Belding banner. (Belding, Mich.) 1889-1918, 1897-07-01
SPECIAL MARKET LETTER

HESS lIdHSdCltu ny Dlohtlo' iHOiN :"
"A strong unoertone TO the railway share
list, which inspires confidence IN the
future of general business, and dlspels
fears of another relapse into condl-
ton of slagnation which the apathy OF
the public and one or two other un-
favorable symptoms had excited. The
improved demand is manifest i'm an
advance without the customary reac-
tions, and has been more pronounced
in stocks and bonds of roads trayerslng
the great grain belt of the country.
Railway officials continue reporting
favorable crop prospects, and are anti
cipating future business in paying vol
ume. The most encouraging reports,
SO far as the near future is concerned,
come from the SOul Invest, from whence
heavy and continued traffic is prom
ised
There are still indications of a free
outward movement of gold, which
promises To be quite large during the
coming week, but which, while the out
look for abundant crops and the de-
mand for securities continue promises
to exert but little disquieting influence.
The jubilee festivities have been of
such absorbing interest To all England
that onIy moderate interest has been
manifest there in American securities,
but the absence of the usual demand
from that source has not appreciably
retarded the recent advance, and when
it is again renewed the danger of any
disastrous reaction will be materially
leSSened.
The attention of wheat traders has
been directed to the course of the mar
ket for the July future with more than
usual interest, and conjectures as to
the outcome of the deal are varied and
numerous; however it may terminate,
1t viii affect operations i'm the deferred
futures but moderately, its only inlu-
ence being to deter overconlident short
selling and To encourage believers in
the deferred futures of wheat at pres
ent prices. Speculation has rapidly
changed to the September option, there
being but little now INDUCED in 10y
anyone in July, save those now inter
ested in controlling the market and
shorts who have not covered The in
creased trade in September has already
enlivened that future and Widened its
range of fluctuations. Its gradual de
cline, without any sensational reac-
ti0ns, for SO long time, has developed
liberal short interest which will be-
come an element of strength whenever
anything occurs to stimulate buying on
more than an ordinary scale.
Foreigners have recently shown
disposition to purchase new crop flu
lures more literally in consequence of
reports of further damage to crops in
the DanutJlan countries and in Russia,
the latest advices stating that in addi-
ton To injury to wheat the rye crop of
Russia will be considerably under aver
age.
Domestic crop reports are almost of
an unvarying tenor-imprOvement be-
ing the general verdict. In many local.
tiles where but little or no Weld has
been expected, fair results are now as
sured, and from the great southwest
an abundant harvest will doubtless
soon furnish liberal supplies. There
are numerous reasons for anticipating
an excellent demand for the new wheat
at fair prices, and if, as now seems
probable, it is readily absorbed. there
will be substantial encouragement for
the buyers of deferred futures at a dis
count from current prices for spot
wheat. Winter wheat millers evident
ly expect 10 secure new wheat i'm
abundance, for they are offering new
wheat flour at materially reduced
prices, to the discontinue of spring
wheat competitors.
The corn market has again become
an object of less interest, the greater
activity in wheat and the more favor
able crop prospects being responsible
for the change. Receipts continue fair
and exports liberal. The following
from the Corn Belt is concise state
mnt of the crop situations:
Taking the corn belt region as a
whole, 1919 correspondents report the
ground to be in excellent condition.
while 80 say it is fair, and only "a out
of the total number received complain
of lack of moisture. AS to weather
conditions, 1874 correspondents say
nothing better could be desired. while
only 81 report the weather as unfayor-
able, and less than dozen of these to
such an extent that farm work is in
tertered with. AS to the general con-
dition of the crop and its healthy APP
pearance, 374 reports are of the most
favorable character, while 40 say the
crop is fair. Ten correspondents alone
report the crop as a failure. five of these
being in Iowa and five i'm Eastern Ne
braska. The great majority of the re-
ports show that the outlook for full
average crop is excellent"
The visible supply of grain i'm the
United States and Canada shows the
following changes for the week: Wheat
decreased ,S79, 900 bu, corn decreased
455 900 bu and oats decreased 81, 600 bU