Belding banner. (Belding, Mich.) 1889-1918, 1897-06-17
SPECIAL MARKET LETTER

nished us by MCLAIN Bros. & Co.
Commission Merchants, Rialto Build.
ing, Chicago:
The gratifying change i'm weather
conditions has stimulated trade i'm sea
sonable goods, and impaired cheerful.
ness To the tone of advices from num-
erous localities. There has been a
noticeable increase i'm the business of
stock and bond brokers, which, while
still unsatisfactory, is graciously re-
ceived as harbinger of more prosper
Gus DAYS.
Railway stocks have been i'm better
demand at home and abroad, the re-
cent Supreme Court decision having
removed the cause of much anxiety as
TO the future earning powers of roads
having large capitalization and bur
densome bonded debts. A general in
crease In net earnings has contributed
TO the improvement noted, and unless
disturbed by some new disquieting fac
tor there are substantial grounds for
hope of greater stability i'm the entire
security list.
The European war specter obtrudes
Itself into commercial circles with un-
welcome frequency, and, judging from
the tenor of advices from all quarters,
may at any moment command the anx-
ious attention of operators i'm securities
and agricultural products throughout
the world. Continued Obdurancy on
the part of the Turkish government i'm
not needing the demands of the powers
in relation to the evacuation of Thes-
sally will soon manifest itself i'm a de-
cline in foreign securities and gen
eral uneasiness at financial centers.
While anything that will excite fears
OF an armed conflict between any of
the great European nations, or between
one or more of them and Turkey, would
adversely affect the price of securities,
1t would at once infuse life into our
wheat market and create speculative
demand that would rapidly advance
quotations; for, with Russia, America
and the Danubian countries the only
sources of European supply, the closing
of the Dardanelles would become
calamity.
such contingency that directs the at
tention of Wheat traders to the Orient
with more than usual interest and
alarms short sellers whenever anything
occurs that even remotely suggests
with the slightest decline i'm English
consols.
Recent advices from abroad con-
firm previous advices of crop damage
in Danubian countries, and of i'm
proved weather conditions i'm Western
Europe. Foreign markets for the
moment seem to be following ours i'm
its fluctuations, there being nothing to
incite them to independent action.
While stocks there are decreasing. sup
plies in sight, and those purchased for
future delivery, are sufficient for i'm
mediate wants, and, i'm consequence
the demand for spot wheat has notice
ably abated.
Domestic crop advices are generally
fairly satisfactory; there are some com
plants of rainfall deficiency i'm por-
tions of the northwest, and of the APP
pearance of grasshoppers i'm several
localities in South Dakota.
AdviceS from the southwest continue
favorable for bountiful harvest, and
for a liberal movement from that sec
ton in about three weeks. There is
but little probability of free move
ment to our market unless the price
here is made relatively higher than
winter wheat millers are willing to
pay. through the inability of any con-
siderable number of July shorts to pro-
vide for their contracts.
The government report, issued on the
10th inst, had but a momentary effect
on the market, being received with in
credulity by the trade. 1t has been so
often necessary to revise the depart
ment figures in order to harmonic them
with final returns, that they are discred-
tied whenever conditions reported are
not in conformity with private crop adj
vices. The last report was for acreage
and condition June 1st, the area of
winter wheat being estimated at 81
562, 900 acres, and of spring 1907 900
acres. The condition of the former is
placed at 1875 per cent of a full average
yield, suggesting a final output of 265,-
CAB 900 bu, and the condition of the
latter at 1915 per cent, suggesting a
crop of 1872, S7S 900 bu.
There is a large concentrated long
interest in the July future, which bears
have been unable to eliminate 10y de-
pressing the market, and which affords
substantial support on the sharp
breaks, causing frequent rapid reac-
tions. The general trade is gradually
drifting into the September future,
preferring to buy or sell for delivery
in month less subject to manipula-
ton than in one evidently controlled
by the interest or caprice Of a coterie
of strong operators.
The sudden favorable change i'm the
weather has relieved the anxiety Of
shorts in corn, and increased the offer
lngs by western shippers. Prices are
so low that there is but little induce-
ment for speculative selling, the posi-
BILE profits being incommensurate with
the attendant risk.
The visible supply of grain i'm the
United States and Canada shows the
following changes for the week: Wheat
decreased 1,764, 900 bu, corn increased
1921 900 bu and oats increased 327, 900
bu.
The Westfield, Ind, News prints the
following in regard to an old resident
| Of that place: Frank McAvoy, for
many years in the employ OF the l.. N.
q H. nSn0