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Special Market Letter

Special Market Letter image
Parent Issue
Day
22
Month
July
Year
1897
Copyright
Public Domain
OCR Text

The following luarket letter is fmuislied us by MiLaim Buos. & Co., (Jouimission Mercliunls, Rialto Building, Chicago: There haa been hut little news of au interesling ehantcter relatinji lo commercial or tiiianciül affairs during Uie past week to ehrönicle, except thal whlch lias referred to the status of the coa! minera' strike, or the pending tariff legislation; the l'ormer is daily assuming larger proportions. and is cauaing considerable uneasinesa sincc the proposed arbitration plans nobeen rejeeted, and the prospests for a prolonged .striigsie liave become more pronounced. The stock and bond inarket lias riiled decidedly linn. DOtwitllstanding the unfavorable aspect, of tinrontest, indlcRting Ihat the major portion of lioldlngs are contiofk'd b streng capitalista, and not by a sridely scattered long interest which wou ld be liisely to sell out on the lirst aymptoms of a break in values. The contiüued llatlcring erop prospecta, which ure daily heraldeu from nearly all sectioiis of the country, reassuie investors and inspire hopea of goed diyidenda fortlie ensuing yeur. Tliere is still dangerof h freight war, and tliere are frequent rumora of cuts in gntiu rales froui the west. Abiimlant cróps (lo not neoessarily assure pa.UttR illvidends, and un lesa remuneralive priees for lliem can be seemed, railways uiay le conipelled to haul i hu-ge aoaouutof freiglit at unsatisfactory rates. The most important occurrcnce to note, and one whicli will graüfy producers and business men throtighout the country, is the üd vanee In vvlieat, r.hicli, il' niaintainod, wili materially iucreasethe purcliasing power of farmers over i vast arca. The advunce, whicli at flrst wag slow and moderate, iucreased witli ts momeiilum until its acceleralion beca me groat enough to frighten a multiturte of aliorts, and to indneo the larger holden to accept acorued proiit.H. lis inspiration came chielly f'roiii abroad, and forelgners iIiuíiih; its uaiiicr stages were tlie inc;;t liberal buyers. Liverpool led in the upwaid movenient, tliere evidently bainga large unpiovided for short interest ii) the July oplioii in thaX market :is well aa in onrs, The foreian ailvices suddenly became vcry builish. amollé the itenis being the ïcltcratloii of Busstan and Dannliian erop damage, the statements Ihat BtilRarian autborities were contfRiplatiiii? the prohibilion of exports, tliat Uure was talk of the removal of Frencli import dulies, tliat Austriaii dealeiï eiü buying itermaiV wheai,' and Ihat Itnsslan interior offeringe were lijjlit. To this was added the report tliat IÜO.000 bu of wheat had been bouoht in New York for shipment to Ageniiiia. Such an array of buil news uas too much for the equanirnity of niany glipi-ts am! a ueiuuiii rush' tp cover followeil. The unovoment was renderetl con,v paratively uay thvoiigb the tardiness of the new wheat niovement, whicli although it promises to beeome larpe in the near future, has been too licht lor the comfort of shorts. From near!y a}l ci!ai-lsf3 ppmj, rpnots 8( yieldg excEeding expectation 'and of quality unsurpassed. With the assurance of m nrgent ujb port íjiitivíiiij af leaat rait pneos may b antiiüpiited, and any spooulatlve roHCtfon will doubtloss be tollowed by a i ubstautlal reeovery. The market is now undoub'.edly nearer even than it uua wen lor soine tune. tiie inujor po;1liuli pf ljü jiüg and shori mli'i st liaviiifi bcea elimfnnted on the suell ; die üuudenneas with whlch it camo preventod (lie pyrimfdnl aecumulntion of ft scaltered long intereat and in con sequence DieiKJ s tint llttle on,g hoal ta be invohinfarily solcj on any reaction' uy break, Anythinjj more than nati.ral reactloDS nitist come tlaouli thu pressure of heavy receipts or fiee short seiling, and the ereation of a liberal .short Interest wil) be the best assuranee of anohpr ntlynnpp. Rijrefpta of r,ew wheat at the south. west are rapiflly increashig amt tha movement at the northwest is becomímí; largor. The lirst movenient of the newcrop has been (Jirected to the Gulf (Jnast. a liiige anionnt Iiaviq been sok'l Cr direct export vH the Gnlf route. Haihvays tiaveising the SQiithwcst (U-e milVing stieiinons efforts tQ siipnly transportation facltiis. lutt anticípate B"car i'au]ine"tles)ite their diligente. Millers are liberal buyersand wlll reiliiire b Iarge auiount to replenish exhmistod stocks. The ilnrry in whoat absorbod the lulerest of so miy traders tht the uorn parket was ncglected and the trading conlined to coiuparatively few operators, The Inoraiding reeeipts, due to the l'ree selling to arrive on the recent bulge, and the prospects of a ent in frèight rates tended to depress prices, but the liberal exporta in a rneasnre counteract the bearishtendency, Faifflt eis do not seem incllned tg sclj frêely on the vc:i!i .spots, prel'erring to avvait new erop developiaenta before part ing wil.h Ibelr eorn at unremunerative prices, The visible suppij of gniin in the United gtfttea and panuda shows the lolIowinficlianKesforlhe weck: JVlieat decreased 1,285,000 lm, corn decreased 295,000 ba and oals increased 54 000 ba

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Subjects
Old News
Ann Arbor Register