Belding banner. (Belding, Mich.) 1889-1918, 1897-10-28
SPECIAL MARKET LETTER

NommiSSlOH meIcidnIS, hlalCo DuIiu-
ing, Chicago;
The steady influx of gold has enabled
the New York banks To materially in
crease their legal reserve fund, and as
IL promises to continue, the prospect of
AN easier money market is tlattering.
General business is still unfavorably
affected by the yellow fever aflliction
and the absence of rain over large
area of the winter wheat territory,
which renders merchants cautious pur-
chasers of fall and winter goods. The
drouth which has practically been un-
broken over a large territory east of
the Missouri river is a serious menace
not only To wheat growers, but to bust
ness of all kinds throughout the suffer
ing area, and unless rain soon falls in
abundance the banefnl effects of the
lack OF moisture will be felt during the
ensuing year. -
Its absence is already manifest i'm the
wheat market, which begins to show
renewed strength and activity under
the stimulus of dry weather reports
and the gradual disclosing of the real
strength of the situation abb Dad. Not
outstanding the free marketing OF the
last crop in all producing countries.
which the relative position of spot and
future deliveries encourages, the vlsi
bic stocks are accommodating SO slowly
that the fear OF inadequate future sup
plies is stimulating forward purchases,
and the markets of he world are re-
spending To the gravity Of the situation.
English buyers are, however. prUcras
tnating and although their stocks
need repleni~hing. are Offering prices
much below those current at Meditei-
fanean ports Continental Europe
still keeps up its daily purchases in
American markets, and as primary re-
ceiptS are gradually diminishing. this
huying, if continued, will compel the
'eluctant English to enter the market
rs active competitors, and thereby SO
greatly augment the demand that hold
ers will more easily be able to dictate
terms
Later reports of foreign crops do not
show any amelioration of conditions,
and all authorities agree in their state
ments of serious deficiency, though
they disagree i'm their estimates of its
seriousness. Europe's hope of obtain
ing adequate supplies at anywhere near
present prices lies in he possibility of
abundant southern hemisphere crops
which thus far are in the main promis-
ing. There have been contradictory
reports from Argentina. and it is fair
to presume from their import that,
while their crop is now doing fairly
we'll, it will not fulfill its early promise.
Domestic adViceS Indicate an un-
promising outlook for our next winter
wheat crop. the weather having been
,npropitiouS enough TO curtal the
creage and enfceble the growing
plant. Northwestern adviceS Indicate
IN abatement of the movement from
lir,t hands in that section. and that the
rServes there after the first market
ng> are over will be too meager to
ford burdensome supplies during the
nnaindrr of the crop year
An element of strength will doubt
e>S velop ere long at the south.
where the quarantine regulations have
- srriourlV in,erlered with the flour
rade. Consumption has steadily de-
reased stocks in that section. and 10y
the time they can he freely repIeniShed
will be low enough to absorb the pro.
,Iuction q winter wheat mills for some
ime, thereby bringing the millers into
he market again AS liberal buyers.
Speculatyely our market is in posi-
ion To respond promptly to renewed
general buying on a larger scale,
lllt SlOth VI COlllld CI Nlltdl DtlIlR 81
small that short sellers hesitate be-
lore putting out liberal lines. and con
inc their moderate operations to the
Nay future which affords a more
II, missing field han the December OPP
ION Their experience in selling flu
ureS at "a discount this year has been
o disastrous that they have become
autiouS and would offer but slight re
.istence to anything in the nature of
rnsatiOnally strong market.
Our corn MAJ kel is Speculatively in "A
uOnger position. large long interest
having been eliminated. The supply
and demand relations are against any
Immediate sensational advance, but as
lie lower price is creating a better
.aslern mand. the market will prob
,bly moderately respond to any uptuIn
n wheat. Exports are smaller and the
Weather is generally favorable for early
rubbing.
The visible supply of grain in lie
U"ited States and Canada shows the
following changes for the past week
Wheat increased $4,000 bu, corn in
creased / 275, 900 bu and oats increased
gS6 coo bu
With tlia issue our press letters Io
The present terminate; we, hOweVcl
! sue Il private weekly market letter
Which we will, with pleasure. mail lo
anyone sufficiently interested TO write
~ for il