Belding banner. (Belding, Mich.) 1889-1918, 1897-08-26
SPECIAL MARKET LETTER

nished us by MClAIN Bros. Il Co.,
Commission Merchants. Rlalto Build
ing, Chicago:
The sensational advance i'm wheat,
which the entire country halls AS
harbinger of brighter DAYS, has SO alb
sOlbed the attention of all classes that,
for the moment. all other factors in de-
,ermining the veal or woe of CONNER
cial and industrial affairs are accorded
but Indifferent consideration. The
stock market has felt the diversion of
interest. and while there has been
| fair reaction from extreme quotations.
nothing of an alarming nature has oc.
Cured, and the market has ruled fairly
steady, with marked diminution OF
| business,
The wheat markets of the country
have ruled active and buoyant under
the stimulus of strength at Liverpool.
and the operations of the Wall street
combination, which have at times been
| spectacular in effect. So steadily and
| persistently has it engineered the adj
vance that the majority of experienced
| local traders have been unable to anti
cipate its operations, and have in con-
| sequence become attentive spectators.
| The fact that the combination disposed
| OF its holdings around 7Sc and after
wards sold short, only To cover at n
| loss, and then inaugurated bull cam
paign more aggressive than the first, at
much higher prices, puzzles the trade
| and makes the more conservative ele-
ment cautious.
The rapid advance, with the attend
ant excitement and the joyous herald
ing OF dollar wheat throughout the en-
tire country, has so raised the hopes
of farmers who but few weeks ago
would have willingly accepted 75c for
their crops, that there is noticeable
tendency among those i'm the winter
wheat sections to hoard their grain
thereby rendering the task of bidding
up the market much easier.
Although there is an awakened in
terest in our market and considerable
nervous tension i'm the wheat pit, the
volume of business has not been large,
and when compared with other seasons
of such phenomenal advances is small
There is not a great short resisting the
advance, which is chiefly caused by the
Inability of would-be purchasers to Sc
cure wheat when they bid for it the
sales are largely by holders having
profits.
During periods of such excitement
but little attention is paid to any news
that does not stimulate buyers, and
everything of that nature is unduly
magnilied, the result being that finally
trade becomes restricted through the
necessity of demanding liberal margins
to protect open trades; this state of af-
fairs now exists, and is driving many
who would like to trade i'm wheat into
corn where moderate capital will
suffice, and where the attendant risks
are much less.
There is nothing especially new i'm
foreign advices TO note, except that
Liverpool has been as excited as Amer
lean markets; being the greatest Euro
pean speculative center, il has felt the
speculative impulse more than any
other; the more stable fore gn markets
while following ours moderately, have
responded tardily, Paris being particu-
larry reluctant; a noteworthy feature
of the situation is that, while the world
is buying wheat on the French short
age more than on any other one factor
that the prominent French market
instead of leading the advance above
soc, is but tagging follower. CroI
news from Europe confirm previous
claims of wheat shortage, but show
favorable conditions for other food
crops, while advices from southern
hemisphere countries state that the
prospects for good wheat crops are ex
7 cellent.
Domestic advices are conflicting as tC
+ the spring wheat PROMISE some re
ports being sensationally discouraginl
. while others are glowing; fair state
, ment of facts would probably indicate
7 that the northwest crop is uneven il
yield and in quality, but that, on ac
5. count of the largely increased acreage
/ it will be abundant
The excitement in wheat has great,
increased the interest in corn and oats
: the former being the center of attrac
5 ton for an increasing number of trad
q ers; the difficulty in operating i'm whea
D and the prevailing belief that the for
D mer cannot maintain its present posi-
r ton without enhancing the value of TIN
+ latter is contributing to its attractive
i ness The bull clique having extende,
D its operations to both corn and oats, o
= which it has bought literally, adds T.
y the growing bullishness of the multi
Il tude, and an active campaign i'm thes
d cereals seems To have begun. The ex
d port movement, which is unusuall
S large, prevents the fairly liberal vol
n lme OF receipts from becoming burden
d some, and the general belief in highe
y prices creates demand enough to alb
r sorb the surplus offerings of cash prop
7. erty and of short sellers. The strengtl
in corn is due chiefly to the action o
i wheat, what support it had from tn
y fear of frost for the present havin
b vanished. There are complaints O
d lack of moisture in some sections, an,
a there Is Il general expression of belle
| in recent deterioration of the growin
Is crop.
Il The visible supply of grain i'm TN
IA United States and Canada shows TIN
l. following changes for the past week
a Wheat decreased 497, 900 bu, corn in
d creased 3.449,000 bu and oats icreasel
Y | 425. 900 bu.
A SaIx