Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1897-07-08
MARKETS on YHB WEEK
LATEST REPORTS FROM TRADE
CENTERS.
Outlook for Grain as Given by Com
petent Observers Effects Of Cur.
rent Events on Business.
Special to the Reflector.

CHlCAdO, July o. - Inc Warket
outlook as furnished by McLain Bros.
& Co., commission merchants, Rialto
building, this city, for the week end
ing today is as follows:
Business during the past week has
been of holiday character and mod
crate in volume. The railway share
market shows a hating tendency, due
TO the pressure of realizing sales, the
fear OF rate wars between several OF
the great grain carrying roads. and
the possibilities attending the miners
strike. The recent upward movement
has been fostered by continuous favor
able crop reports more than by any
material increase in present earnings,
and as several great systems have, in
order to secure a paying business. been
tempted to cut rates on corn from
western points. the tendency has been
to check the advance.
Something more than abundant crops
is necessary TO assure regular diyi-
dends, for with an inadequate demand
a large surplus inevitably deprcsses
prices to point low enough to prevent
more than moderate movement from
first hands. Under such conditions the
cutting of rates is probable and the
paying of remunerative dividends be-
comes impossible. Without such divi-
dends present quotations for stocks and
bonds cannot be maintained. The
general freight agent of IA western
trunk line gave the key to the situation
in a recent interview in saying: What
we need is higher prices for corn and
Oats-not larger crops.'
The anticipated outward movement
OF gold has not yet begun, and eastern
advices indicate that it is likely to be
indefinitely deferred. Money in tile
banks is Obtanable at low rates on ac-
ceptable security, and bank earnings
have become so meager that several
prominent Chicago institutions have
recently passed their dividends.
In wheat the course of the July flu
ture for several days caused some ap
prehensions of a corner, but as the
market was not supported on the hard
spots, and was permitted to decline
sharply whenever offerings became
fairly liberal, operators soon lost inter
est in the deal and turned their atten-
ton to the deferred futures. There is
doubtless liberal short interest in
September, with nothing in the stua-
ton at present to disturb it. and the
market in consequence rules dull and |
featureless.
Crop advices continue favorable ana |
threshing returns warrant raising of
previous estimates. The last Thoman
report places the condition of winter
wheat at Sl.5. indicating an approx
mate yield of Y30, 900 900 bu, and of
spring wheat at 9l,5 indicating an out
put of 229,000,0O0 bu. or a total pros.
pective yield of $50, 000,0 bu
Winter wheat milers have again re-
dnced flour prices and jobbers seem in
Clined to reduce stocks to the minimum
in anticipation of lower prices and an
improvement in quality in the new
wheat stock. Harvest is progressing
rapidly and satisfactorily and new
wheat will soon be in abundant supply,
the movement to market having al
ready begun in fair volume.
Foreign advices are somewhat con-
Aicting in regard to the Danubian pros
poets, but the tone of their markets does
not indicate anything serious in that
direction. The weather in France con-
tinues favorable, and the prospects in
Germany are reported as the most
promising twenty years. The worlds
stocks are low, and as Americas crop
promises to be of excellent quality a
satisfactory demand for large share
Of its surplus is anticipated
As the present prices for futures are
based on the promise of an almost per-
feet spring wheat crop any change in
the situation at the northwest would be
the signal for an advance. Any further
decline would make wheat SO
low that almost anything of a stimuat-
ing nature would bring sharp reac-
ton.
Corn is again attracting more atten-
ton, and at times the interest mani
tested is greater than in wheat. The
unsettled condition of freight rates
tends to depress prices. but the fear of
crop damage in consequence of hot
weather and the want of moisture in
some sections is sufficient to incite an
improved speculative demand, which
causes considerable activity. ,
The volume of speculative trade is
much larger than the frequency of |
price changes would suggest. Receipts ,
for the season of the year are only mod
crate, and as prices are too low to per-
nit the profitable marketing of a large I
OF corn in cribs, the cutting of
railway rates seems to be the only way
)f increasing the movement. Exports q
are still liberal, despite the unfavora-
Die weather which renders some of the
'orn arriving at the Seaboard unfit for 9
shipment abroad.
Oats rule dull and featureless, the
supply being constantly in excess of
he demand. Shippers report that
eastern points seem to be filled up. G
Hog product holds firm when the
leavy receipts of hogs are considered,
he market being evidently controlled
~ interested operators.
The visible supply of grain in the
United States and Canada shows the
changes for the week; Wheat
decreased l,2ll, 900 bu, corn decreased
$4,000 Blu and oats decreased ST., 1000 bu
60