The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1895-09-19
W. 6. PRESS 8 CO.,
Grain and Provision Commission Merchants
ana a shsyp,an a.. cbioaeo.

ana sherman ST. CblchBo'
In their special market letter say;
The last official crop bulletin from
Washington, which, under the most
| liberal deduction from percentages
given, is so much at variance with pri-
vate estimates from sources which have
for several years proved more reliable
than official utterances, that it has been
practically ignored by the trade, and
the market has not in the slightest de-
gree been affected by 1t; but, under the
influence of heavy receipts at Minnea-
polls and Duluth, declined sharply the
day the government report, with its in
dicated yield of not more than 403, ,0O0,-
600 bus, should have strengthened it.
Until these reports are proved to be
more reliable than they have been for
some time, they will be accorded but
little consideration by spectators look
ing for facts. We believe the continued
underestimates are due to the fact that
the general changing from soft to hard
wheat has so raised the average yield
that the percentages do not represent
what they once did. We have for some
time persistently maintained, despite
numerous predictions of dollar Sept.
wheat, that we must sell our surplus
in competition with other exporting
countries, and that in order to do so,
we must reduce our price. The course
of the market has justified our claims,
and we have recently reached point
where, If our competitors have not re-
tired from the field, they will part with
their reserves more reluctantly, and
American holders will have less to con-
tend with. The decline, as usual, has
changed many optimistic bulls to pes
simistic bears, ruled by their fears, as
they were when bulls by their hopes,
leaving the market in much better
shape for purchases for a good reac-
ton, after several days continuous de-
cline, than 1t has been for several
months. While prices may have to go
lower to materially curtail Russian ex-
ports, they are low enough to make
sharp reactions from severe breaks
quite certain. At times the market
seems to have no support whatever, but,
this is due largely to the large numberl
of traders whose orders never reach the
wheat pit, in consequence of their bel
ing given to irregular firms. With
daily offerings of the large Northwest
ern receipts this diverted support is
greatly missed. The shipping of wheat
from Duluth to Chicago elevators hasN
been a disturbing factor, insomuch
as it suggests that recent purchases,
supposed to be for export, were less
significant than had been supposed.
We see nothing in this to cause alarm.
The wheat must be stored somewhere
If we insist on keeping it in the country,
and so long as deferred futures COM
mand premium over the cash wheat,
elevator proprietors will doubtless
carry the grain for the charges. Low
priced wheat makes it profitable, by
reducing the risk, as well as interest
and insurance charges.
The rapid curing of our bounteous
corn crop, and the more liberal mar
keting of reserves of old corn, have
contributed to the general feeling of
bearishness pervading the market, and
we see but little to encourage specula-
tive buying. Three short crops in sue
cession have undoubtedly reduced the
number of cattle to be fed, of which
the public will soon bee reminded
through the object lesson of sharp
advance in shoes. To curtail the means
of consumption, and then suddenly in
crease the amount to be consumed
about 100 per cent, must necessarily re-
suit in an unwieldy surplus, and very
low prices. We can export oursurplus
wheat, If we will, at some price, how
ever great the surplus be; but to handle
the surplus corn promised is problem
which requires something more than
the export factor to solve. The severe
decline in wheat did not occur until
the market felt the weight of daily re-
ceipts in the Northwest, and the de-
preston in corn will probably not be
pronounced until the new crop is
pressed for sale, and actually made
manifest by daily receipts.
There is nothing new to note in oats.
Prices are low, most of the grain still
remains In stack, or is being held back
by farmers, and we see nothing upon
which to predicate any material adj
vance. Any further decline must,
necessarily, be gradual and slow.
Hog product remains dull and slow.
With declining corn and the prospects
Of liberal receipts of hogs as soon as
they can be fattened, we believe pro-
visions will sell considerably lower.