Belding banner. (Belding, Mich.) 1889-1918, 1897-09-02
SPECIAL MARKET LETTER

nished us by MCLAIN Bios. Il Co,
Commission Merchants, tlalto Build.
ing, Chicago
Commercial agencies continue to re-
port Improvement in business through
out the country, the greatest activity be-
ing i'm the distribution of merchandise
and in the marketing of grain. Indus
trial OperatiOnsare reyiying in localities
where the coal problem is not "A retard-
ing factor and would doubtless be re-
sumed more rapidly but for the pro
longing of the miners strike. which
has reached "A critical stage. The re-
suit of the ST. Louis convention. which
will this week determine the course To
be pursued by labor organizations i'm
relation to the strike. will also deter
mine the action of manufacturers who
are awaiting the assurance of sufficient
coal supplies before enlargng their
output.
The stock market, while subject to
reactions from extreme quotations, has
not yielded readily to the pressure of
offerings by traders favoring break,
and quotations have been within
moderate range. The volume of tran
sactions has been fairly liberal, the
public evincing less interest than when
each successive advance carried prices
To IA higher rance.
Our wheat market has excited nm
usual interest on account of its erratic
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 eXemplitied, than i'm the
action of many unfortunate traders
who followed such adyces and con
lidingly believed the most eXtravagant
statements when the market first
reached its highest point; for the eX-
IRENE quotations were followed 10y so
rapid and severe Il reaction that the
eleventh hour buyers soon sustained
disastrous losses. The province of the
Speculation is To anticipate conditions,
not TO credulously accept the creations
of fancy.
There is enough i'm the legitimate sit
uation to afford satisfaction to wheat
producers and prudent traders. but not
enough 10 warrant the eXtravagant
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 Mortgages in Europe. which,
while sufficient to cause liberal all
vance, are not as great as generally
represented.
1t may be well to remember ut this
juncture that not since the memorable
wear of 1881, when America s wheat
and corn crops were disastrous failures.
has wheat risen above one dollar in our
market and maintained lis position
above that price during the crop year;
and that instead of closing the season
ut one dollar, it has in nearly every in
stance been far below it. The cause of
such conditions have in each inst nee
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 prosnccts
f the largest crop ever grown. While
he wheat from that portion of the
slObe will not be available in European
markets before next spring, the crop
conditions there will. and now have.
IN influence on prices, and ii there is
no serious damage sustained during
the next four months Europe will doubt
less then begin to pursue hand-tO-
mouth policy until their wheat Is avail
able. or American wheat is offered at
tempting prices; the hope of dollar
wheat next spring lies in damage to
Indian or Argentine crops, not in the
prospect of scarcity that now exists.
During the week crop estimates from
the northwest have ID en- raised about
twenty five million uShelS, and fore gn
markets indicate less apprehension
abroad. The operations of the bull
combination have b Ell accorded less
consideration IN consequence of some
sensational moves, which professional
traders regard rs confes 'iOns of dis
trust rs To its position. For some time
The trade has been more on less awed
by its successful but unusual course,
but now seems to have rcgalned its
eqlIanimity and boldly attacks any posi-
ton that seem uu enable; the ing
IF the trade to December affords more
time for the demonstration of Spe ula-
tive theories. and the assurance of an
abundant sprin wheat crop emboldens
bears.
Corn is at present absorbing the in
terest of the rank and file of the spec
II alive army. and the volume of bust
ness in it is large. Conflicting opin
ions as to crop prospects afford grounds
A..
nous exports encourage holders; the
chief element of weakness is the mag
nitue of receipts, which stagger the
trade; their continuance on the present
scale will doubtless check an advance,
but any material reduction would en-
able bulls to recover any lost ground.
The visible supply of grain i'm the
United States and Canada shows the
following changes for the past week:
Wheat decreased | ,256, 900 bu, corn in.
creased y gi7 900 bII and oats icreaSeI