Fort Worth gazette. [volume] (Fort Worth, Tex.) 1891-1898, 1891-10-01
MARKET FOR OUR CROPS.
EUROPE LIKELY TO NEED ALL
OUR WHEAT.
This viii be a Banner Year in the History
of the Export Trade in the United
states Cotton Unsettled.

pears to be no controlling element in the
wheat market at the present time; both FAC
tons are equally nervous and the trade in
general seems totally at loss to know eX-
actly what to do under the existing clrcum-
stances. If the public were in the market
to any great extent, the condition of affairs
would be different, for they are as rule
believers in wheat and business from the
outside would undoubtedly mean prlSk
speculative demand and bull market. As
II is, however, the professionals are prac-
lically left to themselves, and, as their SEN
timents are usually shOrt-lived, their trad
ing IS spaSmodic, and il makes little
difference on which side of the market they
make their turns so long as they make
them. AS a consequence the fluctuations
during the week have been extremely ir-
regular, with the market for the most part
in d nervous and uncertain condition. In
the early part Of the week there was con-
siderable feveriSh covering by the shorts
on i sharp advance in the Liverpool mar
ket, and a rehash Of the subject, Starving
Russia Continental markets, however,
did not respond TO the strength in English
markets, and as consequence prices here
dropped back to their old figures, with
Russia still starving. The next item of
news was the announcement of the suspen-
sion OF S. Y. White & Co, which was the
means OF breaking the corn market wide
open and bringing wheat down with 1t,
though llOJ 10 Ille cSlcIlL OF over = ccHLS per
bushel. Considerable long wheat was
thrown on the market ut this time, and ii
was thought that large portion of 1t was
for the account Of the suspended firm, BUTT
was afterwards learned that their interest
in the wheat market, if any, was insig
uicant. The traders, however, lost no
time III taking advantage of the occasion too
pound prices, and the effect of Their tenn
porarily bearish proclivities was aided by
easier foreign markets, some European
selling, and later III the week reports OF
large exports Of wheat and rye from the
Black sea ard numerous freight engage
meuts at the same place. Renewed activity
in the money market also made itself felt.
The weather III present is still a very I'M
portant factor in the market, and for the
last week or ten days Providence seems to
have favored the bulls. Extremely wet
and stormy Weather in Western Europe
and the United Kingdom is said to have re-
suited in considerable damage to crops, COM
ing at time when the reverse is needed
for the successful gathering in of the har
vest, and at nome the weather IN the West
has been toe dry for the sowing OF winter
wheat, which operation is in consequence
being delayed and may mean rather late
CroDsaeXt year and possibly Il decreased
acfeage: still, prognoSticationS Is to next
year yield are hardly in order as yet, al
bhough the practice in speculative circles
FOL ulStbNHLlUg COlili4lS Ghtiiio lAStS DiOus III
the matter into some prominence. The re
ceipts at interior points have fallen off some
during the past few days. but the country
movement IS brisk. ana they are expected
10 increase again shortly. These arrivals
from the lst of July to the middle of Sep
TENDER have been 81 80 OO9 bushels against
-, 1I2 O0O bushels during the same periQI1
last year, but owing TO the heavy exports
our visible supply is only about G,OOOOOO
bushels larger than it was last year at this
time being "a 81. GA bushels against IL
90 i39 bushels in 1880. These exports con
tinue at large figures, and although the
the seaboard are somewhat
smaller than they We're last week there is
little or no falling off in the engagements
Tor Shipment The European situation I'M
-dergecS no improvement, and in view OF the
extremely unfavorable conditions abroad
this viii undoubtedly be q banner Year in
Ae history of the export trade in the United
States. Europe is likely to need as much
wheat as we can spare this year. and the |
season is bound to be an active one ia the
speculative market, with rapid fluctuations, |
and the general course of prices in the long |
run in favor Of the bulls; but the market
must be watched closely in order to take |
advantage of the breaks
20 Com-The corn market has been the |
cynosre for all eyes during the week,
owing to the sudden and unexpected termi- |
nation OF the deal which was being carried
on by the clique. The unfavorable weather
which until lately has existed in the corn belt
was the means of inducing farmers to hold |
back their old corn in anticipation Of higher |
prices on the new crop, and this condition |
of affairs was utilized by the clique as the |
basis of bull operation and 4 prospective |
corner in the old crop months. 1t was gen |
erally thought that they owned 4 sufficient |
q vanity of the ola corn throughout the |
country to prevent disaster to their schemes |
through free deliveries on sellers con- |
tracts. and in their own good time would be |
enabled to put the screws on TO shorts with |
no little success. The long period of fine |
growing weather, however, disguised hold !
CTa in the interior. ard resulted in the mar |
lyating of heavy lines of corn. which the |
clique was obliged to receive and pay for. |
The quantity OF the receipts was such as to |
dismay the parties running the |
deal, and as they We're unable to stand the |
pressure financially, they were obliged to !
throw over their load, which resulted in theft
sharp break in prices. The invisible suls
ply was much larger than had been countedA,
on, and as one critic expresses it, is an ess
ample of what monumental liaEShs the
Western farmers can be when giving an ac-
count OF the stocks on hand. At the decline
there was some covering by shorts to take
profits. and this with the good export de-
mand brought about an unexpected reac-
ton, but it was of short duration, as re-
newed liquidation by the longs caused the
market TO again become heavy.
Provisions have enjoyed fair amount of
activity, but the course of the market has
been generally downward owing TO the
Y eakness in cereals. The failure already
referred 10 had very unsettling effect, as
the house was credited with being long of |
pork. and some of the large traders ham
mered the market III anticipation of free
liquidation. There is good foreign de-
mand for meats at present, and there has
been quite q reduction in stocks at the
West, but the packers are inclined to be
bearish selling freely on every bulge, and
receipts of live hogs show no marked fall
ing OF.
Cotton-The cotton market has been very
irregular and erratic, with the tendency
vances in the face of bearish surroundings
and exhibiting remarkable recuperative
powers after each break. The port re-
ceiptS exceeded even those OF last year, but
they form 10 indication of the quantity to
follow, as cotton is being rushed rapidly to
market, owing to the general money strin-
gency in the South and consequent desire
to take advantage of the improved prices.
~pinnerS throughout the world have been
educated to the belief in low prices and
have made but few contracts ahead as COM
pared with previous years, but now the
opinion is spreading that the crop has been
'uJ of considerably, and large contracts
IRE being made for future delivery. The
'CUp accounts are conflicting, but on the
whole show no improvement, and the pros
leCtS are against anything like full Weld |