Mexico weekly ledger., 1896-02-06
W. G. PRESS 8 CO.,
Grain and Provision Commission Merchants.
. and : sherman St.. chicago.

y u 2 hhef1oan ST.. Gnlca&o.
In their special market letter say:
The cratic course of the wheat mar
ket during the past week has, while en-
| gaging the attention of a steadily in
ereasing number of outside specula-
tors, who regard the daily fluctuations
with indifference so long as each up
ward movement carries prices higher
than It's predecessor, proved an enigma
to the free ianees of speculative war
fare, who have yainiy ~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-
lions from outside quotations have been
unable to dislodge the great bull army,
| ~intrenched as it is behind the barriers
of low prices andNsaceumulated profits.
In vain have the moge aggressive bears
assaulted its position, foseach onslaught
has been met with a valiant and stub
born resistance and has ebtailed dis
comfortnre and pecuniary> Moses.
Each unsuccessful assault has added
fresh recruits to the bull ranks, and
has, for the moment at least, reffss
dered their position i~mpragnable.
The public has taken the leadership,
and while it continues to buy. regard
| less of the attitude of great or small So
called professional spectators, it will
| dominate the market. So long as each
upward turn establishes a 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 nuS Uelng watched
with acute interest, for there has al
ready been damage enough sustained
to cause some apprehension. II as the
major portion of the wheat area has
vet to undergo the yicissitudes of many
months, any serious impairment in d
single great producing country 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 moi
for the ceaSelesS stream from North
western farms, which, we have repeat
eddy been assured, must soon cease be
cause of the depletion of farm re
serves; but it seems Incredible that sucf
a flood can come from d source whose
fountains are well nigh exhausted
While crop adyices from Europe indi
cate a fairly favorable condition il
nearly all countries, those from the
Southern hemisphere are less assuring
and our own crop is regarded as being
in too delicate a state TO withstand ;
prolonged siege of u~nfavorable 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 IL
our elevator stocks. and tends to check
speculative buying, which has so sud
denly br0adened the market. There
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 a figure at which cribbers
can afford to sell, and until such quo
tations are reached the cribbed corr
VIII De no menace TO the trade. Oats
have Infatuated with corn and wheat
and the better prices have not encour.
aged excessive shipments from the in
terror. Prices are still low, and tht
market will find active support il thu
bull movement in wheat continues
The activity in grain has diverted
much of the speculative interest from
provisions, and all kinds of produci
have suffered in consequence. 1t i.
claimed, however, that packers arr
improving the opportunity to secure
bargains.