Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1897-09-02
MARKETS OP THE WEEK
LATEST REPORTS FROM TRADE
CENTERS.
Outlook for Grain as Given by Com.
potent Observers Effects Of Cur
rent Events on Business.

Cputidi w uiiC htHcItOI.
CHICAGO, Sept. L. The market
outlook as furnished by McI.ain Bros.
n Co., commission merchants, Rialto
building, this city, for the week end
ing today is as follows:
Commercial agencies continue to re.
port improvement in business through
ont the country. the greatest activity be-
ing in the distribution of merchandise
and in the marketing of grain. Indus
trial operatiOnsare reviving in localities
where the coal problem is not u retard
ing factor, and would doubtless be re.
sumed more rapidly but for the pro-
longing OF the miners strike, which
has reached Il critical stage. The re-
suit of the st. Louis convention, which
will this week determine the course to
be pursued by labor organizations in
relation to the strike will also deter
mine the action of manufacturers who
are awaiting the assurance Of sufficient
coal supplies before enlarging their
output.
The stock market, while subject to
reactions from extreme quotations, has
not yielded readily to the pressure of
offerings by traders favoring a break,
and quotations have been within
moderate range. The volume of tran
sacti0ns has been fairly liberal, the
public evncing less interest than when
each successive advance carried prices
to a higher range.
Our wheat market has excited I'M
usua! interest on account of its erratc
course, and the sensational accounts Of
its environments which have been
widely disseminated. Seldom has the
folly of relying on the advice of excit-
able brokers, and believing inspired
press reports Of the most sensational
character, been exemplified than in the
action of many unfortunate traders
who followed such advices and con-
lidingly believed the most eXtravagant
statements when the market first
reached its highest point; for the eX-
IRENE quotations were followed by so
rapid and severe Il reaction that the
eleventh hour buyers soon sustained
disastrous losses The province Of the
speculator is to anticipate conditions,
not to credulously accept the creations
of fancy.
There is enough in the legitimate sit.
uati0n to afford satisfaction to wheat
producers and prudent traders, but not
enough TO warrant the eXtrayagant
predictions of prophets who make the
wish father to The thought. The rise
in wheat, while largely the result Of
speculative conditions, is based pri-
marily on small supplies available be-
fore new crop wheat could be utilized,
and crop shortages in Europe, which,
while sufficient to cause liberal al
vance, are not as great as generally
represented.
1t may he well to remember AT this
juncture that not since the memorable
wear of 1881, when Americas wheat
and corn crops were disastrous failures,
has wheat risen above one dollar in our
, market and maintained its position
above that price during the crop year;
and that instead of closing the season
1T one dollar, it has in nearly every in
stance been far below it. The cause of
such conditions have in each instance
been the anne; high prices quickly re-
duce European consumption and in
dnce American farmers to hoard their
wheat; the operation of these two fac
tors for the first half of the crop year
rings more American wheat into com
petition with fresh southern hemi-
sphere crops during the last half, and
enables European buyers to assume an
independent attitude after these crops
are assured; at present their promise is
excellent. Argentina having prospects
# the largest crop ever grown. While
the wheat from that portion OF the
glohe will not liz available IN European
markets before next spring, the cr0I
nndlIions there will. and now have
m influence on prices, and il there Is
no serious damage sustained during
| the next four months Europe will doubt
/ less then begin to pursue a hand-l0
mouth policy until their wheat is avail
able, or American wheat is offered al
: tempting prices; the hope of dollar
wheat next spring lies in damage lc
indian or Argentine crops, moi in ll'
prospect Of scarcity that now exists.
During the week crop estimates from
he northwest have been raised abon
twenty-five million bushels, and forelgl
make indicate less apprehension
abroad The operations of the bnl
Z combination have b zen accorded les
, consideration N consequence Of s0mt
sensational moves which professional
raiders regard rs confessions OF dis
, trust rs to its position. For some TINT
= he trade has been more or less awec
Nv its successful but unusual course
hut now seems TO have regained II
rqranimity and boldly attacks any posi-
4 ION that seem ,tll enable; the shifting
II the trade to December affords NOR
Z lllllt lUl tllt utlIlOiiNl dllbn VI NpV w"
, live theories, and the assurance OF ~
, abundantspring wheat crop embolden
\ bears.
Com is at present absorbing the IN
= leresi of the rank and file OF the spec
II alive army. and the volume of buSl
ness in 1t is large Conflicting opln
ions AS to crop prospects afford ground
Tor active speculation. and the enol
nous exports encourage holders; III
: 'hipf element Of weakness Is the mag
niine Of receipts. which slagger tll
rade; their continuance Oh the presel
d Wale will doubtless check al advance
. but any material reduction would en-
y able bulls to recover any lost ground.
II The visible supply Of grain In III
% United States and Canada shows III
, following changes for the past weel
i Wheat decreased .256. 600 bu, corn II
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