Belding banner. (Belding, Mich.) 1889-1918, 1897-06-10
SPECIAL MARKET LETTER

nlShed us by MCllAlN DROS. " CO.i
Commission Merchants, Rialto Build
ing, Chicago:
General business throughout the
country has. during the past week,
been uneyentful in character and
moderate i'm volume. The weather,
which for some time has been UNI
seasonably cold, is chargable with the
inactivity of which dealers in sea-
sonable merchandise complain and with
stagnation i'm other lines which depend
upon the free marketing Of spring and
summer goods for support. Funds con-
linue to accumulate in banking centers,
although in some localities there is a
gratifying increase in the demand for
money for business purposes, which is
readily supplied, when the security is
satisfactory at u very low interest rate.
The encouraging crop reports from the
major Port ions of the West and North
west inspire confidence in the future of
railway securities, and Il general in
crease i'm tonnage enables many roads
to increase their present earnings.
Our wheat market has also been in
fluenced by crop advices and the pros
pect of Il free movement from the South
west at an early date, and has been
subjected to other influences of a bear
iSh" nature. Receipts at primary mar
kets continue Unexpectedly large and
raise disquetiug doubts in the minds OF
even the most persistent bulls" as To
the reliability of their estimates OF last
years crop. indicating as they do, that
their gliesSeS were much too low or that
the amount i'm farmers hands from pre-
vious crops was larger than official re
n.rfC Tho liharal rpppiptS
coming as they do when so many mills
are idle relieves the tension due to light
stocks and enables buyers for spot
delivery to supply their needs on
more favorable terms. Foreign ad-
vices are less encouraging for hold
ers i'm consequence of liberal offer
ings of supplies from Russia and the
reports of more favorable weather
conditions in Continental Europe.
The reports, however, are not all OPP
| timistic. there being claims of damage
| by excessive rains In Roumanla and OF
| further impairment of the crop in South
| Russia. Domestic crop adyiceS are
variable and fOreShadow an abundant
| yield where there have heretofore been
no complaints of damage and disas-
| trous failures where the outlook has
been unpromising. The most discour-
aging reports come from Illinois and
| Missouri, the official report from the
| latter State making the June condition
| 81 per cent on an acreage of 80 per cent
| of an average area California harvest
has begun and reports from them indi.
cate that the yield will be larger than
has been expected Speculatively our
market has undergone Il noticeable
change. many of the leading bulls"
who have for months clung tenaciOusly
to their holdings, having sold out and
| for the moment retired from the
arena. y The general trend OF the
news has been SO unfavOrable for their
campaign, and the public afforded
so little support, that they evil
IDENTIFY deemed it wise to curtail their
| losses, and await more auSpic-
ious opportunity, which the overcon-
idence of short" sellers, the pau
city Of supplies, or an unfavorable
change in crop prospects may present
| AS usual. when prices are falling,
and the news grows more pronouncedly
sbearish - the short" interest daily
becomes larger and the sellers more
confident and aggressive, and until
something developes TO disturb their
dreams of conquest" and awaken
them to sense of impending danger,
they will afford but little support to the
market If, however. anything occurs
to change the aspect of the immediate
supply and demand relations, or TO
threaten Northwestern crop prospects,
they Will temporarily become the mar
kels greatest element of strength.
While the "shOrtn, interest has i'm
creased, and several large lines of
long wheat have been sold out, the
offerings have been steadily absorbed,
but by whom il is difficult to determine,
there having Lcen 10 buying by any one
house suflicientiy large to excite com
meut or to afford an opportunity for a
reasonable con jecture. The weather
conditions which have been favorable
for the growing Wheat have beer
unfayorable for Corn, and in many
localities have neceSsitated consid
cradle replanting The market has
responded To unfavorable advices
and at times shown symptoms oil
strength. which, however, were moi
sufficiently pronounced to greatly dis
turb shorts" or to outweigh the effec
Of liberal receipts and the continued
offerings for Western account. Tn,
damage sustained 10y unreasonable
weather, while it suggests an unfavora
bic outlook is not irreparable, coming a
it has SO early in the season, and Il few
weeks of propitious weather woulC
doubtless alay all fears of the crop
safety Although prices are low ther
are many "short' sellers and TIN
market is i'm condition to respond Il
, any further adverse crop influences
whenever they develope. Hog produc
is feeling the effect of liberal receipt
OF Hogs and it is believed that the com
binatiOn which has for some time bee
trying TO bull the market is quietl
unloading on the hard spots.