The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1892-02-11

W. @. Press & Co, Bankers & commis-
sion Merchants, Nos q and 4 Sherman
Street. Chicago, in their last special mar
ket letter say: The condition Of our wheat
market during the early part OF the past
week was decidedly unfavorable for specu-
lative holders in consequence of continued
discouraging foreign advices, and until
the situation abroad developed strength
in their markets, which finally turned
on reports of prospects of another Rus
sian crop failure, about the only factor af-
fording comfort to the bulls was the con-
dition of the trade in spot property which
reluctantly followed May in its down
ward course. The change in sentiment
abroad, however, was quickly reflected
here, resulting in marked improvement
in the speculative demand Stocks at
home and abBoad have begun decreas-
ing and as soon as the reductions be-
come large enough to suggest a rapid
depletion in available supplies unless
provision is made for their replenish-
ment, foreigners may be relied upon to
renew buying on larger scale and reestab-
lish confidence in current values. While
the weather during the week has been un-
favorable for free marketing of grain, by its
effect on country roads, it has not adversely
affected the condition cf the growing crop,
but few complaints Of additional damage
having been received The amount put
ahoat for Western Europe by all exporting
countries is decreasing, the American and
Indian shipments showing material falling
off. The movement from the latter country
which has exceeded the early estimates is
not likely to again increase before their
new wheat is ready for market and may
not then prove formidable, for the yield
promises to be fifteen per cent. below that
Of the previous crop. Foreigners are still
long a large amount Of May wheat in our
market which is protected by liberal mar
gins, and as they show 10 signs of funeasiness
it is quite probable that they intend receiv-
ing and shipping the grain when it is deliv-
cred on the matured contracts, repeating
their operations of last July and August
when the magnitude of our crop induced
Tree short selling, and resulted in the dis
comfture Of the over confident sellers.
The corn market has absorbed the at
tention of a greater number of traders and
has frequently exhibited signs Of inherent
strength and Independence, being unusually
free from the sympathetic influence OF
wheat. The continued export demand and
the absence of the usual amount Of cribbed
grain, are the chief bull arguments although
the meagerness of the receipts of contract
corn exerts no small influence in the same
direction. AS in wheat, the strength
thus far lies in the demand for the spot
property and nearer futures in which the
short interest is large enough to render
squeeze possible if the quality shows no
marked improvement. The quantity in
specting into the contract grades is insignfi-
cant, and as there is practically none of
the crop Of 1890 remaining in the country,
there is no prospect of improved inspection
save through dryiug out of last years crop.
The demand for oats has been quite ur-
gent the most activity being manifest in the
sample market, although there was at times
fair degree of speculative interest appa-
rent. The outward movement would be
much larger if the grain was obtainable and
transportation could be secured. The diff
Guilty in securing cars for Eastern shipment
is curtailing the outward movement of all
kinds of grain, but is the most embarass-
ing to shippers Of corn and oats. Should
country roads improve and the movement
from farmers increase, the difficulty may
not be removed until the opening of lake
navigation.
Provisions have also shown signs of great
independence and the buying on all Veac-
tons has been sufficiently large to prevent
serious declines, the larger packers at times
buying heavily. The receipts of hogs have
notbeen oppressive and packing returns show
gradual decrease in the number slaughter
ed. 1t is claimed that the returns for the re-
mainder of the season will show a gradual
falling off in comparison with those of last
year, and as packers now are more interest
ed in product than IN hogs they naturally
favor high prices for the former. There
are several large local traders who have
successfully worked the long side for some
time who also support the market on the
weak spots rendering it difficult for bears
TO more than temporarily depress values.