Pullman herald. [volume] (Pullman, W.T. [Wash.]) 1888-1989, 1921-02-25

en- there is a formal arrangement be-
tween the nations of Europe to this
effect. It is futile to scan the daily
! expectation sheets for evidence OF
such understandings. Competition he
tween the buying nations of Europe
would be injurious to them all it IS
/ to their mutual interests to break
/ foreign prices. Under these circum-
stances it may be assumed that Euro
pean buying is to some extent so con-
Quoted as to tend to lower the price
OF wheat of this country. The even
ness OF the flow OF export wheat sug-
gosts a program in importation and
speaks against active competition be-
tween European buyers. The British
have been accommodating wheat re-
serves for months, in anticipation OF
the possibility of the strike of the
coal miners. Should this strike pro-
ceed to such lengths as to make
bunker coal scarce, that would have
a disorganizing effect on the food
shipments of the world for months to
come In any event the United King
dom can afford to import slowly I'M
til the crop of the Southern Hemi-
sphere comes in.
The sum of these influences has
resulted in extreme instability that
constitutes the basis for the erratic
and spectacular fall in wheat that
has occurred since early September.
With middlemen endeavoring to I'M
load wheat already purchased, in
order to avoid greater losses, the
wheat exchange has been a buyers
market at a time when the wheat
supply of the world would have justi-
fed a sellers market Naturally the
situation is made-to-order for the
sEeculator. MiIlers and exporters deal
in futures TO protect their supplies.
The wheat pit is the hedging market
for the grain merchants Of the world
The speculator buys aud sells for di-
rect profit Of trading The farmer
''''''' '',0'N MO " ''e'''' " l'l'i' mas inc
- - 90 10y ms '"'"ie Co. W iiii0
it may seem to serve the monetary in
tcrest Of the European to depress our
- - ~ ~ "'"'' NC ~ '''7 ut VI e
i'-l'iS ~ ueples9 ouI wheat acreage
Two factors operate in the inward
uIteclloh' tending to raise the price
o. wheat Inc Ilrst is the general
proposition, resting upon the realiza-
I'oh 'naI the world VIII need, by the
liiSt OF next july, all the wheat avail
able. The situation last year may be
c.ted IaIrIy IN Illustration, despite the
'acl that prices last year were con-
ifoiIed coth here and in the other eX-
porting countries. There was more
wheat available to carry the world
through the last crop-year than is at
','', Nv" " 'I''0' INC leu u'i ei'leiIVs
,,',.' 'l'1 p o's.''' ~ 0p e''i i'a9t May
',e-''' 0f0 - w q ? d DuSlei III IhlS
, - - >'''''0,' y. ,''o "e'pel a.
t.I..,- - - l ope > ''o1' - VI eau ne
-. '' ~ D"' " ''e',' at mat price IL
80 80 ~ "'oo 'i,'' ''e'pl'e "el ueploI-
49, ','',l' tI pug NJ : ~ opo 10 SUN
10'' ''0' SCH loieeu' "
~ rs = p ,oe' 40, ''e'o grams "he"
aaota1 -, 90 ~ ~ " 81 " s7''iiS.
$500, N,''o' ~ 'o' op' WIZ "eeo
,',',' co NC 'uS' do O'ulS neA'
.,..l.'7 60 7i'1 VI" i . Sp'ins' Inc
.,, ,ro1 w.. 80, cue ~ mel anu SFo"er
- :; : INC , o"9", pSy '"oioSy 'naI wheat
aa.5 ~, Zoo ~ ''8e,i ''i''onS grams
-, ,,'.' 'l,,', 'oo''e' u '"'e' 'he "ofla
- " 80 may O7 eNpecIeu 10 as
r,, ~ . ms Ia 0ppo'','on 10 the cur
,-a.,s ,.i. p'' 'iioiosy' me
49," PlANN VI wheat may De larry