Abilene weekly reflector., 1897-06-17
MARKETS OF THE WEEK,
How Prices Of Farm Products Are
Now Selling.


Special to the Reflector.
CHICAGO, June l6. = The market
outlook as furnished by McLain Bros.
& Co., commission merchants, Rialto
building, this city, for the week end
ing today is as follows:
The gratifying change in weather
conditions has stimulated trade in sea-
sonable goods, and impaired cheerful
ness to the tone Of advices from num-
erous localities. There has been a
noticeable increase in the business OF
stock and bond brokers, which, while
still unsatisfactory, is graciously re-
ceived as harbinger of more prosper
Gus days.
Railway stocks have been in better
demand at home and abroad, the re-
cent Supreme Court decision having
removed the cause Of much anxiety as
to the future earning powers of roads
having large capitalization and bur
dens0me bonded debts. A general in
crease in net earnings has contributed
to the improvement noted, and unless
disturbed by some new disquieting fac
tor there are substantial grounds for
hope of greater stability in the entire
security list.
The European war specter obtrudes
itself into commercial circles with un.
welcome frequency, and, Judging from
the tenor Of advices from all quarters,
may at any moment command the anX-
ious attention of operators in securities
and agricultural products throughout
the world. Continued obdurancy on
the part of the Turkish government in
not needing the demands of the powers
in relation to the evacuation of Thes-
sally will soon manifest itself in a de-
cline in foreign Securities and 4 gen
eral uneaSineSs at financial centers
WhiIeanything that will excite fears
Of an armed conflict between any OF
the great European nations. or between
one or more of them and Turkey. would
adversely affect the price OF securities.
it would al once infuse life into our
wheat market and create Il speculative
demand that would rapidly advance
quotations; for. with Russia. America
and the Danubian countries the only
sources Of European supply. the closing
of the Dardaneles would become a
calamity
1t is the knowledge OF the result Of
such a contingency that directs the at
tentiOn of Wheat traders to the Orient
with more than usual interest and
alarms short sellers whenever anything
occurs that even remotely suggests
war, especially il it be accompanied
with the slightest decline in English
cOnsOls.
Recent advices from abroad con.
firm previous advices of crop damage
in Danuban countries, and of i'm.
proved weather conditions IN Western
Europe. Foreign markets for the
moment seem to be following ours ir
its fluctuations there being nothing tc
incite them to independent action.
While stocks there are decreasing. sup
plies in sight, and those purchased fol
future delivery. are sufficient for i'm
mediate wants, and. in consequence
the demand for spot wheat has notice
ably abated.
Domestic crop advices are generally
fairly satisfactory; there are some com.
plants of rainfall deficiency in por.
tions of the northwest, and Of the ap.
pearance of grasSlloppers in several
localities in South Dakota.
Advices from the southwest continue
favorable for bountiful harvest, and
for a liberal movement from that sec.
ton in about three weeks. There Is
but little probability of a free move
ment to dur market unless the price
here is made relatively higher than
winter wheat millers are willing to
pay. through the inability of any con-
siderable number Of July shorts to pro-
vide for their contracts.
The government report, issued on the
10th inst. had but momentary effect
on the market, being received with in
cyedulity by the trade. 1t has beeh 80
often Necessary to revise the depart
ment figures in orderto harmonize them
with final returns, that they are discred-
tied whenever conditions reported are
not in conformity with private crop ad-
vices. The last report was for acreage
and condition June lst the area of
winter wheat being estimated at 2l,-
582, 600 acres, and of spring 1907 900
acres. The condition of the former is
placed at 7S.5per cent of full average
yield. suggesting a final output of 26j,-
643, 900 bu. and the condition of the
latter at 1915 per cent, suggesting a
crop of 49,, $4,000 bu.
There is large concentrated long
interest in the July future, which bears
have been unable to eliminate by de-
pressing the market, and which affords
ouUotdI.ldi ouPPoit vi Vho ohoiP
breaks, causing frequent rapid reac-
tions. The general trade Is gradually
drifting into the September future,
nreferring to buy or sell for delivery
in a month less subject to manipula-
tion than in one evidently controlled
by the interest or caprice Of q coterie
Of strong ODeratOrS.
The sudden favorable change In the
weather has relieved the anxiety of
shorts in corn, and increased the offer
ings by western shippers. Prices are
so low that there Is but little induce
ment for speculative selling, the posi-
BILE profits being inc0mmensurate with
the attendant risk.
The visible supply Of grain in the
United States and Canada shows the
following changes for the week: Wheat
decreased l,764,OOO bu, corn increased
2,62l 900 bu and oats increased S27, 1000
bu