Mexico weekly ledger., 1896-01-30
W. 6, PRESS & CO..
6rain and Provision Commission Merchants.
2 and 4 Sherman ST., Chicago.

Q and 4 Sherman ST., Chicago.
In their special market letter say.
The rising tide of speculation which.
despite the resistance offered by pro-
fessional bears, steadily advanced the
provision market until the recent ex-
IRENE quotations were established, has.
during the past week, been manifest
in the wheat market. which in conse-
qnence has rallied sharply from every
temporary break and inspired the bull
party with courage, confidence and
hope. Bears have assaiied the market
with vigor whenever it has developed
signs of weakness. but have several
times had occasion to regret their tenn
Gritty, and have been sc alarmed at the
frequent exhibitions of inherent
strength that they have hastily provid-
ed for outstanding contracts, incurring
annoying losses thereby. So general
at times has been the desire to buy
that frequently no other reason has
been apparent for the sudden advances.
and this feature of the situation has
doubtless disturbed the equanimity of
several stoical short sellers who would
have philosoplically withstood the as
saults ofeenthusiastic bulls had the
enthusiasm been due to more clearly
defined causes, either real or assumed.
When the public engages in a bull cam
paign the wise Spectator, if he be a
bear and is short. sacrifices his opinion
rather than his money and Joins the
procession. trusting to his sagacity to
prompt him to drop out before the final
halt is called. This eonrse is now be-
ing pursued by many bright traders,
and sharp rallies are to be expected
from all material reactions. What the
outcome of the movement will finally
develop depends largely upon the
future reports of the condition of the
growing crop in the several great pro-
ducing countries. At present, there is
apprehension enough to encourage a
belief in higher prices, and to warrant
confident buying whenever the market
reacts sufficiently to brighten weak or
timid holders enough to induce them
to unload. From all quarters of the
globe are heard prophesies of failure or
mutterings of dissatisfaction at exist
ing conditions. Australia leads the
disconsolate procession. and will prob
ably have to import moderately. In
dia follows with reports of serious
damage on an II of 5000, 900
acres less than last year. Argen-
tine has been subjected to a
wet harvest, and Russia's crop prom
ises to be under average. These re-
ports, together with decreasing afioat
supplies, and quite liberal American
exports, afford a substantial founda-
ton for the snperstructure which the
bulls have recently builded, and if later
reports become more pessimistic they
will contribute to the general belief in
materially higher values. About the
ntyY rpntn rF,rttxy ~ -
ftuences are the liberal American re-
ceipts at primary markets and the
stringency in the money market, banks
just at present being cautious lenders.
1t is expected, however, that as soon
as the Government. bond issue is nego-
tiated grain carriers will experience no
difficulty n securing necessary accom-
modations. just how an advance will
effect receipts is to be determined,
naturally it will increase them, unless
reserves have become low or the pros
pect for higher prices encourages
farmers to withhold supplies.s Reports
from the Northwest are somewhat con-
Trajectory as to the prospective move
ment in the neal future. About the
only thing emanating from that section
upon which there seems to be but lit
tie difference of opinion are the state
ments made in reference to the area
of fall blowing. 1t seems to be agreed
that it is much smaller than usual. and
that the weather must be propitious
the early spring to insure seed
ing of the usual number of acres.
Although corn receipts are quite
for this season of the year, the
market has recently had the support of
many staunch friends, who, believing
that the spring movement from the
country will be much lighter than the
trade generally anticipates and that
current quotations are low enough, |
have bought literally, with the inten- |
ton of standing by their purchases for
some time if necessary. The higher |
prices for hogs will stimulate feeding |
on as extensive a scale as the number |
of stock hogs will permit, and the re-
will be favorable to corn values.
Oats also merit the confidence of the |
and should be bought ON every |
moderate reaction. They are low, and
general speculative revival can oc-
cur without affecting this cereal. The
increased activity in grain has been at
the expense of provisions, which, while
they fairly maintain their position, are
less attention.