Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1891-11-18
FINANCIAL AND COMMERCIAL
ruEGRAIN TRADE-oaoPs, &C.

The Cincinnati Price Current Of November
18th says that during the past week the West
has been favored with considerable rainfall,
giving important relief to fall-sown grain. and
| justifying decidedly more hopeful view Of
the future of the crop, provided 1t be not too
quickly followed by especially severe weather.
The effect has been to modify apprehensions
concerning the position ofthe crop. but 1t Is TO
be remarked that 1t would call for extraordi-
nary and not.tobe-expected conditions to
place the crop into first-rate condition to meet
the usual trials Of winter weather.
In the wheat trade the prevailing tendency
most of the week has been to moderately
higher prices-the rains serving to modify this
to some extent. But the. general position is
no: essentially changed. Whatever may be
the needs Of European markets before another
harvest the trade Is now confronted with the
| fact that supplies have been going forward
| from surplus countries in excess of current re.
quirements. which, with the great volume OF
| breadstufs in sight and known to be remain
| ing, especially in this country, available for
expectation. render 1T unlikely that any radi-
cal advance will be inaugurated In the near fu
ture.
At Chicago May wheat closed week ago at
1925. and touched 1919 on Friday. closing yes
terday at 103
iAA'osio VI WdStit dt pTluidIy W0A0
moderately reduced, but were large. for the
week-and since July show an aggregate OF
125 O0O.O0) bushels against 81, 900 last year.
The corn marketslhave shown much strength
during the week. The large volume Of con-
tracts for export, the conditions favoring crib |
bling operations in the West, and other inf1u- |
ences, have combined to give confidence to in
terror dealers. There is indicated, however.
more inclination on the part of farmers to soil
corn.
At Chicago May corn closed week ago at
1871. and yesterday at 49,. having ranged up to |
1873 on Tuesday.
Wheat receipts at primary markets were |
S.z63 900 bushels for the week, against $3.50 eco
the preceding week, and 8. 1881 900 last year.
Corn receipts we're 1.532.OOO bushels. against
l,4i5OO0 the preceding week, and 1.sl7, COO last
year."
FINANCIAL.
In the Financial Review of date November
14th, by Henry Clews, he says. there is at this
time "a distinct revival Of distrust in Euro
pean finances Although there is some abate
ment OF the outflow OF gold to this country, yet
1t Is felt that, with the inevitable further ex-
traordinary exports of our grain, this change
can be only temporary. The absence OF any
Improvement in the situation of Argentine
finances. The progress of political disintegra-
ton in Brazil, and the possible development
Of unfavorable conditions in CHILEAN finance,
all coming upon a very sensitive state of f.
nance in the European centres are events cal
culated to create distrust and apprehension.
Beyond this, the chronic fears for the main
tenance OF peace between the great powers are
aggravated to the point of acuteness by q vari- |
ETY. Of symptoms which show that next spring
may too possibly bring events that will shake
hal rxrN f,tf IT, u,
a state of things. 1t would be almost utopian to
put the restoration of confidence across the
Atlantic among the probabilities. II not the
possibilities, OF the near future. The question
how do these prospects bear upon Am erican
securities?-has two sides. On the one hand,
the foreign situation is directly calculated to
produce deep distrust of European govern
ment securities and q corresponding prefer
ence for the better class OF our investments,
and this preference is Enthusiastically apparent
in the fact that "Americans" have been for
some time the strongest securities in the for>
eign markets and that their strength in Lon
don is powerful support to New York prices.
But, on the other hand, while all this may be
| natural enough so long as there is only dppre-
hension of coming trouble In Europe. yet can
we calculate upon a continuance OF this favor
able condition in the event OF the catastro-
first effect Of wide spread trouble would be a
general realizing; and. in that event. the very
| fact OF our securities being less exposed 10 de
probation than others would be one reason for
their being sent home. while another, equally
potent. would be found in the desire to get our
gold. Under these circumstances, however
helpful to our market the present attitude of
| the foreign markets may be, that is feature
| watch cannot be implicitly depended upon as
likely to be continued indefinitely. Prudent
watchers here are therefore continually strain.
ing their eyes to detect rising cloud in the
Eastern horizon, and they cannot be diverted
from their nervous outlook SO long as they
know how much storm material Is fermenting
| below the financial and political horizon. The
foreign situation. however. is but one OF many
factors affecting the futurs, and 1t is a compar.
| ativsly small one viewed as offset against
| the great exhilarating influences arising fro m
| the extraordinary wealth of our crops"