Mexico weekly ledger., 1895-12-26
". 6. PRESS & CO.,
Grain and Provision Commission Merchants,
. and : sherman St., Chicago.

-
In their special market letter say:
The approach of the holiday season,
and the general stagnation in specula-
tive commodities. is manifest in Jul
wheat market. and until the advent o.
the New Year We anticipate but little
renewal of activity. The market viii
probably be governed almost entirely
by the Northwestern receipts and the
shipments from Russia, the two most
important factors now affecting values.
Unfortunately for holders, the former
continue excessive in volume, n0twith-
standing repeated assurances that the
farmers in that section had parted with
the hulk of their holdings, and the lat
ter are much larger than the believers
in a shortage i'll Russia 5 crop antici-
patel, The pressure of these supplies.
in the absence of stimulating news of
"a huliish character. is too great for the
volume of speculative buying, and en-
ables bears TO force frequent breaks.
Prices are so low, however, that the
covering of short wheat, and a little
huying for long account, may at any
time cause temporary advances, upon
which conservative traders buying up
IN breaks can realize, The holiday,
stagnation will doubtless afford such
operators an opportunity TO secure May
wheat at unusually low prices. We
have frequently called attention to the
ACCESSIBILITY of including the Manitoba
crop in all speculative calculations.
The final report from that province
places its crop at 81, 10000 ba, a guam
tity sufficiently large, when the proper
ton to be exported is considered, tn
command attention. Although there
- n,tpf,Iat.a tla xxsots 4 III n ritnffr.w fin
eial and other circles, wheat traders
ms vet accord it but little consideration,
although il may at any moment become
the chief factor in their calculations.
Our exports are unsatisfactory, n I'M
less Minneapolis and Duluth receipts
show a marked abatement, they must
be increased or the visible supply will
continue To increase, making foreigners
indifferent buyers. The United King
dom is so situated, however, that IL
cannot .~complacently view any pros
pective deerease%in supplies, and any
noticeable reduction in receipts at our
primary markets would doubtless be
reflected in foreign quotations.. even
though Russia continues q liberal ship
| per. On the cessation of the abnormal
spring wheat movement hangs the fate
of bull operators, who do not accept
moderate profits when ohtainable.
While speculation in wheat is light,
its absence in corn and oats is more
noticeable, bat few caring to engagein
trading in commodities that the null
tittltie sluns, We are of the opinion that
this stagnation will afford an opportu-
nifty for investment traders to secure
bargains, especially those who c0ntine
themselves tn oats. Bears will probably
force the market some lower. but IL
sl,ey do. May oats will be very low and
buyers situated so they may follow the
market down for awhile will be in POI
sition to take advantage of an advance,
Which, must eventually come, either
through speculative influences, unfay-
orah!e crop conditions, or decreased
acreage due to the uiiproiitableness of
raising oats at such low prices. Should
nothing occur 10 occasion an advance
before May, contracts could doubtless
be transferred TO September at u dis
count. enabling investors to cheaper
their holdings. An operation of his
kind may require considerable patience.
but it will involve hut little risk and
POSSESS the merit of being a transac-
tiun based on purely legitimate
grounds, with which scalping opera
lions cannot interfere.