The Marion daily mirror. (Marion, Ohio) 1892-1912, 1907-11-13
Carr's Trade Letter

Weekly review of Grain Trade Con-
ditions which are shaping prices,
prepared expressly for the Mirror by
II. II. Carr & Company. Commission
Merchants, 96 Board of Trade, Chi
cago, H., who possess unexcelled
facilities for executing orders for
future delivery.
The bearish conditions which we
outlined in our last letter continued
in force up to Friday. Prices at ex-
treme low point of the week reached
80 S-Sc for December, 99c for May.
This was the end Of decline of 15c
to 1sc for these months from the
high point last month. London, Par
is and Berlin all advanced their
bank discount, rates sharply late in
the week. All the foreign markets
came lower on wheat day after day
There was no let up in the selling
pressure here until the December
price got under SOC and the May
price under $1.00. Today conditions
are more normal than for sonnet me.
Engagements Of gold for import
amount to $5000O,0 900. Export clear
,ances of wheat and flour, 5,500,OOO
bushels for the wee. The feeling
has somewhat improved in banking
lcircles. Receipts OF grain at primary
markets have beep much smaller.
Chicago stocks of wheat reduced ov-
Ter 100000 bushel the past six weeks.
oil, an n
decline are inclined to cover. OTHERS
who sold out holdings begin to re-
place same. Market showed decided
improvement with rpturn in prices
at close of the week. Early seeded
wheat in several European countries
has been damaged by extremely cold
weather. Late cables claim cold
cloudy weather for northern Argen-
tine where wheat crops Is nearing
harvest. In our last we asked fol
selling orders in wheat because We
saw the natural drift OF prices under
very adverse financial conditions
T! Now we say the market has had Its
punishment and buying orders filled
ION the oversold spots viii get the
money. Those who entrusted us with
discretionary orders on the selling
and had good profits to their credi
and had god porfits to their credit
inside of "a hours. after their orders
were executed. The same experience
1n be repeated on the other side
OF the market. Remember that 1c q
bushe recovery from an oversold spo
means 2Q per cent. on the money re
quired 70 margin the trade. We ad
wise 1Oc per bushel protection OF
discretionary speculative orders
III the market makes the recover,
(which we think is due TO prof
iof this kind should easily be secured
two or three times during the weel
with active turns in the market
Those who hold off and wait to se'
lwbat he market is going to do will
miss the best of profits.
Late in the week the government
estimate on corn yields for 1907 wa
given out. The average yield pc
acre Is estimated at 26 bushel. TIL
total crop Is given at 1858, ,0000
bushel The figures were not us loy
'as many In the trade expected. TIL
.lfact remains that the total corn raise,
this year is 250,O00. 900 bu. less thai
Iactual consumption from the 1870
lcrop. Lower prices for hogs meal
less extensive feeding 4 Of corn a
thigh prices. Visitors from the Wes
Iare telling of poor husking returns
Financial conditions are causin
very light receipts We look for
turn in this market for the bette
las prices have had nearly Toe brea
from high point of last month.
Following the break.'in corn Ma
oats sold under 500 late, In the weel
There Is little public interest In III
market and we believe real activit
will come only with an upturn l
,prlces CARR