The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1892-02-18
CANT BREATHE,
SPECIAL MARKET LETTER.

w. G. Press q Co., Bankers & Commits
sion Merchants, Nos and Sherman
Street, Chicago, in their last special mar
ket letter say: Our wheat market during
the past week has been subject to influences
natural and artificial which have kept it in
a feverish and unsettled condition. The
earlier outside news was of a decidedly
encouraging nature for holders, and but
for the subsequent demoralizing tenor of
sdvices from Washington, the long looked
for advance, which has been so patiently
awaited by farmers and owners of large
quantities OF stored grain, would doubtless
have begun; for foreign markets which have
so long refused to willingly follow ours in its
upward reactions, exhibited signs Of indie
pendent strength, those of Continental
countries ruling higher in consequence of
reported damage by frost to the growing
crop in France, additional injury TO the
Russian crop, and the probability that
RnsSia will soon become a large importer
Of grain. So decided was the effect of these
factors that the Paris market became bouy-
mt and excited, and ours manifested dis
position TO freely respond, but before the
change in sentiment had become Apro-
nounced enough to markedly affect values,
the statement from a trustworthy source,
that the so called Anti-Option bill, now un-
der consideration by the house committee
on agriculture, would doubtless receive its
approval and pass the house. at once
checked the upward movement and started
a decline which at one time threatened to
terminate in disastrous panic: for when
the possibility of hasty adverse legislation
IN a matter which so greatly affects the
welfare CT the entire agricultural, CONNER
cial and financial interests of our country,
suggested itself to the minds of those famil-
lar with the workings of the established
system in all its ramihcations, the desire to
avoid its disastrous results outweighed all
other considerations and long wheat was
sold out regardless of the encouraging news
noted. The desire to unload may be ap-
preciated when it is remembered that there
-, are at present over 90, 600, 600 bushels of
wheat in the country in public and private
elevators, almost all of which is sold for
future delivery in the leading produce mar
kets, Ter the purpose of securing storage,
interes. and insurance charges, which are
paid in abe form of premiums for futures
over the spot property, and that the passage
OF the bIl proposed would render il neces-
sary for the speculative holders of this
wheat tosell it out, before the law became
operative, to some one who would buy and
pay for il. As bankers could not be in
duced 10 advance funds to carry the prop
erty under the changed conditions, prices
must necessarily decline to a point attrac-
tive enough TO induce foreign merchants to
take the wheat and carry it until needed
for consumption abroad That such a
point would be far below present quotations
IS evident at least to the 40 called profes
sional specnldor who generally knows upon
which side iws bread is buttered So
thoroughly identified has the dealing in
fufltrac harprna NTH the h,cipaee nF
ling the staple EBCducts Of the country, and
so small is the prospective profit of the
middleman in consequence, that nearly
every bushel of grain marketed is protected
by future sale uUtil it reaches the con-
sumner, whether at home or abroad With
its abolition would come greater risks, in
creased margins of profit, and the absolute
dominion of our markets in seasons of
abundance by foreign dealers. As the sys-
tenn world be in vogue in other countries
our competitors could, by minimizing their
risks, uRdersell US in all the consuming
markets of the world. 1t is by the aid Of
this system, which il is SO ill-advisedly pro-
posed TO abolish, that we have through its
removal, Of the element of risk, been enabled
to maintain our position as the chief cereal
exporting country. We tVnst the commit
tee, before reporting ca the bill, may be-
SSAAS AuAiJ ShliBhAChCA 80 Va INC ulCiito anu
dement's of the system. for they now are
apparently in the coEditiop OF the old
Scotchman, whose prayer was: ''Oh, Lord
lead me aright$or when I get wrong am a
hard ore to turn" While this bill is pend
ing, the market will be subject to Huctua-
tions rejecting the feeling in regard to MS
passage and the changes made in its text,
it having already responded to more re-
assuring advices.
Corn basthown signs OF inhsrent strength
whenever it has been free from the baneful |
influence affecting wheat. Exports con- |
tinue large, and the gkading poor, the |
quantity inspecting contract being insignif-
cant.
Oats have been dull following corn and |
wheat in their fluctuations.
Rrovisions, while at times irregular, have
exhibited disposition to advance nnder
the stimulus of light receipts of hogs. and
the bpllish talk of leading packers The
Government report estimating the num-
Der of.hogs in the country to be I,7s3.ooo
more than year ago, surprised the trade
but had 70 aPPreciable efect, on values.