Special Market Letter

The following market letter ia furnished lis by McLain Bitos. & Co., Commission Merchants, ltialto Building, Chicago: In a general way all the commercial agencies report an improvement in business throughout the country, although there is considerable irregularity in the returns, the miners' strike evidently interfering greatly with operations in some sections, and the liberal movement of wheat stimulating activity in otheis. Retail merchants are purehasing for fall trade earlier than is customary, being encouraged by the prospect of increased sales in consequence of the promise of the liberal marketing of an abundant wheat erop at at least fair prices; thelr purchases are fairly liberal and are doubtless enlarged somewhat beyond what they would othervvise be in anticipation of the general rise in prices of nierchandise entering into general consumption which is so generally predicted. These purchases enable wholesalers to report a noticeable increase in the volume of tlieir business, and inspires hope of renewed activity in other lines. An abundant wheat erop, which can be sold at remunerative prices, is an inestimable boon to many localities and individuals, as well as a source of gratification to the country at large; but its iiiüuence, while great, is less important as a prosperity maker than would be tlie assurance of satisfactory piïees for oats. corn and the producís of corn. On these two crops depends the welfare of more densely populated ections than are dependent on wheat, nul on the prices obtainable for the iibundance now fairly promised must largely rest the permanence of the bus ness revival. The stock market has again feit the inspiring effects of erop reports and a more general desire of outsiders to invest; in fact it is believed that the recent strength lias enabled the larger liolders to dispo e of enough of their stock to render it unsafe for the public to follow the advance further until a jharp rcactionary break occurs. Our wlieat market continúes active nuil interesting, with but a moderate volume of speculative trade; fluctualions are rapid within a liberal range in co:.sequence of the temper of room trailers, ihesharp fluetuations abroad, and the comparatively small volume of business; the buying or selling of modrate quantities causing greater price lianges than usual. The Wall street coterie of traders hat lor so uiany weeks dominated the market has disposed of both its cash uid speculative holdings, leaving the market unhampered and free to re.spond to the varying tenor of erop and weathei' news, and the immediate sup[ily and demand relations. Aiivices from the northwest indícate 3ome inipairment of the erop, but not of suflicient magnitude to materially i'ednce the general promise of a bouneous harvest, and returns trom winter lu-at Ihresliings increase rather than liminish the most optimistic estimates. Foreign advices state that the weathBi' in England has been hot and jhowery, fine in France, and favorable in Austiïa-Hungary, where haivest is processing rapidly. There have been rnmors of the prohibition of exports l'rom Ilussia, and of reduction of imiioit duties by France in consequence f erop shortage; these reports and beir altendant possibijities serve as nhnnlanta to the market, and contribute tq the strength exhibited when ■ver foreigu quotations are higher. A notewortliy feature of the situa■ :üm is the relativa strength of spot wheat as oom pared with deferred fumes, uotwithstandlng the present volutae of receipts; the wants of millers uid exporteis are urgent enough to inaintain a premium, and while it exsts tho selling of futures will be more r loss luizardous; for anything that vfill cuitail the movement from fjrst hands will at once cause speculative congestión. AVith the probability of inereased receipts in the near future be market will become more than evei siiliject to the export detnand, and on Ihe course of Europe's markets will lopend the (IJvection of Qura. The passing of the hot wave and the falling of welcotne rains have relieved lie teneion of the corn market and in:reased the volume of interior offerings. The promise is now for a large nop, even though considerable damage :ius been sustained in a portion of the ,-orn bult. The export movement still rontlnues liberal, and on the foreign 'mand must the hope for fair prices be :jased; for' "''t'1 aaother large erop to n orease a present great surplus, but 'ittle immediate relief can be expected from any prospeptivp domestio dpmand. Siich a demand can only come through ncreased stock feeding, and that re (juires time. The visible supply of grain in the United States and Canada shows the following changes for the past week. Wlieat decreased 164,000 bu, corn in creased 834,000 bu and oats icreased 23,000 bu.