Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1897-10-07
MARKETS 0r THE WEEK
LATEST REPORTS FROM TRADE
CENTERs.
Outlook for Grain as Given by Com.
petent Observers Effects Of Cur.
rent Events on Business.

CHICAGO, Oct. THE market ou
look as furnished by McLain Brol
4 Co., commission merchants, Rialt
building, this city, for the week end
ing today is as follows:
The bank clsarings for last week r,
meet fully the unfavorable aspect OF a
fairs at the south, aud the unsettle
state Of the stock market. which ba
been irregular and uncertain. Tn
continued drain on the New York de
poeits necesslates u curtailment O
loans IN order to protect the reserves
aud nnlessthe gold imports, which hsy
now begun. assume proportions larp
enough 10 offset the decreasing deposit
interest rates will naturally advance
anr act as "A retarding influence in th,
upward movement of securities.
Higher rates will tend to curtail pur
chsses by Americans Of their securitie,
abroad, and render II necessary for for
ei9pers to NEST their debit balance.
with gold. The efforts on the one hand
TO secure large impOrtations Of the
precious metal, and on the other 10
prevent il, will be watched with inter-
est BY all who are interested In our for
eign trade, and especially by specula.
tors. whose success depends upon the
anticipation Of the result, Apparently
the only way that foreigners can retain
their gold is to materially decrease
their purchases of American mercl,an-
disc and agricultural products; and
their supplies of the latter are so man
lfeslly insufficient to meet present and
future requirements that 1t will require
rigid economy to c0ntlne their prr-
chases to quantities that will material
y curtail the gold movement. That
they fully realize the situation is evil
denced by their willingness to return
our stocks at prices which are affording
paying dividends, and by the hardness
with which the United Kingdom Is
supplying its food deficiencies.
This feature Of the situation Is doubt
less partially responsible for the pause
in the foreign wheat demand, and for
the tendency to decline which our mar
ket has shown despite the strengthen
lux influence OF the prOtracted drouth.
which has already decreased the pros
peclive area Of tho next crop. Cont
mental Europe, having bought freely
When the deficiency in Its crops was
ascertalned Is now receiving wheat in
vOume sufficient TO more than meet
present requirements, and is therefore
in position 10 await developments; but
the United Kingdom has mall stocks,
and las made but little provision for
the future, evidently preferring to wait
until compelled by necessity to bny, or
until exporting countries offer their
surplus At lower prices. While it may
defer purchases for time. and thereby
assist IN depressing prices, it cannot
be indefinitely postponed and II too
long delayed will find the continent
again on the market as an active COM
petil0r,
The premiums commanded by spot
wheat over futures tends to increase
available supplies more rapidly than
the magnitude OF the worlds crops
would warrant under normal condi-
tons, and apparently controverts the
short supply theories. Although In
creaslng stocks may for some time rem
der foreign buyers Indifferent, and en-.
courage short selling, they will not add
u buslIel TO the total supply and can
only delay the inevitable demand
For the present advancing markets
must depend on weather conditions in
America and IN southern hemisphere
countries, for, with stocks al Russian
ports large enough to afford liberal OK.
ports from there until navigation
closes. and the present volume of
northwest receipts, the market will
have bl, little support from immediate
scarcity. Weather conditions, how
ever, may outweigh all other inhu-
ences. and will be the chief bull rel-
ance. There have been complaints of
dronth and frost from Argentina. and
Of droutll from the winter wheat sec.
tions OF our country. Early and abund-
ant rains will still permit the seeding
or a large area, but il tho dr0utI con-
tlnlles many weeks longer the situation
vii become acute.
The corn market has also felt tho ef-
tects OF the dronth, but its influence
has been to check decline rather than
to excite an advance. The drying up
Of pastures and the consequent liberal
feeding from the new crop. is as effect.
llally c''rlailing supplies from II as il
frost had destroyed it, and will in time
more nolceably affect prices; but at
present. while stocks are large and the
eastern consnmplive and export de.
iilands are lighter, the unusual con,
sumption will not he so pronolncedly
felt. There is, however. q large specl.
lative interest in the market and should
the drouth advance wheat it will be
quickly reflected in the renewed buying
OF corn Oh Il large scale. There have
been no important changes in crop est-
mates, but the early feeding Is inducing
country dealers to ship less freely.
Inc visible supply of grain in the
United States and Canada shows the
following changes for the past week,
wheat Increased l,j6l, 900 bu, corn in.
creased l,45l 900 bu and oats decreased