East Oregonian : E.O. (Pendleton, OR) 1888-current, 1915-03-15
EUROPE MUST
HAVE WHEAT
(saturday,s Market.l

AFdiuIuay mhIktl.J
PORTLAND, Ore.--1his has been a
very erratic week in the local as we'll
as eastern and foreign grain trade. VAL
ues have been soft and strong By turns
weakness forcing losses while strength
contributed 10 the advances.
The confirmation Of t,ir sinking OF
the American ship Frye. which sail
ed from the Pacific northwest. by a
German cruiser, caused some little ap-
prehension among financial Interests.
especially those that were backing
grain exporters This apprehension
at times looked as II II would hamper
operations In the market
The apprehension was due entirely
10 mislnfOrmatiOn or lack OF infOr-
nation. The fact remains that grain
exporters are we'll protected on all
shipments by the placing Of both mar
inc and war insurance. The losses
financially fall upon the Insurance in
terests.
The sinking Of the grain ships real
y should create benefits for the wheat
market. inasmuch as every ship that IS
sunk means that much grain will have
to be purchased by the foreign inter-
ests TO take its place.
Europe Wants Supply.
Notwithstanding the war reports
that the allies have forged ahead In
their fight for possession Of the Dar-
danelles 1t remained a fact that even
the British trade Is not optimistic re-
garding the early opening Of the straits
TO navigation. The announcement of
the Russian government that II would
not allow expectations Of grain was
another bomb in the ranks Of Euro
pean wheat buyers.
The published report of the United
States department OF agriculture
showing much larger stocks Of wheat
on the farms than any OF the trade
can discover, together with the report
OF Canadian supplies. did not fill the
foreign trade with hope. Even at the
best II will be impossible for the Uni
ted states and Canada combined to
furnish Europe with over 100000
bushels OF wheat weekly during the
remainder Of the season while it is a
known fact that requirements are
fully 10 100000 bushels under normal
conditions and present conditions call
for more supplies than usual
other Wheats Necessary.
This will make It absolutely neces-
sary for Europe TO secure most Of its
grain supplies outside North America
Argentina and India must be relied
upon for at least 6,000,Ov bushels of
wheat weekly. OF this amount AT.
gentina must contribute most because
Of the known shortage in the Indian
crop. Under existing freight condi-
tions it is scarcely probable that Ar
gentina will be able TO deliver the
goods needed even though growers
there were free sellers of supplies.
There is no mistaking the trend of
the wheat market of the world for
the future. While excessive shipping
rates and scarcity of tonnage will
have much TO do with the naming of
prices. it is not likely that wheat prices
can recede to any considerable extent.
China Needs Supplies.
China has entered the Pacific north
west market for wheat supplies and
urgent inquiries have come from there
for immediate delivery. California is
still calling for wheat here and local
millers-aside from the larger insti-
tutions have none at all. Therefore
there is every indication Of a forth
coming scramble for the limited sup
plies still available here.
Europe is calling for oats and bar
ley again. some shipments of the for
mer again passing from California.
That state is selling rather freely and
unless the movement is soon stopped
which is unlikely it means that the
southern state will be compelled to
come into this market for its home re-
quirements
Glover Seed-Buying price: Nomi-