The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1896-02-06
W. G. PRESS & CO.,
Grain and Provision Commission Merchants.
q and 4 sherman st., Chicago.
In their special market letter say:

In their special market letter say:
The erratic course of the wheat mar
ket during the past week has, while en-
gaging the attention of steadily in
creasing number of outside specula-
tors, who regard the daily fluctuations
with Indifference so long as each up
ward movement carries prices higher
than its predecessor, proved an enigma
to the free lanceS of speculative war
fare, who have yainly endeavored to
follow the frequent sharp fluctuations,
and have in the attempt contributed
materially to the activity and to the
periods of alternate strength and de-
pressing weakness. The market has
been swayed back and forth by the
operations of several strong traders
aided by the varying tenor of outside
news which has been prolific of both
bullish and bearish features. The
character of the news and the rapid reac-
tions from outside quotations have been
unable to dislodge the great bull army,
intrenched as it is behind the barriers
of low prices and accumulated profits.
In vain have the more aggressive bears
assailed its position, for each onslaught
has been met with valiant and stub
born resistance and has entailed dis
comforture and pecuniary losses.
Each unsuccessful assault has added
fresh recruits to the bull ranks, and
has for the moment at least, rem
dered their position impragnable.
The public has taken the leadership,
and while it continues to buy, regard
less of the attitude of great or small So
called professional speculators, it will
dominate the market. So long as each
upward turn establishes higher range
the greater will become the number
of buying orders, and until there are
pronounced indications of a changing
sentiment, we believe wheat should be
bought on every fair break. The sup
ply and demand conditions seem to
warrant all the advance thus far Sc
cured, and there are contingencies
which may at any time develop an eX-
ceedingly strong situation. The crops
of the world are now being watched
with acute interest, for there has al
ready been damage enough sustained
to cause some apprehension, and as the
major portion of the wheat area has
yet to undergo the vicissitudes of many
months, any serious impairment in a
single great producing countrys would
be the signal for a resistless bull cam
paign. The only thing that now pre-
vents it is the pressure of immediate
supplies, which are sufficient to fairly
well maintain the worlds available
stocks The outward movement from
our seaboard is large enough to rapidly
reduce our visible supply, were it not
for the ceaseless stream from North
western farms, which, we have repeat
edly been assured, must soon cease be-
cause of the depletion of farm re-
serves; but it seems incredible that such
a flood can come from source whose
fountains are well nigh exhausted
While crop advices from Europe indi.
cate fairly favorable condition in
nearly all countries, those from the
Southern hemisphere are less assuring
and our own crop is regarded as being
in too delicate state to withstand d
prolonged siege of unfavorable wealth
er. While primary receipts are large
the grain is being fairly well absorbed
by millers, who are again quite active
buyers. The recent advance in corr
has stimulated shipments from interior
stations, causing a rapid increase II
our elevator stocks, and tends to chech
speculative buying, which has so sud
ublt
are, however, many believers in higher
prices by the time lake navigation
opens, and they are absorbing all offer
ings on the reactions. Prices have moi
yet touched figure at which cribberi
can afford to sell, and until such quo
tations are reached the cribbed corI
will be no menace to the trade. Oat'
have fluctuated with corn and wheat
and the better prices have not encour'
aged excessive shipments from the in
terror. Prices are still low, and thu
market will find active support If tn,
bull movement in wheat continues
The activity in grain has dverte,
much of the speculative interest from
provisions, and all kinds of produc
have suffered in consequence. 1t i
claimed, however, that packers ar
improving the opportunity 10 secm
bargains.