Special Market Letter

The following inarket letter is furni&hed us by McLain Uhos. & Co., Cominission Merchants, Hialto Building, Chicago: Although Hiere has been no serious decline in the slock and bond list during the past week, there have arisen several afatnrbing factors which may ere long precipítate more than a mere reactionary break, and wliich promise to emphaaize the existing uncertainty as to the probable state of coimnerce and tinance in the near future. The minera' strike, which froni the fact that it canie imlieralded and was preceded bj few premonitory signs, although Imi recemly inaugurated, is ilready causing Inconvenfeiiee and is reiponsible lor Ihe involuntMy elosing of a d ui bei' of factories in localities wliere fresb supplles of coal are unobtainable; and unless soon ended will become a disturbing element of no unan proportions. and witli the engineer.s' strike in the United Kingdom, whicli promises to become the greatest labor and capital contest of this century, may soon créate upprehensive leáis fot the stability of raihvay and industrial stocks. The freight war truce. from which operators anticipated a satisfactory adjnstment of discordant difficulties, seems to have been inoffectnal, and a reopeningof bostilities, because of the lefusal of the most aggressive road to submit the dispute to arbilrators, is imminent. The wilev Tuik lias once more become an object of anxious interest and adds something to the disquietine unce rtainlies. The willingnees of tlio public toengage in speculation is evidenced by the alacrity wilh which It responded to. tlie recent moderate advance in wheat and coi n, even though tlie uptiiin was caused more by the possibilities ol erop damagf! than by any injury vet sustainedf. The interest raanifested' in corn was significant and augurs well for the future of the market fov y.[ (jereal whenever anjtb,ing qbcum inon wliali to predícate a buil luovement Although the weather has been about all that could be desired for the growing erop, the fact that it wa.s üeine damaged by Lot wiiuls over a lltuited area m Kansas was suffleient to revive speciilalive Interest and to at once broaden the market- a significance lraught with promises if anything occurs to seriously curtail this geasou's y icK.1 The Mjvanoe brought somewliat freer otteïlngg from country points, rnd v. ceipta in consequence will probábiv be more liberal. The export! movenlem lias agaln become large, and will T continúes, prevent larger receipts from becommg burdensome. It is cluime hat the low pnce Jma proved so attractive to toreiguevs that they buve nccumulated excessive stocks, and that some of tliem are getting out of conQltlODi thT1ínn,gííVeínm?nt lePOlt' issuetl Oü Ue lOth inst., places the average condition ot the erop on July Ist at & 9 ? pomts lower than for the corresponding date last year, on an acreage ] per cent less. The condilion of wheat" winter and spring combined, Is placed i' M.8 . Wwer ls 81.2, or2.7 points h gher than one month ago, and sprint, -1.2 or IQ pointa higher. The m centage ot orop remaiuing on hand is i'stimateu at 5.4. The, wheat market has been inilu. enccd by the action of covn and has at ames ruled quite active; the .Inly op. tion has been erratic and its coiirse ha natimilly affected the deferred futnres. Offermgs of new wheat to arrive üwmg tliis montii are daily becomina niore libeial. Harvest ia pi-ogressin ■ apully and favorahly and the concensus pt ppuiion seeins to be that the qimlity is nno and the yield in excetw of anticipations. Tlie repoits of dan. age to i-encli, Russian and Danubiun cropa have become a pavt of the rgilar (laiiy newa, aecompanied by statementa ibattorelgnera Lav6 been large buyers of American wheat, but as European markets still show signs oí weakuess, the trade receives the reports with incredulity, That som e damage has been sustalned is doubtless trne, uut tiat it is seiiotia seems improbable- with preseutlow prices, however, even moderate eurtailment of ioreign cvops would prevent anv marked decline, and with depletod stocks woiiltl iiiinish the basis for a higher range of values. The WQiki'a visible supply as coiupiled by Betrbokm and Jiraihtrtefsoi) July 1 wh 70,243 000 bu, as com pared with lOö.mo.OOO bu one yeu; agü, tlie smallest supply reported since August, 1S90. Tlie paucity of stocks n ï II assure an excellent demand tor wheat of such quality as we now have assured, and only unfavorable trade conditions can prevent a recovery in prices wlienevei 'liey are unduly depressed. Tr.he,vÍsible suPPly ot Riain in the Lnited States and Canada shows the lollowingchangesforthe week: Wheat deoreased 974.000 bn, corn 5T2 000 bu and oats 1,209,000 bn