Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1888-07-04
FINANCIAL AND COMMERCIAL,
TRADE NoTEs-oRop REPORTS.

TRADE HoTEs-CRoP REPORTS.
The Cuban sugar-crop is reported at 500
hogsheads' increase this.oter last year,
The mammoth sugar-trust has recently issu
ed circular that no commissions will be paid
| hereafter to brokers who deal in any Other
than trust sugar. 1t is thought it was called
for in view of the early completion of Claus
Spreckle's eastern refinery when he will enter
the lists as rival of the powerful syndicate
operating under the trust. French syndi-
cate has agreed to lend to the Panama Canal
| Company on condition that unsold bonds
amounting to S0,000.0OO francs be deposited as
security an immediate advance of one-sixth OF
| the nominal value. the bonds to be sold at the
convenience ofthe syndicate and the proceeds
to be handed to the company, less the ad:
vance; the interest and a commission of tx
francs per bond. 1t is believed that this will
| carry the company eighteen months without
the necessity OF making a fresh appeal for
| funds.
The London Standard argues that If the loan
| is made. it would practically be failure under
| the heavy interest. 1000 900 pounds sterl ing
| annually to meet.
The New York Journal Of Commerce, of the
3Oth ult, reports that the biggest advance ever
| known in the history of the coffee exchange
took place in the market on the goth of June,
ut was early in the day discovered that all
the June deliveries amounting to 81 600 bags,
were held by W. II. Crossman & Bro. and 8.
Gruner Co., two of the largest houses in the
trade-in fact the representatives of the bull
clique. The bears held back, expecting the
coffee to be thrown upon the market, when 1t
would have been comparatively easy to run
| the price down. On the contrary, however the
bull operators refused to unload, and the price
of the June option advanced 81 cts per pound
in the first hours business. The option open
QafC h "a md sol
zoos, an advance of 5-1O0 cts per pound on the
days sales. The total sales were proportion
ately small, however. being restricted by the
excitement Only $3.50 bags were turned over,
5000 of which were June delivery. Five hun
dred bags sold at 2015 cts per pound was said to
have been the only legitimate sale OF the day
the remainder sold being the result of manip-
ulation.
BradstreetS, of June 3Oth, furnishes the fol-
lowing summary OF the worlds wheat-ha
vest
1.-THE harvesting OF wheat in the northern
hemisphere is generally in progress or is near
parallel of the Ohio river, wheat cutting is well
adv anced. The winter-wheat acreage, as per
government estimate, is ,250 900 acres less than
but the statistician at Washington has dis
covered 500, 900 acres sOwn with wheat not in
GUIDED IN his earlier reports G o This would at
crop. There are notably four states where the
wheat crop will be deficient-Ohio, Indiana,
wheat states Will not have full average crop.
1t will be impossible TO determine the aggre-
gate deficiency until record of the threshing
is obtained. The heavy June rainfall in Cali
fOrnia is reported to have been beneficial to
the plant there. California wheat, at one time
reported at half crop or under, has now a
promise of doing much better. The final out
put may with good harvesting weather nearly
equal that of 1887, which was 30 429 COO bushels
from z,766, 235 acres. The total area sown with
wheat in the United States in 1887 was 81 64l 1888
acres. including "a. 223. 20l acres of winter and
IL, AIS 49, acres offspring. The National Depart
ment of Agriculture estimates the area OF the
spring wheat at about per cent. under that Of
1887. Other estimates make the acreage to 8
per cent. larger in 1888 than in 1887. There has
been large immigration into the newer states
and territories, and the probabilities favor the
report that there is an increased area sown to
| spring wheat. All accounts agree as to present
condition and promised yield, provided there
shall be no seriously unfavarable influences
from this time on until harvesting. The crop
as a whole. winter and spring, has been vari-
from S50,000 goo TO 430 000 900 bushels. More re-
cent estimates make the probable output
about 600 bushels. Continued favorable
weather will have much to do in determining
the result. The increase in winter wheat area
OF 100000 acres adds at once g. 000GO0 bushels
making the probable total yield 4l4OQO 600
bushels. 1t is not unlikely that improved
threshing may even show better results,
The reserves of wheat (and flour as wheat) on
July l. 1885, in the United States, calculated on
the basis of AZ bushels per capita consump-
ton per annum, the governments estimate OF
the crop last year and BrddstreetS report of re-
serves held July l, 1887, promise to amount to
81 100000 or 5f00O.000 bushels. If consumption
has been only a bushels on the average it
would leave the reserves July l next at 81 O00..
900 to 7O0OOJOOO bushels, or about the same as
one year ago. Exports of wheat and flour for
the twelve months ended to day have been
about l2l goo. 600 bushels against about l54 600
600 bushels il the preceding twelve months
In Europe the wheat crop generally will be
ten days later than usual, The outlook is not
favorable In Austrie- Hungary. In Roumania
and Roumelia and Russia the prospect is
promising; in Germany 1t is fair, and in
Belgium good. The outlook for French wheat
crop is less favorable than 1t was year ago.
The reports OF the rye crop in Austria. Hun
gary, Germany and France are far from favor
able. Wheat stocks In all the countries of
Europe, excepting Russia and the United
Kingdom, are quite moderate.
In the southern hemisphere the wheat crop
is made The harvest in Australia was in
January and March; in India in March end
harvest was in January. from which there
have been shipped and are now on the way 10
Europe several million bushels of wheat.
There have been considerable shipments OF
wheat from the Pacific coast, Australia and
India. via the cape. since May /, which cannot
arrive in Europe for consumption before Sep.
TENDER l. late European harvest. with
moderate resel yes of old wheat, and unavail-
on United States Atlantic ports for new-crop
red winter wheat, and at some Improvement
in prices if the demand should be urgent. If
the Uuited Kingdom should be in want of
wheat to bridge over any deficiency during
July and August, our Atlantic ports cou Id ship
25 900 600 to 80 900 900 bushels within sixty days
Supplies from Russia from the crop of 1857
have been very large, and promise to be quite
as much so from the crop of 1888. Australia in
the twelve months of 1888 will have more than
her average export surplus, and India, Chilli
and the Argentine Republic will be able to ex.
port the customary quantities."