Mexico weekly ledger., 1896-01-09
W. G. PRESS & CO.,
Grain and Provision Commission Merchants,
2 and a sherman ST.. Chicago.

. N4
In their special market letter say;
The speculative stagnation usually
manifest in the wheat market during
the holiday season. and which has here
tofom been responsible for the narrow
fluctuations at such seasons has not
been apparent during the past week,
and the market, instead of proving
duh and uninteyestiDg. has ruled
quite active, with frequent sharp
fluctuations. The, activity, how
ever, has been chiefly due to the
operations of a leading operator. who
has been pursuing the wise policy of
loading up during periods of depres-
property, and selling out whenever
reasonable profits have been obtain
able. The operator referred to has
been a pronounced bear until recently,
but now seems TO believe that prices are
low enought to warrant his espousing the
Duii cause whenever the market has
been subjected TO the pressure of
free offerings long enough to cause
a fair decline and develop a lib
eral short interest. This course
has not only proved profitable, but
has and will keep him in posi-
ton to reap the benefit of any great ad-
vance that may come in consequence
of crop scares or stimulating political
complications. A tpresentw we see moth
ing to warrant buyers in holding on
after a sharp advance has occurred, for
foreign buyers are still in position to
view with Indifference any moderate
speculative advance in our markets,
and their refusal TO even reluctantly
follow our advancing quotations is
flrrptr a-ncnnnSihIn fnta fhn fotl,rra nf
our markets to maintain higher ranges
when nee established. English buy
| ers may, however, change their attitude
at any moment, and doubtless would
at once ifthe quantity put afioat weekly
were to materially decrease: for the
amount afloat for their ports is not
great enough, with their rather small
home supplies, to render them inditfer-
ent to any noticeable falling off in ship
merlts from eXportin- ~ca.,nuies. Their
markets Will, in the near future, be
affected by Argentine shipments, which
are likely to become quite liberal. The
crop of that country has been har-
vested, and although late adyices re-
port serious damage by rains, the
total yield has probably been heavy.
Any damage done during harvest will
affect the quality far more that the
quantity. The policy of the producers
Of that country in past years has been
TO sell as soon as the grain could be
marketed, and as this course has re-
suited in their realizing the highest
price during the season for several
years, they will naturally try it again.
They seem to think that they raise
wheat to sell, not to hold as a speeula-
tive commodity. We shall watch the
,,nYravannt from thntp gnnhnayI xptAh
interest, for it may be the key to the
situation for many months. Our ex-
ports are showing a gratifying in
crease, which if continued, will greatly
aid the bull party. The shipments are
probably due to the free foreign buying
on the last sharp break. Our European
customers, who fatty refuse to buy on
an advance, are evidently not averse
to taking the goods on bargain days.
Although the roads are reported rs bad
in many localities. the movement of
wheat continues too liberal for the i'm
mediate demand. and as considerable
of it finds a lodging place in private
houses, the weekly BFddStreet's report,
which includes private house stocks,
affects the market more than the regu.
lar visible supply report, which in.
rludes only the stock in public houses.
Crop adviceS about all agree in report
ing favorable conditions. Much of The
winter wheat has a protecting blanket
of snow, and there are no immediate
prospects of a scare due to prospective
damage.
Corn and oats continue dull. lifeles
and almost featufeless. Few care t.
sell corn at present prices, and few
care to buy fer an advance, with tt,'
f - 1atnnn NNhInl, tho st.a.i
believes IN advance would bring. Dat
are so low. that lower quotations cal
only be made by selling by holders o
the actual property, short sellers BEN;
wary. We believe this grain shoul,
be bought as an investment, and tn
market followed down il it goes lower
Senator Clay is home from tn
South.