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Special Market Letter

Special Market Letter image
Parent Issue
Day
23
Month
September
Year
1897
Copyright
Public Domain
OCR Text

The lollowing market letter is j ulsiied us by McLain linos. & Co., (Joininissum Merehants, Kialto Building, Chicago: The bank cleaiïngs of the country during the past weck show a declded improvement when compared with the previous week, notwithstanding the 1 crease it the soulh in consequenee of j ellow ïever apprehensions, andaré tlie i largest lor a like perlod since the second week in August. The continued raoveinciit of triiiin in large volume affords iiuouiagement for holders of railway liares, 'and is the ehief element of htrength in the stock market. The ontward movement of agriculInral producta keeps foreign exchange near the ro11 importing point, nnd au inlhix would soon begin were it ïiot for the llow of securities from England, whicli settles liade balances of that country without the necessity of its paiting with the preciousHfêtal, The large 'pinchases of wheat by Fnvnce piomise i gold raovement trom that country t ours at no distant day. The wlieat sitnation remains Enuch tlie same save in its speculative features, the recent decline uaving consideiably increased the short interest, Jeaving it in position to be rapidly iuivanced whenever anything of a riireiictlicning nature is injected into the daily neus. The suniilv and demand relations are now sü near'y delermined, and tneir resulta nc so favorable to the exportjng counlries, thul even tliough the ppurket be undiily depreased by tlie pressure of iiicieasing spring wheat rercipts and the offeiings of agtu-essive short sellers, an aasured export dennmd will donbtk'ss assert itself and oause a recover; froni uil sucli depressions. The nortliein betuispbere crops are liovv practicülly Becurca, and their outrun and. couditiun fairly well determinad, and there are no tubstantial reasons for rais'mg the earlier e timates uf tbeir promise; in fact in souie of the larfter European conntries it lias been necossary to lower the estimates; in France and Italy especially aie the resulté (lisappoinling, llie official returns ïhowing a sbortageuf about eigUty-flve aiillioiisol lnishels in tie fornier and ttfty-six millians in the latter. The latent estimules of the London Revieiv iiHücatrtliat Éut'opean mpoi'tingcouniries wHliequive fr in exporliiiR counIries tfuiing the erop y e ar 490,000,000 Lm ot wlieiit. i quanüty large enough lo alisorb all llie prospective supplies, iind to i ase ilouljls is lo the possibility ,it securhig so great ui amount. With it n export demand snel) as these aguíes Miggcst, ukI the probability of n deriease in Rupsian shipments, which late advices trom ilisit country indícate, the outlook lor American farmeis is (UOmising indeed. The fiituve of the maiket largely deiM'tuls on tlie IUiHsian movement; if it ilemüisi's nialerially Hiere will be but 'itllc tü prevent a diibstantial recovery ;u prices Irom every break, and possi1 un nlward nioveinent that will surlUist- tlie tui()e, ïhe southern hemipiiere crops are seveial montbs fiom iMalurity, and can affonl 110 relief for 11 ovcrsoWl iiiarket; thcir excellent iromise will ettcotiraföe sbort selliiif? ■ ud prove an element of strengtb by ualing an excesaivj short interest t# 'm pioviiU1'! lor. Ouv pxpoils aro iiow very Jarge, and liow 1:0 indicalionspf abatement; sucli ,1 lVt( (HltwarU inóvenient will absorb wluat e non gli 10 prevent the iirst rush 1 niiitliwrslern wlicat frora becoming .i. di 'iiKoine,id will prevent excessive oiiiUMiluiluii bulort; it isover. Winter heat fainiera seem disposed to avvait ! é1,o()Uients belore parting vvith their . si-i ves. and without liberal receipts uní ihat source the spring wlieat novcinenl will not alarm the trade. ("op 1 etui iis from the northwest :n cessiiatc a lo wering ot' previous , na; es, and iidvk-es f rom the Pacific ('oüst state tliut considerable tlamage has bi en Biistrtined in Oregon and Washington by uinvelcome rains. Paimers in winter wheat sections ave pi áring lo sow a large área to wlieat, the hieaUingof the droulh liaving let't '.íip'gr irnd in a more favorable state tur iovintr. 'l'iui receñí break in corn has eiiminated linni tho tnarket a large volme of sjieculative holdings, and lias Mci easeU the slioit interest; the steady idvance preceding llio breuk not only rcated a large scuttered long interest, bilt also incicased the movement from irsi íiands and décreased the export ind easteni consumptive demancl, licrcb addius rapitlly tp the 'in-store inc-ks; ! lie decline uill npt only cbange he siifcnlative ilnalipn by Veversing lic long and short ínterests, bnt wilí ilso serve to clieck interior marketings nd ipüMi enlarde the deinand. IIowver right the theories of a short erop i;. be, tliey are impotent to créate ii itmnrdiate consiimpti ve (Iemand tor present oversupply, and operators ui; :m idvance must await witb mitnce the linio when tlie shortage II lip manifest in tlie supply. C in when coni pared witli wlieat is ■iv. ;ui(l if Hiiyiliing occurs to materilly ailviince the latte v it will doubtless use a speculative demand tor the unnev nrhteli will provide forany tem, urary exc-ess in receipts. Country deali's ure aceeptinj fewer bids. foreshadiiwilig (It'crc.ised receipts as soon as the ü!;iin In transit arrivés at its destiniliüii. The prcuiiums existing for defeirod mtufea wjll naturally tend. to lesiritt tlie country movemcnt by ottering uimsual indiicenients for carrying Uie grain in cribs or in elevators. Tlie visible supply oï grain in the United States and Canada shows the l'ollowing clianges lor the past week; Wlical incieaaed 1,374,000 bu, corn inereaseil 133,000 bu and oats icreased 1.0-52,000 bu.

Article

Subjects
Old News
Ann Arbor Register