The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1896-10-16
WEEKLY MARKET LETTER.
Downing. Hopkins 8 Co.'s Review OF
Trade,


Portland, Or, Oct. 14.-There has
been decided change in speculation
from extreme dullness to unsual ac-
tivity within the past month. The
change has been so sudden that the
trade is becoming accustomed to it,
and all the indications point to active
markets for the rest of the fall, and
well into the winter. There is more
confident feeling among operators in
general, and the improved business
situation also has good effect. There
is no doubt that the turning point has
come, and that we have seen our low
est prices this year, and probably for
some years. The advance in prices has
given the bulls good profits and scared
the bears SO that they are not inclined
to make much of fight against higher
prices, as the bull fever is on and will
have to run it's course. There will not
be an easy time for the short sellers,
and for the present they will have to
be satisfied with small profits. There
will also be plenty of setbacks for the
bulls, but all indications point to
higher range of prices Of late there
has been advances followed by sharp
breaks, but the prices have not reached
to the previous low point. This is the
way the bull leaders expect the markets
to work all the way up.
For years it has been the custom of
the trade to take no stock in bull move
ments unless based upon heavy country
buying. The fact that the countrymen
have not come in of late has deferred
many from taking the bull side with a
vim. There has been a moderate in
crease in outside speculation. but the
bulk of the new business has come from
a different source-the foreigners.
They have to great extent taken the
place of the countrymen. They are
large traders and the majority have
made money. Their trade comes to a
few houses and is not as apparent as
the country business, and hence is very
deceptive, there being great deal Of
it at times that takes all offerings in a
quiet way, and the pit traders wonder
where the stuff goes to, as it does not
come on the market again for some
time. When they get to making money
they stay at it, and thus far have been
able to catch the turns to better ad-
vantage than the majority Of the home
operators. This will tend to keep
them in the market right along.
Exports of wheat continue large, be-
ing I, 1850, 1872 bushels last week, against
about 5000, 900 bushels month ago.
and 2,224,000 bushels for the corre-
spending week year ago. We would
call the attention of those who believe
the present price Of wheat too high, and
who think the advance has been too
rapid to be maintained, to the increase
in exports last week over those of a
month ago when the price was lSc
cheaper. We also quote as reason
for this heavy increase the estimates Of
the Hungarian minister of agriculture
on the deficits of wheat in the several
different exporting countries, which we
think has an important bearing on the
price question. He estimates the de-
ficit of wheat in America, compared
with 1896, at $4,000, 900 bushels,
which is less than any of the American
authorities estimate it. He estimates
the Russian deficit at 70, 900, 600 bush
els; the Argentine at $4,000, 900 bush.
els. This makes total deficit in these
three exporting countries of 1877 ,000,-
600 bushels. Besides the shortage in
these three countries there is short
age in India of about $4,000, 600 BUSH
els, and considerable shortage in AUS
tralia