Belding banner. (Belding, Mich.) 1889-1918, 1897-08-19
SPECIAL MARKET LETTER


nished us by McLATN Bros. & Co.,
Commission Merchants, RialtO Build
ing, Chicago
General business tends toward i'm.
provement. with noticeable increase
in the volume of merchandise pur-
chased for retail account i'm many lOca-
tions; the miners strike continues the
chief dist rbing factor and as coal is
gradually becoming scarcer industrial
operations are more difficult over a
wider area. The stock market has ex-
perienced short season OF great activ-
ity, the volume OF transactions aggre-
eating fabulous amount; 50 great has
been the number of shares traded i'm
that the public now undoubtedly is
large holder, for without enormous
sales from the possessions of the largest
traders, such volume of business
would have been almost an impossible
ity. As the recent rise was chiefly pre-
dicated on the prospect OF increased
earnings of the granger roads, i'm cOnse-
quence of western crop promises, and
as the most important crop will. during
the next month, pass its most critical
stage, the shifting of the load at this
juncture is speculative feat that en-
of the anXieties which every indication
of an early frost will engender. While
the urgent demand for wheat abroad
and the magnitude of our crop prom
Uses an active traffic in that cereal, il
Will, without the assurance of equally
remunerative corn freights, be INSULT
cient to sustain the stock market, and,
us corn is late, and more than usual i'm
condition 10 be seriously damaged by
early frOStS, the weather will soon he
come an object of anxious interest.
The export demand for wheat still
continues excellent, although some
abatement in its urgency is evident;
the market for futures. however, is
broadening, and fluctuations are more
rapid and wider, especially for Septem-
Der; the position of the Wall Street
contingent is doubtless responsible for
its erratic course, and its opera ions
are watched with attentive interest.
After having disposed Of their cash
wheat and liquidated their July hold
ings, they are believed to have sold
short. believing that they could force
break as readily rs they could assist
in an advance, but discovering their
error, covered at considerable loss and
again inaugurated a bull campaign
llt htI dI a higher
price than when they had previously
left 1t. Their operations but serve to
show the futility of any combination
endeavoring to manipulate wheat i'm
opposition to legitimate supply and de-
mand relations. Although our market
fluctuates rapidly the volume of trade
is not commensurate with its greater
activity, the public having been tardy
in its recognition of the foreign situa-
ton from which its real strength has
been derived. Should severe break
occur and another advance follow. a
general speculative revival will doubt
less accompany it.
Foreign adyices Indicate that Eu-
ropes want will be more rather than
less than earlier estimates, and that the
crop conditions of Eastern Europe will
compel liberal purchases from America.
A temporary lull in the foreign buying
fever may reasonably be anticipated
after such urgent buying for immediate
shipment; these purchases will serve to
relieve pressing necessities un il their
home wheat is ready for market, and
relieve the tension until supplies again
become meager. when another season
OF active buying may be anticipates i'm
the meantime our receipts will doubt
less increase and stocks enlarge to
something near their normal magn-
tude.
Interior advices state that farmers
are inclined to sell more freely. and
threShing returns are gratifying IIar-
vesting is progressing rapidly at the
northwest, except i'm localities where
retarded by rain; the outlook for
bumper crop in that section is less
promising, there being numerous com
plants of untitled heads and of damage
by rain and smut.
Corn is still an object Of great inter
est, and the condition of the crop is
carefully watched by a large number of |
traders, the price he ng SO low that "A |
return to what "A few years ago would |
have been considered a low point |
would be material advance. Recent |
rains have allayed fears of further
damage bv drOuth at the west and en-
larged the offerings from that section. |
More moisture is still needed i'm other |
sections and as the crop is late any |
weather change that remotely suggests |
frost will he at once reflected i'm higher |
quotations. AS much of the corn will |
not be ont of danger before the latter |
part OF September, any break will |
'oubtless be followed by sharp reac-
tons. for even without frost before |
October. the fear of it will. with ordin-
arlly seasonable weather, be frequently |
manifest.
The visible supply of grain in the |
United States and Canada shows the |
following changes for the past week: |
Wheat decreased 42i00d bu, corn in. |
;reaSed 1860 bu and oa.e creased |
;" 900 bu,