The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1892-01-14
SPECIAL MARKET LETTER,

W. G. Press & Co., Bankers & Commits
sion Merchants, Nos. and Sherman
Street. Chicago in their last special mar
ket letter say: The revival of speculative
interest in Stocks, Bonds, Grain and Pro-
visions which was so generally predicted
before the advent of the New Year was
manifest in securities as soon as the holiday
festivities were over, and has since increas-
ed in intensity under the influence of ad-
vancing prices, but in grain and provisions
the absence Of outside interest during the
first business days of the year disappointed
waiting holders, who at once began dispos-
ing of their property, causing a general
feeling of weakness and a reduction in
values. As usual the interest centered in
wheat which declinded until longs who,
unable to protect their trades, and those
who desired to limit their losses, sold out
and it became evident that the offerings
we're being steadily absorbed, when a re-
action began which inspired bulls with
renewed courage and enabled them to
steadily enhance values and broaden the
market until the public evinced a DISPOSE
tion to again enter the speculative arena;
but before an entire restoration of conf
dence was assured the unexpected promul-
CATION of the Official Report of the Depart
ment of Agriculture at Washington, stating
the area and yield of the crops Of 1891 in
measured bushels, blasted the hopes of
bulls who again FASTENED to sell out, and
embolden the bears who attacked the mar
ket with vigor, and a courage born of sue
cess, resulting in another decline which
was rapid enough to bring out long wheat
freely on top orders and exhausted margins.
The report, which was responsible for the
break, shows the area of wheat to have
been 3o,6G9, S97 acres, and the yield OIL
$50. 900 bushels; of corn 70, 2o4SI5 acres,
and the yield 1000, I54 900 bushels; and
of oats 25,SSI ,96I acres, and the yield 1885,
3o4 900 bushels, and while showing yield
of wheat considerably under the estimate
of chronic short sellers the figures were
much larger than the trade generally ex-
pected. With such an exportable surplus
as this report indicates, the requirements
of Europe and the condition of the growing
crop become factors of the greatest import
ance, for on the prospects of our next har-
vest will depend the freedom with which
farmers market the remaining surplus, and
on the necessities of Europe must its dis
posal depend. The past week has been
rather unfavorable for the growing plant,
but not sufficiently so as to cause increased
damage. The Agricultural Department is
authority for the statement, that it is in
poor condition to withstand severe winter
weather without being we'll protected by
snow.
The corn market, which naturally re-
spends to the fluctuations in wheat was
less affected than the latter by the Official
Report, although the yield was somewhat
larger than previous reports had indicated.
The better service rendered by railways in
its transportation is apparent in the liberal
l.. .N,N l. Al. i
mestic and export demands. The scarcity
of breadstuffs in Europe which necessitates
the substitution of something for unobtaina-
BILE rye, is creating better demand for our
corn, which is proving to foreign consumers
its value as a wholesome, nutritious and
cheap bread grain
The oat market has attracted more than
its customary share of attention, and while
affected in general way by the Influences
apparent in wheat and corn, was not ad-
versly influenced by the reported yield
which was about thirteen million bushels
less than the previous years crop. The
better transportation service resulted in
liberal shipments, and the outward move
ment promises to be quite liberal for some
time, the demand from the East, to replen-
ish depleted stocks being excellent, while
large quantities are needed to supply the
winters export requirements,
The promise of lighter receipts of hogs
during the remainder of the winter, and the
belief that the eastern shippers will be
active competitors of the packers for the
diminished supply, impaired feeling of
confidence in the future of provisions which
was not destroyed by the weakness in grain
after the issuing of the Government Report
About the only depressing feature noticea-
bic, which through its influence on general
business in the South may necessitate
economy in a section where hog product is
literally consumed, was the panicky feeling
in cotton, which has carried prices to an
abnormally low point. Recent prices for
provisions have been relatively lower than
the hogs from which they were made, and
packers are credited with having bought
literally before any material advance oc-
eurred-