Belding banner. (Belding, Mich.) 1889-1918, 1897-07-29
SPECIAL MARKET LETTER

Commission Merchants, Rialto Build
ing, Chicago:
The passing of the tariff bill and the
subsistence of the Turk have removed
TWO elements of uncertainty which have
for long time disturbed business and
financial circles, leaving nothing i'm the
way of a sensational character to re-
tard the return of conditions under
which natural causes will once more
become operative, except the great
miners strike, which, although its
speedy termination has frequently been
prophesied, still continues with un-
abated yigor, and promises to become
an element of soicitious anxiety before
it ends.
The stock and bond market has re-
sponded to the changed conditions and
brokers' report gratifying improve
ment In business. Tie railway share
market has been stimulated by addi-
tlohal crop reports, operators i'm Wall
street evidently believing that the only
lnlng necessary To assure increased
dividends Is abundant crops. Remun-
erative freight earnings, however, are
dependent as much on the price oh
tanned for grain as on the quantity pro-
duced, and I'm order to maintain stable
prices for stocks paying prices for grain
must obtain.
AS the successful issue of stock specu-
lation depends upon the course of the
grain markets, the latter offer better
Inducements than the former and
should be objects of greater interest to
business men and producers, especially
throughout the great west. The neces-
slty OF maintaining fair prices for the
products OF the farm i'm order to assure
returns on railway stocks and bonds
will appeal to the judgment of, and en-
list the support of powerful operators
having large pecuniary interests i'm
railway securities and assure their
active cooperation in any bull cam
palgn that promises success.
There are significant signs of such
support to our wheat market, and it
has been vigorous enough to rally it
from every important reaction and
confuse the more aggressive bears.
The bull campaign has been aided by
natural causes and has been managed
so adroltly that the closing week of the
July option finds the trade divided in
opinion as to whether or not there has
existed any organized bull contingent.
The steady depletion of stocks, the re-
ports OF European damage and the
hardness of the movement OF new
wheat have been sufficient causes to
warrant an advance without the as
sistance OF anyone contemplating a
squeeze. and both bulls and bears are
undecided as to the final termination
of the july deal. The closing days of
the month are awaited with anxiety by
some and curiosity by many.
Speculatively the market remains i'm
about the state it has been for some
time, the bears becoming aggressive
whenever it appears weak and running
to cover as soon as any strength de-
yelops. The majority of bulls accept
profits whenever there are evidences Of
reactlonary breaks and the market is
kept fairly well evened up; this polic>
prevents any runaway advance on 'ac-
count of Il rush TO cover by large
short interest, or disastrous break on
the competitive selling of longs Oh stop
orders or exhausted margins.
Domestic crop news are all that could
be desired. save from portions of the
northwest, where the rainfall has been
greater than was beneficial There
have been reports OF damage by chnch
bugs over limited areas in few local
tiles.
Foreign markets have been irregular
Liverpool showing tendency 10 ad-
vance promptly with ours, whereas
continental prices have ruled weak,
Paris being disposed To decline. The
apathy there is probably due to the
official French crop report on condition
July To- which fails to corrobOrate the
sensational claims SO frequently ret-
Grated. The report gives the condition
of winter wheat as good in ~ depart
ments, fair in 81, possible in II, and
mlddling in s; spring wheat very good
IN depart ments, good in is. fair in
y. possible in !, and midding in l.
AdVices from Canada state that un-
less caught by frost the wheat yield OF
that country. including Manitoba. will
furnish IN eXportable surplus IL 600, 900
to 100000 600 bu greater than last year
The movement OF wheat at the s,ath-
west is being retarded because of the
stacking of the grain 10y farmers who
anticipate better prices. The fact that
they are bid much more for their wheat
than they expected before harvest in
duceS them To hoard their crop.
IhrcShing has been DELAYED i'm the
'outheast and in the Mississippi valley
10y rain.
Corn is again attracting attention
aud may AT any time herome excited
| ana active IN consequence of supply
| ana demand rpla ions and he Specllla
tive state of the market There is nm
doubleday a very liberal short interest
and several large long lines. Consid-
| cradle corn has been sold to arrive.
but moves slowly on account of diff
Guilty in obtaining ears. There is evil
IDENTITY less disposition among western
| dealers TO sell and farmers are dis
| posed To hold back reserves until the
new crop is assured. The export de-
mhnd continues urgent and any mate
| rial abatement of the movement from
lie west would alarm shorts and in
lugurate a bull market Export con
tracts and freight engagements cannot
fr Sized by sales for future delivery.
The visible supply OF gram IN the
| United States and Canada shows the
following changes for the week: Wheat
| increased 70S 0O hu corn 10i9, 900 bu
| nd natc bppranSpI Q1D 600 Inn