The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1897-07-10
Special MARKETLETTER

Ehe following market letter is iur-
nishea Us by McLAN BROS. s. Co.
ComAission Merchants, Rialto Build.
ing, Chicago:
Business during the past week has
been OF a holiday character and mod
crate in volume. The railway share
market shows a hating tendency, due
to the pressure of realizing sales. the
fear of rate wars between several OF
the great grain carrying roads. and
the possibilities attending the miners
strike. The recent upward movement
has been fostered by continuous favor
able crop reports nor than by any
material increase in present earnings,
and as several great systems have. in
order to secure a paving business. ireen
tempted TO cut rates on corn from
western points. the tendency has ltrIl
to check the advance.
Something more than abundant iH,~
is necessary TO assure regular DIV
dends, for with an Inadequate drutnl
a large surplus inevitably drlF. ~>rs
prices to a paint lOw e,r"ughlu ptxSrut
more than a moderate HnseluefINrnm
first hands. Under such conditions the
cutting of rates is probable and tie
paying of remunerativt dividends br.-
comes impOssi BILE. Without such tIivi,
dendS present GitOtat iIS for stWckS and
bonds CANNOT lp- mainIaIII-d. The
general freight agent of :: western
trunk line gave the Key tn the siiuaGiun
in a recent interview in saying: What
we need is higher prices for corn and
Oats-nOt larger crops"
The anticipated outward movement
of gold has not yet begun. and eastern
advices Indicate that it is likely to be
indefinitely deferred. Money in the
banks is obtainable at low rates on nc
ceptable security, and bank earnings
have become SO meager that several
prominent Chicago institutions have
recently passed their dividends.
In wheat the course of the July flu
ture for several days caused some ap
prehensions of a corner, but as the
market was not supported on the hard
spots, and was permitted to decline
sharply whenever offerings became
fairly liberal, operators soon lost inter-
est in the deal and turned their atten-
ton to the deferred futures. There is
doubtless a liberal short interest in
September, with nothing in the Situa-
ton at present to disturb it, and the
market in consequence rules dull and
featureless.
Crop adviceS continue favorable aud
threshing returns warrant a raising of
previous estimates. The last ThOman
report places the condition of winter
wheat at SD. indicating an approx
mate yield of 80. 600 900 bu. and of
spring wheat at 9I.5. indicating an out
put of DOG. 900. 900 bu. or a total pros
pective yield of $50. COG. 900 bu.
Winter wheat millers have again re-
duced -four prices and jobbers seem in
cliDed to reduce stocks to the minimum
in anticipation of lower prices and AN
improvement in quality in the new
wheat stock. Harvest is progressing
rapidly and satisfactorily and new
wheat will soon be I'm abundant supply,
the movement to market having al
ready begun in fair volume.
Foreign advices are somewhat con-
fiicting in regard to the Danubian pros
poets. but the tone of their markets does
not indicate anything serious in that
direction. The weather in France con-
tinues favorable. and the prospects in
Germany are reported as the most
promising in twenty years. The worlds
stocks are low, and as Americas crop
promises to be of excellent quality a
satisfactory demand for a large share
of its surplus is anticipated.
As the present prices for futures are
based on the promise of an almost per-
feet spring wheat crop any change in
the situation at the northwest would be
the signal for an advance. Any further
material decline would make wheat so
low that almost anything of a st;mulat-
ing nature would bring a sharp reac
ton.
Corn is again attracting more atten-
ton, and at times the interest mani
tested is greater than in wheat. The
unsettled condition of freight rates
tends to depress prices. but the fear of
crop damage in consequence of hot
weather and the want of moisture in
some sections is sufficient to incite an
improved speculative demand, which
frequently causes considerable activity.
The volume of speculative trade is
much larger than the frequency of
price changes would suggest. Receipts
for the season of the year are only mod
crate. and as prices are too low to per-
NIT the profitable marketing of a large
amount of corn in cribs, the cutting of
railway rates seems to be the only way
of increasing the movement. Exports
are still liberal, despite the %unfavora-
BILE weather, which renders some of the
corn arriving at the seaboard unfit for
shipment abroad.
Oats rule dull and featurelesS. the
supply being constantly in eXces of
the demand. Shippers report that
eastern points seem to be filled up.
Hog product holds firm when the
heavy receipts of hogs are considered,
the market being evidently controlled
by interested operators.
The visible supply Of grain i'll Tie
United States and Canada shows the
following changes for the week: Wheat
decreased 1,2Il, 900. bu, corn decreased
ZIG, 600 bu and oats decreased ST., 900 bu