Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1891-12-02
FINANCIAL AND COMMERCIAL.
THE CHAIN Trade, CROPS, 60.

] FINANCIAL AND COMMERCIAL.
THE GRAIN TRADE, CROPS, sc.
The Cincinnati Price Current of Nov. 26tt
says:
"That the Information concerning the grow.
ing wheat does not suggest that the genera
position has become increasingly discourag,
ing; If any change. II appears to be more favor
able than otherwise. Last weeks hard freez.
ing did no appreclabIe injury to wheat 30 far
as present Indications suggest.
| The moist weather has retarded the drying
process for corn to some extent, as also put
| roads into bad condition for movement of pro.
duce to railway stations, in many districts in
| the West. the high price OF corn for current
deliveries is encouraging free offerings in va
rious localities. and also serving to strene then
opinion concerning values later on in the sea.
son. The movement Of grain In some sections
| Is delayed by lack of available cara for ship.
ping.
Some interest is attached to rules governing
contract transactions in cora. The Chicago
rule in force on August governing certificates
Of grain inspection reads as follows:
1.-THE word new" shall be Inserted In each
harvested
crop Of oats until the 18th day Of August: Of rye
until the lst day OF September; of wheat until
the lst day OF May; OF barley until the LIST day
OF May; OF corn until the LIST day OF June, OF
This change shall be construed as establish
Ing new grades for the time specified to conform
TO the existing grades OF grain In all particu.
lars, except those Of condition and the dlstinc.
ton between the new and the old crops.
dry enough for No. or No. Q it shall not be
classed as new"
During most Of the week the speculative
wheat market at Chicago has been without
special feature. and at the close reduction of
1T@2c is shown compared with week ago,
The feature OF the week in corn at Chicaao
has been the squeeze" in November delivery,
which has been advanced to 75c.
Wheat receipts at primary markets were
1851 600 bushels for the week. against g. ls5, Os0
the preceding week. and 4.O3s. 900 last year.
Corn receipts were 1.7i2.OOO bushels, against
l,4N.OOo the preceding week, and 1,0s0, 600 last
year."
FINANCIAL.
Henry Clews, in his weekly Financial Re.
view OF date Nov. 2Sth, says:
IN. de Giers visit to Paris and Berlin appears
to have aimed not only at the protection of
Russia's threatened financial position and to
have been in that respect moro or less success
full, but also at effecting understandings cal
culated to soften the dangerous asperitiss ex-
listing between European courts; and here also.
1t may be hoped. the Ambassador achieved
some measure Of success. The French Minis
ter OF Foreign Affairs il reported to have said
that the views interehanged with M, de Giers
were "of very friendly and pacific nature, !"
which clearly must be construed a. having ref.
erence to relstions with Germany and her al.
lies. Though little comes from German sour
ces as to the purport Of de diers' visit to
Berlin. yet Russian semi official paper sig
nifcsntly expresses the hope that the Ambaa-
sador will succeed in dispellinS all misunder-
standings between Russia and Germany
and-which is still moro signihcant-"that b Q
will succeed In bringing about an Improvement
in the present relations between Germany and
France. in order to produce complete opposes
ment." These words are a trustworthy indica-
ton of a desire on the part of Russia and
Franco to bring about q more pacific condition
OF relations as between the leading European
powers; and 1t can hardly be supposed that
Germany will treat such approaches lightly.
This Is the first ray OF light that has penetra-
ted the gloom Of European politics for many q
day. and the results will be watched with
hopeful interest the world over. The week
has also witnessed the lifting of the war cloud
that had settled over Brazil, President Fonseca
having resigned and his successor having re-
sumed normal relations toward the Legisla,
ture. while the State Of Rio Grnnde do Sui is
said to have revoked its decree of secession;
Brazil Is therefore again at peace and affairs
are taking their usual course.
This remarkable concurrence Of events Of Q
pacific tendency puts, for the time being at
least. = widely different aspect upon foreign
affairs from that which lately excited an al
most hopeless apprehension on the European
markets. From quarters responsible for all
that apprehension, there comes an open ex-
preston OF desire for revision Of relations in
the interest Of peace. 1t is true it may prove
obstacles stand between the desire and the
achievement; but 30 much az has transpired
In these initiatory efforts warrents a more
hopeful attitude In the financial markets of |
Europe and America.
During the week, Russia has closed her ports |
against the export Of wheat; which. added to |
her previous stoppage of exports of oats, must |
have the effect Of largely Increasing the ship.
ments Of those cereals from our own ports.
The large shipments of grain are adding re-
to the volume of our exports. For
the three months ending with October 3lst, the
sotaI exports Of merchandise exceed those for
The same period of 1890 by "a millions, while
The imports for the same months fall Is mil.
lions below those of last year. The trade ball
ance In our favor. for three months, il "a mik
lions compared with only Is millions, in 1890.
This balance, however, has been set or by ST.
nultane ous gold imports amounting to % mill
lions, which left an outstanding balance in
our favor of 80 millions at the end of October.
As that balance has since been increased, the |
Inference is obvious as to the prospects of con-
ttnued imports of gold. Under the gloomy
conditions recently existing abroad. 1t was not |
unlikely that this balance might be liquldated |
to some extent by the return Of our securities; |
but the more hopeful symptoms in both the |
finances and the politics of Europe above re-
ferred to favor liquidation in gold rather than
securities.
At home, also. current influences are favor.
able to the stock Market. The condition of
tho bank reserves Is conducive to continued
ease in money. The trade of the country at
large is beginning to show a more distinct re-
ABUNDANT harvest. The earnings of the rail.
roads are still gaining upon those of last year,
and that upon the net as well a. the gross bus
mess. These several factors are producing q
frmer feeling among holders of stocks; and as
the market Ia largely oversold, the purchases
of the "bears" to cover short contracts are
likely 10 have favorable effect on prices at
an early day. Under these circumstances, it
would seem safe to buy good stocks on the re-
actions for early favorable Developments