The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1892-02-04
SPECIAL MARKET LETTER,

w. G. Press & Co., Bankers & Commis-
sion Merchants, Nos. and Sherman
Street, Chicago, in their last special mar
ket letter say: The most important in
huence now affecting the value of wheat
and which promises to afford a substantial
support to the market during the remain
ing months of the crop year is the urgent
demand for the spot grain at prices rela-
lively higher than current quotations for
deferred futures. While the liberal stocks
at leading primary markets have not been
materially reduced the movement from
first hands in a large portion OF the winter
wheat section has been so light that millers
having exhausted their reserves are com
PEELED to purchase at points. of accumula-
tion or cease grinding. The gradual in
crease in the demand from this source
with the continued investment buying OF
occasional spectators, on all moderate re-
actions have caused marked change in
sentiment and prevented serious breaks
when there was apparently but little sub
stantial support. The export demand con-
tinues excellent and the needs of Europe
are sufficient to assure its continuance.
The Ligtybooi Corn 7raGe Nc5os has raised
its estimate of the probable demands to be
made on America, 81 900, 900 bushels, and
its estimate of Europe's weekly require
ments from ?, ,ooo, 900 bushels to 1850, 900
bushels, indicating that the consumption
has been greater than expected and that
their stocks are smaller than the heavy
imports suggested. The weather has again
become an important factor and as spring
approaches will exert marked influence
in determining prices, and the volume Of
outside business The growing crop can
not sustain any additional damage without
causing quite general complaints and a re-
vival of speculative interest. Numerous
reports of damage by freezing and thawing
have been recently received, and unless
another fall of snow occurs the discourag-
ing reports will doubtless multiply. The
Chilian difficulty has been responsible for
several speculative furries of short dura-
tion but presented no special features to
permantly affect the supply and demand
relations.
The corn market after having ruled dull
and uninteresting for many weeks shows
signs of renewed activity, and promises to
| afford spectators field for profitable
| operations. The magnitude of the last
| crop induced free short selling of the May
future without regard to the possibility OF
there being insufficient grain available on
delivery day with which to fill outstanding
contracts, resulting ip an oversold market
We have several times in our special, and
| daily market letters called attention to the
| fact that the demand for cash corn held
| prices so near the May future that cribbing
at country stations was improbable, and il
is to this condition of affairs that the revival
of interests is due : for with no corn in
country grain dealers hands to supply the
unusual consumptive and export demand at a
season when farmers will be busily engaged
Z with their spring work, where the grain is
| to come from to meet these requirements
and fill short sales is problem which may
' prove difficult OF solution. That the re-
.quirements will tax the transportation facili
ties of our railways is evidenced by the
unprecedented export demand which thu
far during the crop year had required I25,
900, 900 bushels more than for the cores
| ponding period last year. The increased
foreign demand is most gratifying because
il is occasioned in great measure by tht
better knowledge of the value of American
corn as cheap bread grain and will doubt
less result in creating a market for a large
proportion of our surplus in the future.
Oats, while influenced by the action o
corn and wheat, maintain fair degree o
independence and more readily respond t
advances in the other cereals than to tn
declines. This is due to the steady con
sumptive demand, although the movemen
eastward is still hampered by inadequat
transportation facilities, and the fact tha
the invisible supply is known to be less tha
it was year ago.
Provisions have shown great indepen
dence, being influenced but little by tn
fluctuations in wheat and have found friend
in strong local operators besides the pacl
ers, who, having liberal stocks of manu-
factured product are interested in mair
tanning remunerative prices. The packin
returns show marked decrease in tn
number of hogs slaughtered and contribut
70 the feeling of confidence and strengt
exhibited.