Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1891-10-28
DEMOCRATIC TICKET.
FOR THE HOUSE OF DELEGATES.
G. W. KOINER,
Fl. J. WILLIAMS.
Wheat, Corn, aud Provisions.


1t would seem from the Commercial
bulletin of Henry Clews s. Co., of October
oath, that the price of wheat will not ad-
vance, at least for some time, as had been
expected. We give what the bulletin says
as follows -
WHEAT.-If there are any recuperative
powers in the wheat market at the present
time they are 80 latent as to be practically
out of sight, for it seems an impossibility
to hold prices for any length of time even
in the face Of short foreign crops, pro
hibition of exports and removal of import
duties by European countries, and even
war rumors. The undertone of the market
has been quite weak and the inclination to
get out of long holdings generally, and even
the bears have pluckeG up enough courage
to go short of some good-sizsd lines of
wheat. The occasion for this wide spread
feeling is the fact that foreigners are not at
the present time taking our wheat freely
enough to give any stamina to the market.
Talk is cheap, and while conditions abroad
are undoubtedly far from satisfactory, the
situation of affairs simply has ceased to be
an active bull factor since the European
export purchases have dwindled to such
comparatively small proportions. Without
an active renewal of this demand it will be
difficult to bring about any marked ad
vanc3, OR even to sustain present prices
when our own realzations and prospects
are so gratifying. The fact is, as we have
before stated, Europe at the present time
feels no pressing needs, as a whole. The
amount of native wheat on hand, together
with their late imports, gives them stock
sufficient to supply wants for consumption
for at least two months to come. There is,
therefore, no reason why they should con
tinue to buy our wheat with their past
avidity, particularly when they see that by
market sinks to lower level, and they
would certainly be foolish to supply ulti.
mate needs now when by waiting they will
probably be able to get them at lower
prices. This statement regarding European
sentiment is not mere supposition, but is |
an actual fact. and is proven by the recent
withdrawal of orders for export purchases.
Two weeks ago, when the market was |
several cents higher, there were numerous |
orders here for the purchase of wheat for |
export all the way from two to five cents |
under the prices then prevailing, giving
promise at the time of good support in the
event of any fair concessions in price; but
when decline of several cents actually
took place the export purchasers did not
showing conclus;vely that the
orders had been Cancelled. In view of this
''stand-off' policy exhibited by Europe,
further declines in our market may follow,
although the shorts are liable to have an
occasional "run-in" on the basis of sen
sational reports, which are bound to be
published from time to time. The rumor
of war, which caused considerable nervous
covering on Thursday, was one of them;
but at the moment it looks as though moth
ing but the genuine article would occasion
any permanent pronounced advance. The
general situation as set forth In our last |
weekly review is practically unchsnged.-l
Every one knows what magnificent crop
we have just harvested. The Northwest |
is full of wheat and there seems to be |
plenty more coming. Receipts of Spring |
wheat are large and increasing, and in the
absence of any marked bullish news from
abroad will doubtless have depressing
effect.
CORN is doing contortions again, and the
near months have been very strong while
the far months have remained apathetic.- II
Offerings of old corn are being made very
sparingly, ald the brisk cash demand |
caused quite twist in the old crep options
this week, the shorts being lively buyers,
of number of now orders for expert caused
o furry. In addition to this there was a
rumor afloat that Russia would soon pro-
hibit all exports of both corn and oats. and
the market for both these cereals quickly
responded by advancing sharply. This re-
port, as far as corn is concerned, is non
sensical, for the exports of corn from Rus
STA are always insignificant owing to the
smallness of the crop. Later in the week
prices eased off some, but the undertore
continued very firm. The new crop op-
tions Of corn do not respond easily, and are
inclined to sag owing to an anticipated
early movement and the general expecta-
ton of large crop.
PROVISIONS have exhibited renewed &C
tivity and more strength this week, owing
to the probable removal of the restrictions
on the Importation of American hog
products in France and the actual with
drawal by Italy of the prohibition of the
same. The latter movement opens another
good market for our products, and is re-
suit which has been sought for some time.
If France wheels into line we will have a !!
market for our hog products such as we |
have not had for years, and this of course
will ultimately stimulate the market. The !
new pork options felt the advance most,
but the old months also shared in the
strength, as the Chicago Board of Trade
has decided to allow trading in old pork
through January or one month later than
usual, and as this gives US another month
to dispose of our heavy stocks of old pork.
which are about $3.50, 900 barrels as COM
pared with about 1876, 900 last year at this
time, the action of the Board naturally
stimulated prices.