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Special Market Letter

Special Market Letter image
Parent Issue
Day
21
Month
October
Year
1897
Copyright
Public Domain
OCR Text

The followlng market lottec is furuished ns by McLaiu liitos. & Co., Coiumissiou Merchante, liiulto BuildiBg, Chicago: Unseasonable weather at the west and uorthwest, and the coütiniiance of the yellow lever at the soul It with unibated virnlence, has curtailed general business throughout tliese sectlons of the country iind noticeably decreased ilie volume of bank elearings. Tlie inflnx of foreign gold, nnd i material decline in Ilie valué of stocks have enabled the New York banks to increase their reserves without greatly decreasiug the volume of the.ir loans. The continned effurtsof England to prevent i'.s ;o!d from set) k ing Aineri(i's shorps stil] tends to keep its purchases of oitr producís at in nininm qu;i nt il ics. and in order to tender tlie moven, ent of the yellow metal as unprófitable as possible the Flank of England hasraiaed its discount rute. This expedient, while il Is not i preventive, acts as a relarding influetice and may tor n timo prevent more liberal purclmses of our graiu. T here are inniculiolis, hoïi ever, that the United Kin; dom wil] sooii bcsiin in earuest despite all eITorts to check it. Continental Ejiropo, which bouglit libcrally e.irlier in the sea sou, i.s ugain in Ilie market, and ütlio'igli it is better prepared to d lay purcliasea tban is the United' Kingduin, cviden'.ly bolieves thai noUiing is to be gai eil by prócraslination. It is explaincd Umi the lalhoi' tree marketing of Ivome-grown wheat in Fíame is l;ie to the fear of a removal i)f impori (lillies by Hint connlry becanse of rs known erop deliciency. Late adyices from Rnssiii lonrirm prevlous claims of alivnuiiiKCrop sho (ages. and the statement Ihal the government coiiLeinpLates the prohibiliou of wheat exporta is rellemted; The most important recent Information imparted by our depnrtinent of mi culture is an estímate by thé IIuuuarian Minidter of Agiiculture of the requiremeiits of line imponing countries of the world and the expoliable surplusi s of tlie exporling coiintries from the last cro), with comparisons oi the requiremeuts and supplics of tlie previous .'.car. The report shows tha' for the erop y, ar eiiding lijlHi Ihe im porting countriea reqtiirod 130,543,000 bu mom than the expórtfn; coi+Htries con ld furnish. aud that for Ilie pro year Uiey will require 2e2.8'Jö,000 lm more llian this year'scroys can fuinish The siRuHlcance of these liurcs lies in ihe fsict llmt in order to supply the deticienoy of lust yer il was nei essary to iiaunlH neaiiyali Ihe aP-Cumulated relerves. which at. the hegiunin); of Ihal ear were large. and ihat the world is now faciiig ik mucli iarger defic'eucy, with reserves al ihe begiuning of this ear at the minimum. This great decii'iicy is snfflcie'it to account for ihe ïlcadv foreiipi bujfnffon a large soale nul Süiruests Ihal in t!:e evélJt of R.U8ia'sci'asiiiji to furii'sli Western Europe vit li furtliur siipjilifs ihat Amoricacan Metate iis ovru terms beföre the end of he Beason. Crop comlitions nt liome arnlso atlactinï attention and niay soon be as mportant factors in Influencinp; the aarket as the foreign ilemand. The lestructive drouth. wjiicil bas been but ,arlia!ly broken, bas eiaeased the icreagje an'd left the growing whëat in ,ioor comülion to willist ánil the vicissi, udes ut a winter and spíing. So grerft in area is in nced of copions raiiis that inless relief is soon alfordeil the marlet will respnnd to Ihe unfavorable onditions. Rceipts Kt the uoithwest ire dimihishing, and it is claimed wi'l stioii becoiae moderate in volume, country elevators holding but liht stocks from which to ghip wlien farmers' rejeipta abate. Speculatively our market is nèrvoiis and erratic, operators geuerally feariag the resul t of supply and demand relations and tha meugerness of contract tecles. P.ears are waiy of the December future and confine their opeiatfons to the May o tion, hoping that soulhern hemisphere crops niay be abundant eiiough to relieve the tensión in the eavly gpring. liiills are conlident in che belief that uecessily will cornpel foreignera to bid stil! ftfgher for our wheat and view any moderate reaction with complacency. Our coro market has been subjected to tlie pressure of heavy speculatlve otïerings and of fairly liberal reeeipts. which, coming on a market airead) oversupplied, proved burdensome. The break bas undoubtedly relieved the market of a heavy speculative load and left it in shape to enceurage an improved consuinptive demand, which in time will reduce stocks to a point where erop conditiohs will begin to assert themselves. At present the chief support will probably come from its speculative sympathy with wheat. The visible supply of graln in the United States and Canada shows the following changes for the past week: Wheat increased 1,136,000 bu, corn increased 2.793,000 bu and oats increased {,409.000 bu.

Article

Subjects
Old News
Ann Arbor Register