entirely to the decline in Ameri-
can markets. l believe prices will ad-
Just themselves soon and that there
will be a demand and market for
what is in the Northwest as wheat or
-four, and that the new crop will be
in demand at prices not materially be-
low those that prevailed this last
year"