Belding banner. (Belding, Mich.) 1889-1918, 1897-09-16
SPECIAL MARKET LETTER

S"'iHiiSSlpi NtIclltilIS, hldlLO Bullu-
lns. ChIcago
lie stock market during the past
hcek has been active and irregular,
lhe securities of grain carrying roads
taking the lead and maintaining their
position with greater stability than
Others less favored; increased earnings
~ The magnitude OF the grain move
lnrhl e the chef governing factors,
ANA Us Traffic shows no signs OF abate-
ihrnl, III, rc are no special reasons for
anticipating amy decrease i'm earnings
l5r some time to come.
Tie enhanced value of both railway
nj Industrial stoces, requiring much
lilgcr volume of money To carry them.
ANA The freer movement of funds to
Tie country, is reelected In the sharp
decrease IN bank reserves and "A large
increase IN loans, with but "A nominal
increase IN deposits. Ii has been stated
10y accredited authorities that Europe
las during the past Tour months re-
turned Ia America one hundred and
hlJy To TWO hundred null ons of dollars
~ securities; EN- this amount is add
eel To llie volume TO he provided for at
enhanced valu II affords the incen-
i've for demanding higher interest
iAieS and suggests the possibility of "a
MIder circulation OF gold i'm the near
Intule. The lacL that Europe parts
with American securities at time
when many Of them promise a diyi-
drnd FOR he first time i'm several Years,
Is Indicative of the unfavOrable state
at affairs abroad, which daily become
IN re apparent.
Crop failures and other causes have
80 pionOuncedly interrupted Europe
trad" with India that there is an UNI
~ come deere So in the demand for
manula 'tlred goods. and some dis
turban, e IN financial affairs. America
Is part lcularly Interested i'm the wei
fare of Euro c's tolers this year, be-
cause of The shortage in foreign crops,
nd tn abundance Of her own, the
surplus from winch can be sold abroad
1t hlgh prices unless consumption is
leci,as, Il through the poverty of pros
pectlyr buyers. How much the con-
SUM linn Will he reduced on account
OF h CHER prices and the want of
nploN mrnt by Il large number of con-
>ltinerS ~ pro NAUTICAL, but il will
duuldl less be considerable. for. without
dnuNlal Unjust ial depression IN Eu-
rule last Year, he decrease Oh account
of moderate advance i'm prices, ac-
corIlng 10 Mr.. Broomlall. amounted
To One and nnr-half per cent
Our wheat MAJ krt continues irregu-
lar aud nervous, the tenor of the news
being Icilec,ed quickly in its fluctua
tiono. Ii responded sharply to the re-
ceat unronirmcd reports of contem-
plated reduction in the French duties,
and Odessa adViceS that Austrans
We're liberal purchasers of Russian
Nhe It; and declined as quickly when
The Flcnch news was denied. and for
t. gnrrs wcr.' reported rs reSellng in
American market
Wdll dnrues ic receipts steadily in
crtaslng ahd home grown foreign
VIII, at available { = immediate use.
there are no substantial reasons for
anticipating an urgent foreign demand
before present contracts are nearly full
filed unless he movement from Rus
STA sharply decreases. for, with the
prospective American exports and lib
eral Russian shipments i'm sight sup
plies will gradually Increase; American
shipments being assured, those from
Russia will determine the price, and rs
that government fosters agriculture
and assists its farmers even to the ex-
tent of loaning them money to carry
reserves through periods of depression,
and gives only such crop information
as it deems advisable. the only guide
to the true situation there is its eX-
ports; these, accord NO To the weekly
returns. have been increasing and nm
til they show Il Iendency TO materially
decrease. the reports of no eXportahle
surplus will not do To rely upon.
Domestic crop news indicai eS a larger
winter wheat crop than has been re-
ported, and that the spring wheat yield
at the Northwest will be large, but
under early estimates. with the quality
uneven and unsatiSiacto y. Tie gov
eminent report which suggests "A yield
of but 464 900 600 bu of winter ANA
spring wheat, being about 10000 900 bu
below the most conservative estlm tie
of any recognized private authority.
was accorded scant courtesy and eX.
erted no influence on the market.
which, despite the stringency which
the report If correct would indicate,
declined sharply on much less import
ant news.
Corn continues the favorite speclla-
tive commodity of the public, and the
volume of trade in it is large. Weather
conditions have been the chief factor
of strength, and while reports of dam
age from climatic causes are conflict
ing, the country" quite generally adj
heres to the claim of disappointment
when husking begins. III the future of
this cereal depended wholly on the
growing crop the price would doubtless
quickly rise; but there are other fac
tors which render the task of lifting il
at present a difficult one, the great
quantity of old corn on hand being the
greatest barrier, for it furnishes inn
mediate supplies in unprecedented vol
ume and. with the advance already sus-
tanned. checks the Eastern demand
which HIS for So long absorbed all
offerings because of its cheapness. An
other adverse influence is the weakness
developing in hog products on account
of yellow fever, which. ii il becomes
epidemic, will not only affect pro
visions, but will disturb the mar
ket for all other commodities. The
government report, indicating yield
| of $50. 600. 600 bu, is rs mu, II above
other estimates as il is under on wheat
the most reliable private gursscS heinz
about |, $50, 900 900 bu. AS the official
estimate is based upon data ecIlred he
fore the recent period Of eXcrssiv heat
the discrepancy may he due wholly Il
the changed conditions upon which the
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