Belding banner. (Belding, Mich.) 1889-1918, 1897-07-15
SPECIAL MARKET LETTER

The following market letter is iur
nished us by McLAIN Bros. Il Co.,
Commission Merchants. Rialto Build
ing, Chicago:
Although there has been no serious
decline i'm the stock and bond list dur
ing the past week there have arisen
several disturbing factors which may
ere long precipitate more than mere
reactionary break, and which promise
To emphasize the existing uncertainty
AS To the probable state of commerce
and finance in the near future.
The miners strike, which from the
fact that IL came unheralded and was
preceded by lew premonitory signs, al
though but recently inaugtrated, is al
ready causing Inconvenience and is re-
sponsible for the involuntary closing OF
Il number Of factories i'm localities
where fresh supplies OF coal are unob-
tainable; and unless soon ended will
become disturbing element of no
mean proportions. and with The engin-
GERS strike in the United Kingdom
which promises To become the greatest
labor and capital contest of this cen
tury, may soon create apprehensive
fears for the stability of railway and
industrial stocks.
The freight war truce, from which
operators anticipated satisfactory
adjustment of discordant difficulties
seems to have been Intellectual, and a
reopening of hostilities, because of the
refusal OF the most aggressive road to
submit the dispute to arbitrator, is
imminent.
The wiley Turk has once more be-
come an object of anxious interest and
adds something to the disquieting un
| certainties.
The willingness of the public to en-
gage i'm speculation is evidenced by the
alacrity with which it responded to the
recent moderate advance i'm wheat and
corn, even though the upturn was
raused more by the possibilities OF
crop damage than by any injury vet
sustained. The interest manifested in
corn was significant and augurs well
for the future of the market for that
cereal whenever anything occurs upon
which to predicate a bull movement.
Although the weather has been about
all that could be desired for the grow
ing crop, the fact that it was being
damaged by hot winds over limited
area in Kansas was sufficient to revive
speculative interest and to at once
| broaden the market-a significance
fraught with promises if anything oc-
ours TO seriously curtail this seasons
yield.
The advance brought somewhat freer
offerings from country points. and re-
ceipts in consequence will probably be
more liberal. The export movement
has again become large, and will if il
continues, prevent larger receipts from
becoming burdensome. 1t is claimed
that the low price has proved so at
tractive to foreigners that they hav,
accumulated excessive stocks, and tina
some of them are getting out of con
dition.
The government report, issued Oh
the 10th inst, places the average con
dition of the crop on July lst at 50. 9
9 points lower than for the correspond
ing date last year, on an acreage l.:
per cent less. The condition of wheat
winter and spring combined, is placed
1t s4.S. Winter is Sl.2, or 81 points
higher than one month ago and sprins
~, OF l.6 points higher. The per
centage of crop remaining on hand i:
estimated at 54.
The wheat market has been infiu
enced by the action of corn and has al
INES ruled quite active; the July op
llon has been cratic and its course ha.
naturally affected the deferred futures
Offerings of new wheat to arrive dur
ing this month are daily becoming
more liberal Harvest is progressin.
rapidly and favorably and the concen
Sus OF opinion seems to be that The
quality is fine and the yield i'm exces!
IT anticlpations. The reports of dam
lge to French, Russian and Danubiar
rrops have become part of the regll
ar daily news. accompanied by state
nents that foreigners have been large
buyers OF American wheat, but as En-
ropean markets still show signs oil
weakness, the trade receives the re
ports with incredulty. That some
damage has been sustained is doubles.
rue, but that it is serious seems i'm
probable; with present low prices how
ever, even moderate curtailment o
Tore'gn crops would prevent an,
marked decline, and with depleted
stocks would furnish the basis for d
higher range of values The world.
visible supply as compiled by Beerbohn
and Brddstreets on July was "a, 2I3 OOC
bu, as compared with lO5. pa. 900 bl
'hc yV"i "so, tHo oSIdIleSJ supply re
ported since August. 1890.
The paucity of stocks will assure an
excellent demand for wheat of slIcl
quality as we now have assured, ano
only unfavorable trade conditions car
prevent recovery i'm prices whenever
they are unduly depressed.
The visible supply OF grain i'm Tn.
United States and Canada shows tn,
following changes for the week: Whea
decreased $4,000 bu corn 572, 900 bl
and OATS 26q OOO Inn