Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1888-09-19
FINANCIAL AND COMMERCIAL.
TRADE NoTEs-CRoP REPORTS.

FINANCIAL AND COMMERCIAL,
TRADE NoTEs-CRoP REPORTS.
THE BANKING SYsrEMs-The Bankers Nag
azine in the issues for August and Septsmbe
discusses the Banking affairs of the countr,
and expresses apprehensions offnaIcial troub
lie to the National Bank system growing out o
obstacles thrown across Its path by hostile
legislation.
| During the past seven years, the increase o.
the national banks was about one thousand. OIL
an increase of one.third in the total, making
three thousand of this character against tive
thousand in 1884, In the first six months Of
1885, there has been q rapid decline in the num-
Der of national banks organized as compared
with the same period in 1887, and this notwith-
standing the fact that the banking capital OF
| the country increased twenty-seven million
| dollars, whilst the increase for the same period
in 1887 was about twenty-three and one-half
millions. But q more significant fact than
this even. is the still greater ratio of increase
| in the number as well as capital Of State and
private banks established during the last six
| months. In 1887, the capital invested in ma
tional banks was nearly double that put into
State and private banks, white in 1888, this
proportion was more than reve1s I'd, and more
| than three times the capital has been invested
| in the latter than has been put into national
banks. Less than half has gone into national
| banks in 1888 than did in six months of 1887;
while two and a half times more was invested
In State and private banks.
The Magazine aff1rms that this showing was
not unexpected, though there was an increas-
ing desire for the establishment of national
banks In the South and West. 1t results from
the expense incident to conducting small
banking business under the national system.
and will ultimately drive the small country
banks out of 1t.
The National Banks organized for the first
six months In 1887 were liz with an average
capital of Sl36 300, making an aggregate OF SIS.
3 600 against 70 for the first six months in 1888
with an average capital of SOL 500. aggregatlng
s6, 6795
in 1887 were l55. with an average capital of $751;
800. aggregating sS,l54 co., whilst in the same
time in 1888 there were 449 organized with an
average capital Of s45 200 aggregating $50 1874 $780,
In respect to these adverse circumstances for
the enlargement of the national bank system
the Magazine asserts that they proceed from
the cause stated, and do not arise from the
general business situation. which would pre-
mote a more rapid development OF 1t. Had 1t
not been hampered by unreasonable restric-
lions, its expansion would have been as rapid
as before. 1t is the more to be regretted, be-
cause at the South and in the West where en-
larged banking facilities are needed, prejudices
and objections to the national systems are fast
dying out and the popular demand for banks
established under 1t is increasing.
WESTERN CRoP5.-The last report from the
Chicago crop correspondent of the New York
Journal of Commerce states that the corn-crop
in the Western States may be regarded as safe
from all contingencies, and that it is large
one. The oat crop is also very large. but In
some localities inferior. Last week we repro
duced the report OF this reviewer OF the con-
dition Of the crops in the West, particularly as
that OF Spring-wheat was presented. The fol-
lowing Is extracted from his subsequent re-
port:
1.-THE railroads very gracefully accept the
real spring wheat situation when one OF them
admits the fact that very exceptionally good
prospects in the early part of the season have
not been realized. A very large miller In the
five thousand bushels of the best wheat. and in
selecting 1t we reject four bushels where we
take one." Another miller says: "A great
deal of the wheat coming in weighs from nifty
two to ffty-five POUNDS to the bushel." An
elevator company in southern Dakota says:
THE quality is scarcely any better than NO .,
able, as the season advances and thresh1ng
progresses. to figure in bushels more than is
now conceded. hut elevator companies, millers
or farmers will not be able to raise the grade OF
the Dakota or Minnesota wheat this season."
This agrees with all the previous intelli-
gence from the Spring wheat belt in the
Northwest and along the Red River Valley in
British America.
CROPS IN THE UNITED KINGDoM.-Brad-
treets London correspondent favors the last
issue of that journal with q communication on
the agricultural affairs Of the United Kingdom
which confirms the conjectural estimates
hitherto made OF deficiency in the yield OF the
wheat harvest W bich is commencing. In al
parts of the Kingdom. it is fully one month
late, aid the farmers are greatly embarrassed
by continual rains. The yield per acre is put
at % and "a bushels, as against 81 last year.
Tnis is as the estimate is applied in England
with no better prospect in Scotland and Ire
land and the channel Islands. But little new
wheat has been shown, and that is inferior.
The potato crop is abundant, but badly
diseased, and beans and peas are fully one
third less than usual, as is also the hop croI'
The hay crop is pretty much total loss.
Barley and oats have yielded very well.
A material advance in prices for all kinds o
bread. stuffs and food supplies is assured, and
producers are encouraged by the fact that
their sales will bring as large an aggregate fer
the reduced and inferior products as was
realized the past year on the larger surplus
they then had to dispose OF.
The statistical returns to the agricultural de-
part. mt show large falling off in the num-
Der ofcattle and sheep. and it was hoped that
the enhanced price for these kinds Of livestock
would lead to enlarged efforts on the part of
breeders.
This reviewer confirms the estimates already
published OF the English requirements OF
breadstuffs for the year commencing Septem-
Der LIST, which will be much larger than they
were the past year after allowing for all the
surplus in farmers hands from the crop OF 1884,,