Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1891-08-19
FINANCIAL AND COMMERCIAL.
THE GRAIN TRADE, CROPS, &C.

The Cincinnati Price. Current Of August 18th
says that 1.-THE past week has not changed the
average condition OF the corn crop very ma
terially. In Ohio the need OF moisture In many
regions has become urgent. and although in
local instances relief has been had the general
average of the State has been somewhat lower
cd. In Indiana and Illinois, where there has
been serious deficiency In moisture to q con-
siderable exeent, the position is not apparently
more discouraging than previously. and fair
production Is promised. but anything like
ull yield is not to be counted on. In Iowa the
crop Is in good shape in large proportion Of
the area. although much oft is less advanced
In growth than usual. The crop is doing fair
ly well as rule in Missouri, Kansas and Ne
braska. AS whole. the indications are ia
vorable to medium average yield. and with
especially favorable conditions until maturity
somewhat better than this.
The later Information from western districts
suggest rather better yield of oats than ex-
pected. although the returns are not uniform
Iy of this nature; considerable of the grain
more or less damaged, but the average weight
is heavy as rule.
Considerable speculative interest has been
shown in wheat during the week, and the ten
deucy has been gradually upward in the Chica-
go market. with frequent changes, which be-
came more pronounced toward the close OF the
week now ended, largely due to operations of
local spectators. On yesterday September
ranged at 930952s, and December at 9I31@97N
The close was 634c on September and 614c on
December above week ago.
AS the week advanced more interest was
shown in the corn market at Chicago, partly
due to sentiment based on calculations as to
effect of the recent excessively hot weather.
but this is not reflected In any special degree
on the May option, while September corn
closes &c higher thaa week ago.
Wheat receipts at primary markets were
$685. 900 bushels for the week. against 7l6I, 600
the preceding week. and 2:76l,O0o last year.
Corn receipts were 2, 400 900 bushels. against
2,259 GOO the preceding week. and 2,5l7, 200 last
year."
The Weekly Financial Bulletin of the 18th
instant. issued by Henry Clews Co.. Bankers
of New York city, says
"In my last weeks survey OF the influences
affecting the Stock Market, 1 gave special pro-
minence to a set OF factors which might be con-
strued favorable to the selling OF certain secu-
rifles. At that time. those factors were so ex-
clusively occupying the attention of operators
that 1t appeared probable that they might pro-
duce at least a temporary decline; and, with
that view. I suggested selling special stocks
rather than buying. At the same time. how
ever. the market had another side and another
set of influences, which though, for the time
being, dormant and uninfluential. were yet
plainly destined to have q favorable influence
upon prices sooner or later; and as the market
of the past two weeks seems to have been In
some measure moved by those considerations
it may be proper to make due reference to
them.
The wheat crop now promises to surpass both
in quantity and quality the earlier estimates,
$50 to $50 million bushels being now regarded
as not an impossible yield. The special inn
portance attached to this fact is that wheat be-
ing SO largely an export crop this unprecedent-
ed supply of 1t gives US the greater power for
controlling the return OF the abnormal exports
of gold for the last eight months. II Europe
should need double the average supply of
American wheat of the last ten years, we shall
be In position to send 1t. This fact cannot
be den led favorable allowance in
estimating the probabilities of refiux of gold
to the United States.
1t is quite possible that unfavorable features
In the condition OF European finances and
comm cree have been exaggerated in the COM
mum OoiihAtstos ~ always HappSuSs diloT d
panic. that fear and apprehension unduly sway
the public mind and make the after.effects
more serious than they might or need be. But
1t ia we'll to remember that two panics never
come In Immediate succession. Immediately
after the crash. recovery sets In, and though II
may proceed slowly and amid timidity and
caution on every side, yet the process is one of
sure improvement. Extraordinary as have
been some OF the aspects of the late European
panic, yet the practiced financiers OF London
Paris and Berlin know how to gauge the mag
nitude and bearings of the crisis with infalli
bic exactness; and it Is perhaps quite safe to
say that the idea prevailing on this side the
Atlantic. that those men are trembling with
apprehension at the probability Of further
great commercial or financial dises tiers, ia a
broad misconeeption. and one which does not
reflect favorably on the average Information of
the Wall Street observer"