The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1897-06-12
SPECIAL MARkETLETTER

Commission Merchants. Rialto Build.
ing, Chicago:
General business throughout the
country has. during the past week
been %uneventful in character AMI
moderate in volume. The weather
which for some time has been I'M
seasonably cold. is chargable with the
inactivity of which dealers in sea
sonable merchandise complain and HIlii
stagnation in other lines which depend
upon the free marketing of spring and
summer goods for support. Funds CON,
tinue to accumulate in banking ctIterS
although i'll some localities there is u
gratifying increase in the demand foI
money for business purposes. which il
readily supplied. when the security i,
satisfactory. al Il very low interest rate.
The encouraging crop reports from tl'
major portions of the West and Mort
west inspire confidence in the future ~
railway securities. and Il genera! IL
crease in tonnage PnIi'ieS MANY = III
to increase their prrSeni Earn ngs.
Our wheat market has ais" DrrII ia
flupnced by crop advicrS and Tie prs
pect of a free movement from the So:ti
"Col az an 0sbIlN htlC. anu lldS AEfE
subjected to other influences of a heal.
ish' nature. Receipts at primary mar
ketS continue Unexpectedly large and
raise diSquietin5 doubts in the MINIS o!
even the most persistent bulls" rs &c
the reliability of their estimates of last
years crop. indicating as they do. tina!
their guesSeS were much too low OF THAI
the amount in farmers hands from pre-
viOus crops was larger than official re
ports indicated. The liberal receipts
coming as they do when so many mills
are idle relieves the tension due to liglli
stocks and enables buyers for spot
delivery to supply their needs on
more favorable terms. Foreign adj
vices are less encouraging for hold
erS in consequence of liberal offer
ings of supplies from Russia and ;he
reports of more favorable weather
conditions in Continental Europe
The reports, however. are not all Oh
timistic. there being claims of damage
by excessive rains in ROumania and OF
further Impairment of the crop in South
Russia. Domestic crop adviceS are
variable and ~foreShadOw All abun'li.n nj
yield where there have heretofore been
no complaints of damage and di>aS,
trous failures where the outlook lia>
been unpromising. The most diScnur-
aging reports come from Illinois ana!
Missouri. the official report from The
latter State making the June condition
50 per cent on an acreage of 80 per cent
of an average area. California harvest
has begun and reports from them inGi.
cate that the Weld will be larger than
hog ham aDnal Snnn,l.fipaly -
market has undergone Il noticeable
change, many of the leading bulls
who have for months chung t~enaciomsly
to their holdings. having sold out and
Tor the moment retired from the
"arena." The general trend of the
news has been SO unfayOrable for their
campaign, and the public afforded
so little support, that they evil
Identity deemed it wise to curtail their
losses. and await a more auspic-
iOus opportunity. which the overcon-
Edence of short sellers. the pau
city of supplies. or an unfavorabIe
change in crop prospects may present.
AS usual. when prices are falling.
and the new grows more pronOunctlly
''bearish," 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 Il sense of impending danger.
they will afford but little support To the
market. If. however. anything ucciiIS
to change the aspect of the immediate
supply and demand relations. or to
threaten Northwestern crop prospects.
they will temporarily become the mar
kets greatest element of strength.
While the short" interest has III
creased. and several large lines nf
long" wheat have been sold out. the
offerings have been steadily absorbed.
but by whom il is difficult to determine.
there having heen no buying 10y anyone
house sufficiently large to excite ON
ment or to afford an opportunity for Il
reasonable conjecture. The weHI!:"r
conditions which have been favorable
for tlIe growing Wheat lave l. "a
ua!avOrable for Corn. and II m:@
localities have ~neCrSSitHtrd co..>.t-
cradle rePlanting. The market hle
responded to u~nfayUrable HdVir"s-
and at times shown symptoms ni
strength. Which however. Wee H't
sufficiently pronounced 20 greatly Is.
turb shorts or Ia outweigh he 'H''j
of liberal receipts and the continued
offerings for Western account. Tia
damage sustained h. ~UuSeaSnu:h3r
weather. while it suggests an ~UnfHv"ia.
bic outlook is mo- irrUia,anir. cnIniB .af
ii has ST. early in the season. aud q rrW
weeks OF rroHiti0#S weather wonil
donitieSS niiay All fears OF The c!uI:>-
ralety. Although prices are low there
are MANY short sellers and f''r
market Is in Z; condition 81 resroIn, Z,
any further adverse crop Influences
WHEREVER they G~pyeinre. Hog proc, &c..
is feeling he effect II. liberal rec ut:
of Hogs and il is believed that t~i,r.n';-
bination which has t0r some 'iM~ ".i.
trying to bull the market i2 u .,s
unloading on the hard suDfS.