The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1896-11-20
WEEKLY MARKET LETTER.
Downing, Hopkins Co.'s Review oi
Trade.


Portland, Or, Nov. 18. - Wheat
fluctuations continue wide, something
to be expected after such an advance
and with the supply and demand posi-
tlons SO unusual. The speculative in
terest, however, is broadening. 1t
c.ntinues to be the fact that there is
practically no leadership to the market
for the reason that none is possible
While there is more or less talk of
manipulation, there is no real belief in
any and no reason for any such belief.
The erratic course of prices is proof
of the absence of any control on this
side and the independent and occasion
ally inexpIicable conduct of Liverpool
is put as good proof of the lack of any
control over there. The market for
the present is leading the speculators,
and SO far those who have essayed to
lead the market have not profited by
their efforts. The upward rushes
which in an ordinary year might be
regarded as, in part at least, the handi-
work of some great bull, are this year
merely the natural effort of the worlds
situation, and the sharp dips, which
might in any other year be regarded
suspiciously as manipulative "shake
OUTS" are merely the wide swings of
a market violently agitated by the
haste in readjustment. The operator
who has assumed that there was some
powerful influence to tail after has
been bitterly disappointed. The most
successful man has been the one who
has pertinaciously operated within his
means only on the one side.
The developments Of the week were
the springing up of surprising mill
ing demand at Chicago, the continu-
ance of the drought in India, and the
falling off of the movement from first
hands West and Northwest Primary
receipts last week were 1900, 900 BUSH
els less than the week previous and 81
900, 900 bushels less than in 1896
Cables Saturday said the India famine
had been unbroken in all the distressed
districts. Nothing was more remark
able during the week than the large
cash wheat business done at Chicago
on days when the wildness and the
fluctuations might have been expected
to cause all cash tuyers to hesitate
The sales Friday and Saturday aggre-
gated over 100000 bushels. Another
noteworthy feature was that the out
side markets advanced faster than Chi.
cago, showing that speculators were re-
tarding rather than fastening the ad-
vance. The very large increase during
October in wheat stocks in Europe and
afloat, 20, 800, 900 bushels, against an
increase for the same month last year
of only 100000 bushels, is not as
bearish as might be imagined at first
glance. Of this total the increase
af1oat, 100000 bushels, was con-
tributed largely from this side, whence
the imports have concededly been larger
than can be maintained. The increase
in Russian stocks, 15,400, 900 bushels,
is not SO very different from the in
crease last year in the same month, 81
800, 900 bushels. The extraordinary
advance in prices, 40 per cent within
sixty days, has accomplished all these
increases, the only thing of course, for
which the advance was instituted.
The exports of wheat, flour included
as wheat, from both coasts of the Unit
ed States and Montreal amount to A.
664,5 bushels, the heaviest weeks
total since the second week of Septem-
Der, 1898. This is an increase of about
/ 200, 900 bushels over last week; of
more than 100000 bushels over the
week of year ago; of
more than 1 ,700,O 900, as compared with
the like week in 1894. gain of about
1000, 200 bushels as compared with
the corresponding week of 1898, and of
more than 700, 900 bushels as contrast
ed with the like week in 1892.