Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1892-08-17
COMMERCIAL And FINANCIAL
THE GRAIN TRADE-cRops. SO.

The Cincinnati Price Current of August
18th, says
''The past week has marked an absence of
rains in nearly all regions of the West Some
local showers have given partial relief, but
this has occurred only in limited degree.
The result is that it has been more severely
prejudicial to the growing corn than any pre-
vious week since the crop got under Roadway.
1t is true that much the larger portion of
the area has not yet suffered to great extent.
but the needful advancement in development
has had more or less of check, and in some
portions of the Missouri valley region the in
jury has become positive and permanent,
while in many other localities the situation is
bordering on conditions of impairment which
can only be averted by very prompt relief by
rainfall. The general average condition of
corn is not so high as previously
In the Northwest the later information con-
corning wheat is somewhat less favorable than
previously as a whole. Severe hailstorms
have occurred during the week over quite an
extent of country.
Returns relative to oats indicate disappoint-
ment more frequently than otherwise, and
point to light weight of this grain.
Interest in the speculative wheat market
has enlarged. The Chicago market for some
days was without special change but on Mon
day shared in the strengthening turn given to
the corn market, from the reports of injury
to this crop. The close is II ON September
and lie on December wheat below the highest
on Monday, and &c higher than week ago.
On corn the close is &c on September and &c
on May below the highest on Monday, and SIC
higher than week ago.
Total wheat on passage this week %, 392, coo
bushels, against %, 0OS, 900 last week, and 3d.
100000 last year.
Wheat receipts at primary markets were l.
424 900 bushels for the week, against A, lis, 900
the preceding week, and 1896. 900 last year.
Corn receipts were 1,822, 900 bushels, against
/ ,455,0O the preceding week, and $4,000
last year"
FINANCIAL
From the weekly financial Review of Henry
Clews dated August 18th, we quote the follow
ing
The efforts of the bears to force out stocks
by means of false rumors about the corn crop
were not very successful. All such rumors
were silenced by the Government report for
August first, which showed the condition of
corn to be S25 per cent, against 81 per cent
the previous month. In some sections there
has been considerable damage by drought,
in Kansas but later reports of SUBJ
sequent rains are more satisfactory. To most
observers the August crop report seems to have
been disappointment; yet it should not be
overlooked that present low prices for wheat,
corn and cotton are all due to the over produc-
ton of last year. A smaller yield of these
staples this year, provided quality proves fair,
is really the most fortunate circumstance that
could happen. There is no prospect whatever
of shortage of cotton, corn or wheat. There
will be surplus enough of each left over to
meet all possible deficiencies of the coming
season. Had we experienced another year of
such abundance as last year, there is no tell
ing at what prices the chief farm staples would
have dropped to.
The immediate course of the market is I'M
certain. In view of present low prices and
the confidence with which stocks are held by
big capitalists, there would seem to be room
for an advance, particularly as all the unfav-
orable influences now visible are either dimin-
ishing in intensity or have been amply dis
counted. As the public are not in the market
any real activity or advance would have to be
by some of the big leaders who
have not yet manifested any disposition of
this sort. One or two attempts were made in
the Industrials and few special stocks but
their success has notyet tempted any imitators.
Possibly, the fact that there is an outstanding
short interest of some consequence discourages
operations on the bull side; though in case of
a genuine bull market this would be an ele-
ment of strength. Upon the whole, the situa-
ton is not an.unfavorable one; but until the
legality of the Coal combine is decided and
other tendencies become more settled specula-
tive operations will have to be conducted with
caution.