Belding banner. (Belding, Mich.) 1889-1918, 1897-05-13
SPECIAL MARKET LETTER

hiohcu uS ny MClSAlN DhOS. ~ 10.
Commission Merchants. Rialto Build
ing, Chicago:
The recent ameliOration of weather
conditions has been reflected i'm a graft
lying Improvement in general trade
over larger area of the west and north
vest. Country roads are in more
passable state and receipts of grain at
primary points are gradually increas-
ing. Bank clearings. which have here
tofore shown a diSappOintingly large
decrease when compared with those of
corresponding dates last year. show
less pronounced discrepancies and
there are indications OF an encouraging
increase in the near future.
| The stock and bond market remains
quiet and inactive. the demand for
high grade bonds for investment being
he chief noteworthy feature. The un-
certainty attending tariff legislation
restricts speculative ventures, and there
is little interest manifest in the gen
rral security list. about the only stocks
| llnctuating enough to incite active
| trading being those which the tariff
directly affects. Brokers still complain
Of dearth of foreign orders and of
the absence of the country" i'm Wall
| Street
While the security market languishes
WIN but slight prospect of immediate
recovery. the wheat market continues
active ami at times exciting, the con-
| dltions affecting il being Of a character
to excite interest and induce specula-
ton. The more favorable weather for
crops, the increase in receipts at pri-
mary points and the prospect of large
| SnIInU wheat plt llN nrn 10,
Il bearish speculative sentiment, which
induces free short selling whenever the
market shows declining tendency; but
SO strong are supply and demand rela-
tons that they assert themselves as
loon as the bears have created fair
short Interest and attempt to cover,
causing the rapid advances which fol-
low every break of several days dura-
| ton.
Foreign advices are generally favor
able for holders. France and Russia
sending additional reports of unfavor'
| able prospects, while Australia is being
again subjected to "a destroying drouth.
The wants OF Europe for the next three
months will be large, and its purchases
must be liberal If present stocks are
not to be greatly reduced before an
other harvest. The London Stdtist es-
Inmates that the United Kingdom alone
will require in wheat and flour the
equivalent of so 600 900 bu before Au-
gust lst. Stocks are being rapidly de-
pleted in all consuming and exporting
countries, and the wheat i'm store at
Chicago and Minnea polls is held by "a
few strong millers and elevator men.
Under such conditions crop prospects
absorb the interest of both bulls and
bears and become the most important
factor in their calculations, both recog-
niZing the fact that should anything
occur to seriously curtail production,
or to greatly delay the winter wheat
harvest that holders of wheat in store
would promptly demand higher prices.
The realization of this danger renders
short sellers cautious and contributes
to the urgent demand that arises when
ever the market becomes strong on
damage reports. Exports are again
increasing, and the demand for domes-
tic milling is sufficient to keep spot
wheat at a premium over the July
| future.
The market for coarse grains re-
mains comparatively dull and uninter-
esting, although there is noticeable
| feeling of bearishness i'm corn when
ever wheat weakens. This is due to
the favorable progression of corn plant
ing in the central west and the pros
poets of increased receipts as the roads
| improve and farmers finish their work
Exports although liberal are somewhat
smaller. and the foreign demand is
likely to abate moderately as the ne
cessity for supplies for stock feeding
abroad becomes less urgent. The pros
pect. however, is favorable for fair
! demand through the summer months
in consequence of curtailment of sup
plies from Argentina.
| There exists good cash demand for
oats, which contributes to the specula-
! tive strength noticeable whenever
! wheat becomes excited and higher.
The knowledge that interior supplies
are large handicaps the market and
keeps the demand for futures rather
light.
In provisions packers are the chief
operators, seemingly being inclined to
buy on all moderate breaks. Outside
trade is in moderate volume and the
market rules comparatively steady.
The visible supply of grain in the
| United States and Canada shows the
following changes for the week: Wheat
decreased 2,550.000 bu. corn decreased
1886 900 bu and oats decreased So, 900
bu
He Pitied Them.
Tramps sometimes try to indulge in
witticisms. according to the story of a
lady on Euclid place.
This lady has very little sympathy
with Weary Willie, so that when a
| knight of the road knocked she told him