Mexico weekly ledger., 1895-11-21
W G. PRESS 6 CO.,
Grain and Provision Commission nefsasa;s,
. and : Sherman ST.. Chicago.


In their special market letter say:
The most potent factor i'm the wheat
market for the moment Is the critical
ambition OF European financial affairs.
Whlch are so unsettled that grave fears
an entertained of another draft on our
resrves of gold. To this fear. more
tifn to any other catse, may the recent
bre3k be attributed. for Eastern hold
ers d long wheat. who are supposed 10
be ineloser touch with foreign affairs
thansre their Western friends. taking
alarIAnt the situation. as reflected i.
their Avices, promptly HDloaded. caris-
ing a Sharp decline. As the New York
holdings aggregated a large amount.
the offeFngs from that source were too
great fds the volume of outside bus;-
ness being sent to our board to absorb.
and as outsiders persist in placing
their ordess with CONCERNS which never
execute them in the open market.
a break, which proved profitable ia
such concerns, was. under the conai.
tions, inevitable. The heavy holdings.
having been INUNDATED. are no lonpera
menace to themarket. and values will
again be left Unnatural causes and 10
such news as may be received from day
to day. Unless the decentralization
noticeable on fC5eign bourses is to CON
Time, and jul maket is to be subjected
to disquieting ramOrs, we look for a
more satisfactory state Of affairs. for
the receipts at the Northwest show
signs of a gradual decrease and the
foreign demand for spot wheat is quite
urgent on every quick break in prices.
While the bottom may not yet have
been reached. wheat Is low enough to
justify buying on a scale down for a
fair and possibly u vefy large profit.
The Turkish situatiOn is prolific of
scares, and of complications that NAV
make wheat valuable property before
another crop is harvested 1t must not
be forgotten that the chsing of the
Dardanelles would at 0Gce deprive
Europe of it's Black Sea ard Danubian
markets, and leave America as the
chief source of supply. Even without
the stimulus of war talk We are likely to
see a slowly improving market. for the
demand is already sufficient to contend
with everything but excessive spring
wheat receipts. About the only thing
new in crop advices from competitive
markets is the report OF serious drouth
damage in Australia. We have had a
few State reports giving very low per-
centages for the newly seeded crop, but
as the data upon which these reports
were based was gathered before the
recent copious rains, the reports we're
accorded but little consideration.
We have several times suggestedthat
a change in the weather that would
check the movement OF corn would
leave shorts in an uncomfortable stu
alton, and we note that many of them
covered at a small loss as soon as it be-
came evident that rains were quit
general. While We see nothing to forc
more than a moderate advance, we be-
lieve corn should only be sold on the
upturns. The recent Government re-
port indicates a crop somewhat smaller
than had been estimated, owing to the
irregularity of yield and the very I'M
favorable husking returns from several
states, notably Kansas and Nebraska,
the former producing an average of but
24.3 bus. and the latter 1871 bus. per
acre. The reports from those states are
cOrroborated by u private advices
from a large number of correspondents.
The great corn crop lies east of the
Missouri River. In portions of the two
States referred to corn is quoted higher
than in Central Illinois. There is evil
IDENTIFY an abundance in nearly all other
portions of the country, and for some
time to come the chief demand must
come from cribbers. The low price is
proving attractive to many who have
the money to invest and the patience to
await the tide in their affairs (which
leads on to fortune" While inherently
the situation in this cereal is a weak
ono IL is hV no means homeless. and
anything that would excite wheat
would be reflected in corn, despite the
magnitude of the crop.