Belding banner. (Belding, Mich.) 1889-1918, 1897-05-06
SPECIAL MARKET LETTER

lished us by MCLAIN Bios Il Co.,
Commission Merchants, Riato Build
ing, Chicago:
Financial circles have not been dis
turbed by anything of sensational
character since the sudden abatement
of fears of IA general European war
and are AT present viewing the situa-
ton with but little apprehension of any
unusual disturbance in the immediate
future.
The resumption of gold exports serves
more To emphasize the inactivity per-
yading the stock and bond market than
To cause any disq,lieting disturbance in
values. Stock brokers complain of
dearth of orders. and attribute their
misrortunes largely TO the losses slls-
tanned in England IN south African
mining ventures. which have left SO
many European investors practically
bankrupt that ere is n noticeable
| contraction IN the volume of foreign
business on American exchanges.
The more peaceful aspect of affairs
in the Levant has had depressing eff
feet on the wheat market. and holders
who had loaded mp III anticipation of
| prolonged war between Greece and
| Turkey, which would endangcr the
peace of Europe. found difficulty in dis
posing of their holdings before prices
| bad declined sharply; this inability
WAS due chiefly to the absence of
short interest of any magnitude, as we
| suggested IN our last weeks letter.
bears having largely withdrawn from
he market in consequence Of POSSIBLE
| tiles attending the success of the Greek
arms.
The market now, however, has as
slmed its normal character. and as
| bears have recovered their equanimity
| the creation of Il large short interest is
| only question of time, and as there
are no buyers SO eager as a frightened
short. anything that may occur to alarm
| them. and induce investment buying,
will start an upward movement that
will continue without such violent re-
| actions as have recently disturbed the
| market. The creation of an extensive
short interest will be contributed to 10y
| the liberal selling of deferred futures
| by Northwestern operators as their
crop prospects become more promising.
| Their operations have already begun,
| September being the favorite option,
and are doubtless due To the favorable
| progress of spring seeding and to more
| propitiOuS weather.
There is less attention paid TO Pacific
| Coast damage reports, there having
been some rain in California. and it is
believed that whatever damage may
have been sustained in that state will
be more than compensated for by an
Increase in acreage in Oregon and
Washington, where the area is reported
to be 80 per cent greater than last year.
A 1xyinac -,
weather has become more favorable.
but that there has been "A reduction in
area of 900, 900 acres
The break in prices induced some
| spasmodic Continental buying. but for
eigners generally seem to have relapsed
| into their previous Indifference since
the subsistence of the war scare.
Northwest receipts continue i'm large
volume and are a surprise to majority
| of dealers who had confidently expected
Il small movement IN That section in
| conformity with early crop estimates.
| The movement, while large. is i'm a
| measure accounted lDr by the rapid re
| Il elton III country elevator stocks.
| which we're reduced during the month
| of April 1000 600 bu.
Exports show some dimnuton and
| are now disappointingly small this
| however. is partly due to the fact that
| Western wheat destined for Europe
| has not yet reached the spabOard. and
| some augmentation in the volume of
! the outward movement may be expect
| ed when this wheat arrives
Deliveries on May contracts on the
| first day of the month were very small
| and served to inspire some confidence
| IN the future, being regarded by many
| us IN indication that an urgent demand
| for cash wheat will arise before the
new crop will be in condition to grind.
Corn was subjected to the influences
| that depressed wheat upon tht dissipa-
ZION OF war fears. the short interest
| having been frightened ont of the mar
ket. Prizes however. are SO low that
| there was but little room for a serious
| break. a new short interest is again
| being developed. which as in wheat,
will aid an advance il anything of a
sensational nature arises To start one.
| The weather indications will be closely
watched. for amy chang" hat promises
tnrther delay in planting will ut once
create an urgent d mand. Fine wealth.
or, however. Will rea,strp sellers and
increase receipts. The export move
| mcnt shows some abatement. but is
SIN TIL Gc, lHP OtU NdlN movement Tor
| April amounting To l. 40 .2i3 Ia.
Oats have ruled quite active within
"A mpdcrate range of prices. being gov
erned chiefly 10y the course of wheat
and corn.
Pr visions are fairly artive and fol-
low the course of prices for hogs. which
are in good supply. and receipts of
which are expected to increase because
Of the turning of large number of
cattle on 10 grass in the near future.
The visible supply of gram in the
United States and Canada shows the
ollowiugchanges for the week: Wheat
decreased ,7S9 600 bu. corn decreased
l.7lS,OOO bu ayd oats increased 49,
WD bu
The True Remedy.
mt