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

Commission Merchants, Rialto Build
ing, Chicago
The steady improvement in business
Is now clearly manifest In the bank
clearings, which not only show an i'm
proyement when compared with the
unsatisfactory volume of the CORE
spending week last year, but are larger
than the previous week this year. The
general expansion of commercial and
industrial operations is shown i'm the
stock market, which rules stronger,
with welcome increase in daily tran
sactions; the rail Aay list responds ia
reports OF increased earnings, and the
growing volume of traffic, which. on
the grain carrying roads, is limited to
the available means OF transportation
and the unloading capacity of terminal
points.
The wheat situation has changed but
little, and there has been developed
nothing Of an exciting character to i'm
duce greater activity or To increase
speculation. The trade is await ny
with watchfulneSs the advent of re-
newed export buying, and the market
responds but temporarily to any other
kind OF news; while the clearanceS are
large, the movement is chiefly on pur.
chases made some weeks ago, and until
foreigners signify their willingness, or
are compelled by necessity, to take
much larger quantities at higher prices
there is but faint prospect of any other
eXcitingly bulli,h factor in the near
future; having provided for immediate
wants, they are in position, now that
home grown wheat Is available, TO
await developments.
a NJ
receipts and the state of southern
hemisphere crops will constitute the
price making factors until the supply
and demand relations in Europe be-
come more acute The latest advices
Indicate that satisfactory conditions
prevail in all wheat producing coun-
tries Of the southern half of the globe.
Australia having at last been relieved
from its long and destructive drouth.
There are naturally sympathetic re-
latlOnS between American and Euro
pean markets whatever be the cause
for fluctuations. and action and reac-
ton have recently followed each OF er
rapidly, but when it has been deter
mined that any movement has been
from speculative causes alone 1t has
soon lost force and become impOtent
What the trade awaits and what it will
accord favorable consideration, is re-
Sival of buying for consumptve pur-
poses; bul ing for speculative account
momentarily raises prices. but assures
no permanrncy to the advance.
Spectators are wary of manipula-
ZION, believing that anything that will
establish "A higher range than now OBJ
sains must have for its basis actual
necessity; this state Of affairs renders
it difficult for the bull pool To operate
without It's in entions quickly becom-
ing apparent, and is IN a great measure
responsible for he erratic course of the
market: the combination cannot buy
any considerable quantity without hav-
ing to pay enhanced prices, nor sell
without making concessions; the sue
cess OF IT'S operations In December
wheat depends largely upon an ade-
quate consunptiye demand for the
great crop which is now assured, and
more especially on the urgency of the
demand during the season of greatest
receipts. The paucity of old reserves
will afford less substantial aid than il
did in their July and September oper
ations.
The ont ward movement of wheat has
become large, and insomuch as it alb
serbs current receipts is a factor of
strength, but II also serves as an ele-
ment OF weakness 10y atfOrdlng foreign
buyers an assurance of adequate sup
plies Tor the present. for IN con junction
with the amount put atloat by other
countries. 1t creates a weekly move
me,t greater than estimated require
ments. Advices from Russia state
hat drouth is interfering with fall
| blowing III several provinces, and that
farmers are selling wheat in others
more freely.
Corn continues an object of more
absorbing interest than wheat, espe-
clally for traders in the western states,
where the major portion of til crop is
| grown; SO general is the belief that
| from numerous causes the crop is to be
a short tile. and that current prices
under existing conditions are low. that
notwithstanding the unprecedented re-
| celptS Oflern are absorbed rapidly
enough To prevent more than moderate
reactions. With the present temper of
outside trade anything that promises
greater crop damage than has already
been sustained would create resist
less buying furorr; and even without
such incentive the market can only be
! depressed by continued excessive re-
ceipts. Elevator men report a sharp
decrease in the number of acceptances
| 10y country dealers on daily bids indi
eating decreased receipts when exist
ing contracts are filled. Crop estimates
by recognized authorities Indicate
total yield of about $50 900 900 bu, but
private atlyices from widely scattered
places IN The great corn belt foreshadow
disappointment in the outrun of fields
which apparently promise well.
The visible supply of grain in the
United States and Canada shows the
| following changes for the past week:
Wheat decreased 656, 900 bu, corn in
creased 3,347 900 bu and oats icreased
260. 600 bu