The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1896-02-13
". G. PRESS & CO.,
Grain and Provision Commission Merchants
q and 4 Sherman st., Chicago.

In their special market letter say:
To the operator who demands action,
our wheat market during the past week
has been all that could be desired, for
fluctuations have been frequent, sharp
and rapid; but to those who prefer
either a steadily advancing or declining
one, with but the usual range of 1uctu-
ations, 1t has proved unsatisfactory
and disastrous, and as usual when the
trade has been whipsawed by buying
on the jumps and selling on the sumps
the cry of cruel manipulation has been
raised. We see nothing, however, to
warrant such claims and believe that
the unsettled state is due wholly to
natural and clearly defined causes For
many weeks we have advised buying
on good breaks and selling out on 1
buiges, believing that conditions favor
ed an advance, but that the pressure of
the heavy stocks which the bulls must
encounter on every quick upturn would
be sufficient to cause many severe reac-
tions. The market has been bulled to
a point where the short interest, other
than that backed by actual wheat in
store, has been largely eliminated,
leaving no support on the bulges, but
such fresh long buying as the tenn
porary excitement induces AS soon
as the new orders are filed there being
no frightened shorts, holders who at
tempt to realize find but limited de-
mand and their anxiety to save some
of their accrued profits precipitates a
break. AS soon as their holdings are
disposed of the offerings cease and the
market is again in shape to respond to
bull news, which thus far has been fire.
quent and pronounced. Under such
conditions traders who would avoid
losses must abstain from loading up on
the swells and do their buying on the
breaks. These rapid changes while
playing havoc with the eleventh hour
bulls fail to disturb those who secured
cheap wheat and are now protected by
substantial profits. AS there are many
holders thus situated the market is GER
tain to react from all material breaks.
The bears who have been driven in will
doubtless transfer their operations
from May TO July when they again
enter the market, and unless the bulls
can force the July future to a premium
over May and keep it there sharp
breaks from all advances will follow,
for the weakening of deferred future
has more or less effect on the favorite
option. The chief bull support is de-
rived from the adyices from the Pacific
Coast, where an active export demand is
reported, and from the European claims
of the probable demand for American
wheat during the next three months.
There has been nothing new of impor-
tance in foreign crop adyices and the
weather has been favorable for our
growing winter wheat. The satisfac-
tory termination of the bond call will
probably enable grain carriers to secure
ample funds ut reasonable rates and
will operate in the direction of easier
money for all commercial operations.
The greatest obstacles to permanent
advance are the heavy stocks, the cease
less stream from the farms of the North
west, which has not only made Mime
apolis and Duluth receipts larger but
has increased stocks at interior elevat-
ors and the liberal offerings i'm Euro
pean markets OF Russian and Argentine
wheat for April and May delivery,
While corn and oats Iluctuate
with wheat, they have moved within
marrow limits and are chiefly influenced
by conditions differing from those eff
fecting wheat. In the former the for
eign demand is everything; in the latter
II IL but OF minor Importance, domestic
conditions overshadowing everything
else. Tile chief bulwarks of strength
or both these cereals at present are the
unusually low prices. We believe that
before the May option expires specula-
ton Will have run its course in Wheat
and that corn and oats will absorb the
attention of multitude of operators
and that either OF them bought when
wheat has had a severe break will prove
good prOperty.