The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1892-02-25
SPECIAL MARKET LETTER.

w. G. Press & Co., Bankers & Commiss
sion Merchants, Nos. and Sherman
Street, Chicago, in their last special mar
ket letter say: The legitimate influences,
which have for so long time failed TO
affect current values of wheat asserted
themselves during the past week. causing
at times rapid and exciting advances which
the heavier shorts vainly endeavored to
stay. The condition Of affairs abroad,
which has, during the entire crop year,
been sufficiently alarming to warrant the
belief in higher prices than those recently
obtainable, was responsible for the sudden
change in the tone Of our market, which
for several days refused to respond to the
daily advances scored in Europe, and until
the foreign markets refused to follow a
sharp decline here, occasioned by heavy
selling of long wheat which the sellers ex-
pected to repurChase at lower prices, the real
significance Of the strength in other coun-
tries was ignored, or not appreciated; but
when it became evident that the strength
was not simply the reflection of a specula-
tive advance here but the result of con-
sumptivc and investment buying by mer-
chants in France and Germany where the
property is in urgent demand, the trade
suddenly realized that wheat might advance
without the consent Of professional short
sellers and that these sellers in indeavoring
to provide for their outstanding contracts
might become the most anxious buyers
The continued strength abroad is due to
the distressing shortage in breadstuffs in
European countries, the unfavorable out
look of the growing crop in France, the
fear that Russia will be as lily able to ex-
port grain next year as this, and the pros
pect that America which must furnish the
bulk OF next years supplies, would produce
a crop greatly inferior to the one now being
marketed. AS the world has been for
several years steadily reducing its reserves,
which are now very small, the prospect Of
crop failures in any important producing
country, naturally causes uneasiness in the
great consuming countries, and their mark
cts in consequence are better guages of the
prospective supply than ours, which al
present is influenced by the magnitude of
domestic stocks. The week has been the
most unfavorable of the winter for the
growing crop which has suffered some i'm
pairment, and as il has yet to pass through
the most trying stage of its existance fur
ther injury will probably be sustained.
Foreigners have not only bought wheat in
their own markets but have been the most
persistent buyers of cash and futures in the
different grain Centers of ours, and when
the opening OF lake navigation permits Of a
free movement to tide water, will doubtless
take the property and ship it. Receipts at
interior points continue small farmers re-
tusing to sell at present prices, and the visi-
BILE supply in consequence has begun de-
creasing, and unless more grain is received
from first hands, will disappear rapidly
when exports again assume their former
magnitude, The most important factor in
the near future will be the course of foreign
markets which have taken the initiative in
the recent advance. If they continue strong.
ours must follow, but any indication Of
weakness by them would cause a reaction
here unless crop news becomes exciting or
the available stocks are rapidly depleted.
The anti-option bill has exerted a disduiet-
ing influence and doubtless prevented an
earlier response to the encouraging foreign
and domestic news, but was impotent to
prevent an advance when the situation be-
came strong enough to compel it.
The corn market has been comparatively
steady but dull, being influenced in its fuc-
tuations by the action of wheat. Receipts
have been somewhat larger but the grading
is still poor, but small percentage of the
receipts inspecting contract" The ex-
port movement continues large, and as the
demand promises to continue, and will
| probably become more urgent after the
| opening of navigation, the supply can hard
| ly prove excessive when farmers begin
their spring work, for, as we have frequent
ly stated, there is but little in cribs at coun-
try stations, and the grain can only be OBJ
tained from the producer.
There has been but little to chronicle in
oats, the speculative market being neg.
lected and closely following cornl in its
| fluctuations.
Provisions have ruled firm, aud at times
decidedly strong, the packers afTording the
| market support on all weak spots One Of
the most prominent is credited with ex,
pressing a belief in much higher prices 70,
hogs and hog product.
So strong has the legitimate situation ir
wheat, corn, oats and provisions become
that speculative activity in the near future
is assured, and we believe all these com
modities should be purchased on all Sigh
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