Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1891-06-17
FINANCIAL AND COMMERCIAL.
THE GRAIN TRADE, CROPS, &C.

The Cincinnati Price. Current reports this
nearly all portions of the West have had rains
the past week. and there is now but little COM
plant of lack of moisture. In some districts,
notably In portions of Missouri and Kansas,
there has been too much rain.
During most of the week the temperature
has not been high enough to advance the
growth of corn in as full degree as desirable.
This crop is still being planted in various local.
tiles. and is having an unusually variable con-
dit!on incident to its start. This Is not accept
ed yet as implying that the future may not
bring about satisfactory results.
The oats crop has had some benefit from the
recent rains, but the later evidence does not
essentially change the Indications previously
recognized of q very considerable deficiency in
this crop.
The outlook has further improved In regard
to pasture and moving lands, with fsirly fav-
orabie indications for hay.
Crops in general have had important benefit
from the recent rains. and as rule the situa.
ton is regarded cheerfully by the agricultural
interests in the West.
The wheat markets have not been especially
active The news from abroad continues more
or less conflicting, but is cunf1rmatory of pre-
vious statements concerning the season Is pros
pective great deficiency in cereal production,
and it is reasonable to take the view that all
the surplus which can be furnished by this
country will be called for to meet the years
necessities.
Wheat receipts at primary markets were
1921 900 bushels for the week. against ,43i 600
the preceding week, and 1858, 900 last year.
Corn receipts were 8 354 900 bushels. against
2.9j3 COO the preceding week. and 6,376000 last
year.
FINANCIAL REVIEW.
The Weekly Financial Review by Henry
Clewes of the Banking House of Clewes Co.,
under date of June 18th. 1891. says
"The all-important factor in determining
future values of stocks is the crop situation.
Happily, this is in our favor, as frequently
pointed out, and as the season advances evil
dences of Improvement seem to multiply. The
certainty of an abundant harvest at home and
a deficient one abroad increases each day. Our
Crop Bureau states that the increase in Winter
wheat acreage is lis per cent. and in Spring
wheat, 3.4 per cent: while the condition Of both
stands at the high average of 96.6 per cent and
92.6 per cent. respectively. To more fairly un-
derstand the effect of good crops upon business
and railroad interests, it should be remember.
ed that at present we are suffering from the
short crops of 1890. In spite of this drawback.
the declines In earnings are small and many
roads show unexpected gains, when the unfav-
orable conditions are taken into consideration.
Money continues easy. and promises to SO con-
tinue until the crop movement; the present
quietness of trade tending to increase supplies.
More attention has been given to Secretary
Fosters action in extending the AZ per cent
bonds than the question deserves. l do not be-
lieve he will attempt any step that means con-
traction OF the currency, for that would be less
popular than success In extending these bonds
at IA per cent. Everyone understands, also,
that such low rate ofinterest is possible only
because of the advantages of holding these
bonds, other than their safety and the high
credit of the Government. Western banks.
who hold the bulk of outstanding AIS. may be
willing to accept a lower rate of interest than
Eastern banks, the higher money rates of the
West rendering circulation more profitable In
that section than here; but. as just said. more
has been attached to this element
than it deserves. The Treasury Is. upon Secre-
tary Fosters statements. able to meet all OBJ
legations. and the monetary outlook is clear
until the Fall. When the crop movement be
gins then caution Will be necessary. 1t is
likely that. through sales of produce and pos
sioly securities. we shall regain much of the
gold recently spared. The bank reserves are in
good shape, aud 1t need not be forgotten that
each year the Yves. shows itself less and less
dependent upon the East for Its supplies of
money and the coming Fall may prove no ex-
ception. We do not look for any radical or
immediate change in the Stock Market. but
the present position Of affairs certainly justi-
fies taking more hopeful opinion regarding
the future; aud good stocks at present prices
ought to yield profit to buyers with rea soma
BILE expectations"