Belding banner. (Belding, Mich.) 1889-1918, 1897-09-23
SPECIAL MARKET LETTER


ing, Chicago,
The bank clearings of the country
| during the past week show "a decided
improvement when compared with the
previous week, Notwithstanding the de-
| crease at the south i'm consequence OF
yellow fever apprehensions, and are the
largest fora like period since the second
week in August. The continued move
ilent of grain in large volume affords
Encouragement for holders of railway
hares. and is the chief element of
| ttrengtll in the stock market.
The outward movement of agricul-
tural products keeps foreign exchange
lear the gold importing point, and an
influx would soon begin were it not for
HE How of securities from England
| which settles trade balances of that
| country without the necessity of its
artlng with the precious metal. The
large purchases of wheat 10y France
| PROMISE a gold movement from that
| country IT, ours ut no distant day.
The wheat situation remains much
the same save in its speculative feat
ures, the recent decline having consid
rrably increased the short interest
leaving It IN position TO be rapidly
| advanced whenever anything of Il
strengthening nature is injected into
| the daily news.
The supply and demand relations are
| now SO neary determined. and their
iconltS aIe 50 favorable 10 the export
| ing countries, that even though the
| market be unduly depressed by the
| pressure OF increasing spring wheat re-
| relpts and the offerings of aggressive
short sellers, an assured export demand
| VIII doubtless assert itself and cause Il
recovery from all such depressions
The northern hemisphere crops are
| now practically secured, and their out
run and condition fairly well deter
| mined, and there are no substantial
reasons for raising the earlier Inmates
of their promise; in fact in some of the
| larger European countries 1t has been
necessary To lower the estimates; in
France and Italy especially are the re-
suits disappointing. the ofliC ial returns
shaving II shortage of about eighty-live
millions of bushels in the fo mer and
ty-siX millions in the latter The
| latest estimates of the London Rerietr
indicate that European importing coun-
lrIes will require fr III exporting coun-
| tries during the crop year 400, 0O0, 600
bn of wheat Il quantity large enough
To absorb all the prospective supplies,
and to ri Sc doubts us to the possibility
Of securing SO great IN amount. With
IN export demand such as these figures
suggest, and the probability of de
crease in Russian shipments, which
late advices from that country indicate,
the outlook for American farmers i"
| prOnlSiny indeed.
| The future of the market largely de-
/ l.. I :.
decreases materially there will he but
| little To prevent a substantial recovery
IN prices rom every break, and posi-
! hly an upward move ment that will sur
prise he tlade. The southern hemi-
| sphere crops are several months from
maturity, and can afford no relief for
an oycrSold market; their excellent
| rrom'S So Will encourage short selling
and prove an element of strength by
creating in excessive short interest to
| he provided for.
| Oar exports are now very large, and
| show no indications of abatement: such
IA free outward movement will absorb
| Wheat enough 10 prevent the first rush
Of northwestern wheat from becoming
bmdrnsone. and will prevent excessi, e
accumulation before il IS over Winter
wheat farmers seem disposed to await
Developments before parting with their
reserves and without liberal receipts
from that source the spring wheat
movement viii not alarm the trade.
Crop returns from the northwest
necrSSltate lowering of previous cSti-
mates, and advlces from the Pacific
Coast state that considerable damage
has been sustained in Oregon and
| Washington 10y unWelcome rains.
Farmers IN winter wheat section. are
preparing to SOW a large area to wheat,
the breaking of the drouth having left
The gr und in a more favorable state
for blowing.
The recent break in corn has elm
mated from the market large vol
nme of speculative holdings, and has
increased the short interest; the steady
advance preceding the break not only
created Il large scattered long interest,
but also increased Inc movement from
first hands and decreased the export
aud eastern consumptive demand,
,hcreb, adding rapidly to the in-Store
stocks; he decline Mill not only change
he speculative itllation by reversing
HE long and short interests, but will
also serve to check interior marketings
and again enlarge the demand. How
ever right the theories of Il short crop
may he, they are impotent TO create
an immediate consumptive demand fol
a present oVersupply. and operators
for an advance must await with
patience the time when the shortage
will be manifest i'm the supply.
Corn when compared with wheat is
low and if anything occurs to materi-
ally advance the latter it will doubtless
cause a speculative demand for the
former which will provide for any tenn
porary excess in receipts. Country deal
ers are accepting fewer bids, foreshad-
owing decreased receipts as soon as the
grain in transit arrives at its destina-
ton. The premiums existing for de-
ferred futures will naturally tend to
restrict the country movement by offer
ing unusual inducements for carrying
the grain i'm cribs or in elevators.
The visible supply of grain in the
United States and Canada shows the
following changes for the past week:
| Wheat Increased I 271 OOO bu corn in.