Special Market Letter

The íollowing raarket letter is furuished us by McLain Bros. & Co., Ooinmission Merchante, llialto Building, Chicago: The steady improvement in business is nqw clearly manifest in the bank cluarings, whicli ot only show an improvement when compared with the unsatisfactory volume of the corresponding week last year, but are larger ihan the previous week this year. The general expansión of commercial and industrial operations is shown in the stock market, which rules stronger, with a weieome increase in daily transaelions; the raihvay list responds to reporta of inereased earnings, and the Riowing volume of traffic, which, on Ihe gr;iin earrying roads, is limited to the available means of transportation and the uuloading capacity of terminal poiuts. The wheat situation has changed but liltle, and there has been developed nothing of an exciting character to induce greatcr activity or to increase speculation. The trade is awaiting uit li wiitchfulness the advent of renewed export buying, and the market responds but temporarily to any other kind of news; while the clearances are large, the movement is chiefly on puriibases made some weeks ago, and until foreiguers signify their willingness, or are compolled by necessity. to take mueh larger quantities at higuerprices iliere is but faint prospect ot any other Bxcitingly bulllsh factor in the near luuue; having provided for immediate wants, tliey are in position, now that liome grown wheat is available, to iwait developments. The volume of American primary receiptw and the state of southern hemisphere crops wili constitute the price making factors until the supply nul demand relations in Europe be■oinc more acute. The latest advices ndicate that satisfactory conditions prevail In all wheat producing counLriea of the southern half of the globe, Australia having at last been relieved from its long and destructiva drouth. There are naturally sympathetic reiatious betwaen American and jeaii maneéis whatever be tne cause or lluctuations, and action and reac.ion have recently followed each otlier apidly, but wlien it lias been deternined that any movement has been rïom speculative causes alone it lias oon lost force and become impotent. What the tra.de awaits and what it will iccord favorable consideration, is a refival of buying for consumptive puraosus buying for speculative account' nomen tarily raisea prices, but assures 10 pernianeney to the advance. Speculators are wary of manipula,ion, believing tliat anything that will ïstablish a higher range than now obiains must have for its basis actual necessity; this state of affairs rendéis It difficiut for the buil pool to opérate without its intentions quickly becomng apparent, and is in agreat measure tespoHSible for the erratio oourse of the raaiket; the combination cannot buy any considerable quantity without having to pay enhanced prices, nor sell without making concessions; the success of its operations in December wlieat depends hirgely upon an adeinate consuinptive demand for the reut erop which is now assured, and nioru i'Bpeclally on the urgen cy of the ilemand during tlie seasou of 'greatest receipts. The paucity of old reserves wil] atïord less substantial aid than it liid In their July and September operutions. The ontward movement of wheat lias become large, and insomuch as it abiorbs current receipts is a factor of strengt h, but it also serves as an element of weaknesa by affording foreign buyers au assurance of adequate suppües fot the present, for in conjunction witli the ainount put afloat by other eountriefi, it creates a weekly moveine.it gieater than esümated requireMioiils. Advices fiom Russia state hat drouth is interfering with f all plowing In severa] provinces, and that farmers are selling wheat in others noie freely. Oom continúes an object of more absorbinr interest than wheat, espeoiüliv lor Irailcra i.i thu western states, wluie 'lie major portion of th ■ erop is grown; .so general is tli belief that from numorous causes the erop is to be a slioit (--.ie. and that c'mtpuí. ni"cs4 imler extsting conditions are low, that lotwithstanding the unprecedented receipts offerinits are absorbed rapidly 'íiouh to prevent more than moderate enctions. With the present temper of outside trade anything that promises ïieater erop dumage than has already xn.'n sustained would créate a resistess bnying furore; and even without siu'h incentive the maiketcan only be lepressed by continued excessive reoeipts. Elevator men report a sliarp lecrease in the numberof acceptances by country dealers on daily bids indicatinR decreased receipts when existntf conti'HCts are filled. Crop estimates jy recognized autliorities indícate a total vield of about 1,750,000,000 bu, but irivate advices i'rom widely scattered alaces in the great corn belt foreshadow lisappointment in the outrun of fiehls which appurently promise well. The visible sïipply of grain in the United States and Canada shows the following; changes for the past week: Wheat decreased 656,000 bu, corn increased 3,347,000 bu and oats icreaseij 0,000 bu.