The Cape Girardeau Democrat. (Cape Girardeau, Mo.) 1876-1909, 1897-04-10
SPECIAL MARKET LETTER.

The following market letter .- iir-
nished us by MCLAIN BROS. x Co..
Commission Merchants. Ria!:o Build
ing. Chicago:
The conditions affecting general bus
mess have. during the past Week. under
gone no radical change. ana commercial!
affairs continue to drift along III about
the same channel they have followed
for many weeks. There have been fire.
quent and rapid fluctuations in the raj
way share market. owing to the uncrr-
tainty attendingthe solution Of the rate
and fare problems. Bad roads. how
ever. are the most potent factor. in re-
tarding spring trade. and their effect is
manifest in the March report of rail-
way earnings. and in Il moderate de-
crease in bank clearings of the country.
About the only recen news of a dis
quieting tenor has come from London.
where some uneaSinesS exists over the
ever changing aspect of affairs IN the
Levant.
Wheat. while being affected but little
by The unsettled state of the stock mar
ket, has been subject to a number OF
influences, both of Il speculative and Il
supply and demand character. which
have caused many fluctuations within
a fair range of prices. the most import
ant of which have been conflicting do
nestle crop adviceS. From NAN Sec
tons of the winter wheat district have
come private advices of irrerarable
damage to the growing crop. while re-
ports to several private crop bureaus
snT1anNn &hnN ,l-ov ar IN rE-ln1n TlA
crop is in a fairly promising condition
ThOman'S report. which Is as reliable
as any other, shows the general average
condition to be IS. against sos last
veal. and the Modern Miller. from adj
vices received from LOO points. esti-
mates the probable yield at about 334 =
UO0, 600 bushels.
Foreign crop advices continue fairly
favorable. about the only recent reports
of serious damage coming from south
ern and southwestern Russia. Not
withstanding these adviceS. Russian
offerings in Europe are large enough to
seriously embarrasS the business of
American exporters. Their disposition
to sell under existing conditions is
chiefly due to liberal stocks. which are
reported at Is, 400. 900 bushels, being
L,SOO,UOO SlCdlCl Ihdh " lhC OOllN-
spending date last year.
The problems presented spectators
for solution within the next few weeks
are: The magnitude of the movement
from lake ports before new wheat ap-
pears in the more Southern markets,
and the receipts at Northwestern
points. It is claimed that within ff-
teen DAYS after navigation fairly be-
gins the shipments from Duluth will
approximate 1000. 0G0 bushels. No
one seems ready to propheSy what the
movement from Chicago will amount
to. The receipts at Minneapolis and
Duluth promise to be liberal unless the
relative position of cash and futures
change. for there is no object in cOun-
try elevator men holding grain in store
when it can be sold for more for
prompt than for delayed delivery.
One feature of the market in q pure
1y speculative nature is the absence of
buying when it is most needed, in con-
sequence of the magnitude of the
bucket-shep trade. This trade. being
chiefly on the long side, rObs the mar
let of its support, and enables bears to
stampede the bulls whenever there is
an absence of stimulating news, and
makes the strong bull operators, whose
buying is invariably in the open mar
ket, cautious about loading up and
standing on their lines. They do not
enjoy fighting battles for others who
afford them no assistance.
Corn will, until the planting seaSOn
arrives, be governed mainly by the
condition of country roads. for until
something occurs to excite fears of d
short crop next year. we see nothing
but the relation of receipts to exports
upon which to base speculative opera
tiOns. There is no question us to HE
abundant supply if it can be marketed
Exports for some time have been OF
sufficient magnitude to prevent any
advance abroad. and TO render any in
crease improbable.
Oats have also felt the influence Oi
bad roads. and the offerings for con
sumption have not been excessive
The shipping demand has been helped
by the poor quality of much of the Corr
arriving.
Provisions are inclined to sag. as re
ceiptS of hogs increase. and speculation
in them is moderate in volume.
The visible supply of grain in th'
United States and Canada shows th'
following changes fortle weeh: Wlra
decreased 400. 10000 bushels. Coz" in
creased 166 5000 bushels, OalS in,Ic.>r,
$50, 600 bushels.