Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1897-09-16
MARKETS OY THE WEEK.
LATEST REPORTS FROM TRADE
CENTERS.
Outlook for Grain as Given by Com.
petent 0bservers-Efects Of Cur.
rent Events on Business.
Special to the Reflector.


building, this city, for the week end
ing today is as follows:
The stock market during the past
week has been active and irregular,
the securities of grain carrying roads
taking the lead and maintaining their
position with greater stability than
Others less favored; increased earnings
and the magnitude of the grain move
ment are the chief governing factors,
and as traffic shows no signs of abate.
ment, there are no special reasons for
anticipating any decrease in earnings
for some time to come.
The enhanced value Of both railway
and industrial stocks, requiring a much
larger volume Of money to carry them,
and the freer movement of funds to
the country, is reflected in the sharp
decrease IN bank reserves and a large
increase in loans, with but nominal
increase in deposits. 1t has been stated
by accredited authorities that Europe
has during the past four months re-
turned to America one hundred and
fifty to two hundred millions of dollars
III securities; W en- this amount is add
ed to the volume to he provided for at
rnhanced values it affords the incen-
tive for demanding higher interest
rates. and suggests the possibility of a
wider circulation of gold in the near
future. The fact that Europe parts
with American securities at a time
when many of them promise a divi-
dend for the first time in several years,
is indicative of the unfavorable state
of affairs abroad, which daily become
more apparent.
Crop failures and other causes have
50 prOnOuncedly interrupted EurOpeS
trade with India that there is an I'M
welcome decrease in the demand for
manufactured goods, and some dis
turbance in financial affairs. America
is particularly interested in the well
fare OF EurOpe's toilers this year, be-
cause of the shortage in foreign crops,
and the abundance of her own. the
surplus from which can be sold abroad
at high prices unless consumption is
decreased through the poverty of pros
pective buyers. How much the con-
sumption will be reduced on account
of higher prices and the want of
employment by large number of con-
slllners Is prohl' matlcal, but it will
doubtless be considerable, for, without
unusual indust' ial depression in Eu-
rope last year, the decrease on account
of Il moderate advance in prices, ac-
cordng to Mr.. Broomhall, amounted
to one and one-llaf per cent.
Our wheat market continues irregu-
lar and nervous, the tenor of the news
being reflected quickly in its huctua-
tions. 1t responded sharply to the re-
cent unconlirmed reports of a c0ntem-
plated reduction in the French duties,
and Odessa adyices that Austrians
were liberal purchasers Of Russian
wheat; and declined as quickly when
the French news was denied and for
elgnels were reported as reseling in
American markets,
With domestic receipts steadily in
creasing and homegrown foreign
wheat available for immediate use,
there are no substantial reasons for
anticipating an urgent foreign demand
before present contracts are nearly full
filled, unless the movement from Rus
STA sharply decreases, for, with the
prospective American exports and lib
eral Rllsslal shipments in sight sup
Plies VIII gradually increase; American
shipments being assured, those from
Russia will determine the price, and as
that government fosters agriculture
and assists its farmers even to the ex-
tent OF lonnlng them money to carry
reserves through periods of depression,
and gives only such crop information
as it deems advisable, the only guide
to the true situation there is its ex-
ports; these, according to the weekly
returns, have been increasing, and I'M
til they show a tendency to materially
decrease, the reports of no exportahle
surplus will not do to rely upon.
Domesticcrop indicates larger
winter wheat crop than has been re-
ported, and that the spring wheat yield
at the Northwest will be large, but
under early estimates, with the quality
uneven and unsatisfacto The gov
eminent report which suggests yield
of but 4e4,OOO.00O Blu of winter and
spring wheat, being about 750OO, 600 bu
below the most conservative estimate
OF any recognized private authority,
was accorded seant courtesy and ex-
erted no influence on the market,
which, despite the stringency which
Tie report if correct would indicate,
declined sharply On much less import
ont ,,.,v