The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1895-08-29
W. 6. PRESS & CO.,
6raIn and Provision Commission Merchants,
q and a sherman st., Chicago.


q and a Sherman st., Chicago.
In their special market letter say:
The 1895 Wheat harvests of the
world have been so nearly completed
that the general result may be approx
imately estimated, and one well-known
authority assumes that the total out
put will be about 225, 900, 600 bus. less
than the great crop of 1894. This
prophecy has been freely used in efforts
to maintain prices. and would prove an
| important factor il il were necessary To
make up this deficiency; but as values
are regulated more by the amounts i'm
porting countries will take, and export
ing countries will spare, than on total
yields of all countries, 1t has caused
but little apprehension. We have so
| often been taught that when importing
and exporting countries have short
crops that they both curtail consump-
tion, the former buying less and the
latter selling proportionately larger
share Of their crops, that moderate
variations in the yearly output have no
perceptible influence on prices.
For some time Europe has been add
ing to its stocks by liberal imports, and
with these accumulations and their
new crops are able for some time, at
least, to view with equanimity all at
tempts by exporting countries to en-
hance values. Russia, India and Ar
gentiDa have for several years shown a
| willingness to market reserves freely
at about present prices, and the Indian
and Russian supplies are still very lib
eral. The European crop has about all
been secured, and there seems to be no
| general complaint, either of quantity
or quality, and our Spring Wheat har-
vest has progressed so favorably that
an abundant yield is ass ured
We note, that already have the
| guessers begun revising their estimates
in accordance with the predictions
made in our recent Wheat letter, and
| have besides raising their figures on
| Spring Wheat, added half bu. per
acre to the Winter Wheat crop. When
| they are through revising, we conf
dently expect to see their estimates
| justify our claim, that North America
can, without seriously trenching on re-
serves export during the crop year of
| lS95-96 0,000, 900 bus. of Wheat and
| Flour reduced to Wheat. Small re-
ceipts of Winter Wheat and speculation
| still hold our markets above an export
basis, but we expect to see them as
sumo a natural position, when the
Spring Wheat movement fairly begins.
1t should not be forgotten, that al
though stocks are smaller than they
were year ago, they are still very
large and are a constant source of ex-
pense to some one, and that the burden
will be made heavier with the advent
of free Spring Wheat movement. To
maintain prices buyers must be numer-
Gus enough to absorb all the offerings
of both new and old Wheat, and the
demand must come from millers, ex-
porters or spectators. AS it is custo-
mary for millers and exporters to
hedge all purchases during season of
large receipts, or when there seems
to be danger of break, the entire load
at such times rests on speculative buy
ers, and as so many of them persist in
placing their orders with illegitimate
firms, not connected with any regular
Board of Trade, who do not execute
orders in an open market, so much of
this support is diverted that the legiti-
mate speculative buyers are badly
handicapped.
Selling for future delivery is INDUCED
in by millers, exporters and Grain deal
ers as hedges against actual Grain in
their possession or contracted for, and
by experienced spectators, none of
whom ever operate through houses of
questionable regularity, this throwing
the entire burden on the legitimate
speculative buyer. While it would
greatly please us to be able to predict
an immediate material advance, we
cannot consistently do so; but must be
satisfied to present facts as we see them,
and to watch for legitimate signs of
such an advance, which will doubtless
at some future time be visible.
| Corn has succumbed to the inevitable,
the near futures declining sharply un-
der the pressure of offerings of Grain,
which has been held by some until the
new crop was assured, and by others
on the advice of correspondents who
valued speculative possibility higher
than commercial probability. So
valuable will be speculative support
to all cereal markets during the next
few months, and so important is it to
all spectators to know that their
orders are executed in the open market
where they will exert favorable infiu-
ence, that we will willingly mail any
one Chicago Board of Trade Clearing
House sheet, giving the names of all
firms and individuals doing business in
their own names on the Chicago Board
| nf Trade