Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1892-07-13

was needed, and there is but limited extent
of territory where crops are really suffering
from lack of rain.
Farmers have made important progress the
past two weeks in cultvating corn, and for
the most part the crop is now in good condi-
ton in this particular. The growth is uneven,
i and still backward in much of the area, but
there has been seasonable advancementd dur
| ing the week, and the outlook is more assur-
ing than previously.
| The official estimate of the averageconditio
of corn on July last year was 92-S; August 1,
$685. September l, OIL; October l, 92.5 Thus
it is shown that with the progress of the sea
son there was no important change in the
status of the crop.
| 1t seems reasonable to expect that the Off
cial estimate this month of the average condi-
ton of the corn crop will be beow s., and
likely higher than 80
The oats crop is very irregular in condition.
and close estimate at this time is not practi-
cable. but the crop may be regarded as about
So per cent of full yield, indicating approx
imately 100, OO0,O 900 bushels less than last year.
There is little that is new to offer concern
luS WHtdl OOIlultlODS are lnOTe lTreSltEtT
than last year. Better yields than expected
continue to be reported from many regions,
against which there are dsappointments in
other instances. The most notably favorable
| dication is represented by Kansas. Portions
of Missouri likewise have exceeded the earlier
calculations. Bat rs n whole it is doubtful if
| the general average of the winter wheat crop
justifes enlargement of estimates.
Farmers are inclined to hold corn yet, pend
ing further indications concerning the new
crop. Should weather conditions be favorable
the next four or six weeks there will be a
change in sentiment in this particular.
There is apparently disposition to market
wheat freely. If this policy is pursued until
the new crop gets under active Roadway the
position will be favorable for healthy and
improving market. The incoming crop should
average higher than the last.
The aggregate exports of wheat and flour
for the year ending July l were 225,000,0O0
bushels = leaving approximately 100000
bushels of marketable grain to carry over into
the new season-exclusive of unavailable re-
serves.
The wheat markets have manifested east /,
iiSoo oiiO Petoe "OOh, Ndluco hdNC uCOiihCei.
Corn and oats also close somewhat below val |
ues week ago.
Total wheat on passage this week 81 1876, 900
bushels against 80, POS, 900 last week, and &c.
$4,000 last year.
Wheat receipts at primary markets were g. |
799, 900 bushels for the week, against 406l 900
the preceding week, and POI 900 last year.
Corn receipts were 2S17 900 bushels, against |
4,36S, 900 the preceding week. and 1,s640OO
last year,
FINANCIAL.
From the weekly financial review of Henry |
Clews, dated July 9th, we extract the follow
ing
THE unexpected action of the Senate on
free-coinage came at moment when set of
new and legitimate factors were beginning to
infuse more confident tone into the market.
The crop reports were daily affording more
definite promise of an abundant harvest and
the doubts about Indian corn were diminish
ing; the traffic returns of the Western roads
were showing gratifying gains; the semi-an-
nual reports of railroad construction were ex-
hibiting commendable conservatism in that
branch of enterprise; and Bradstreet's returns
ed falling off of SO per cent in liabilities,
compared with 1891, which indicated an i'm
portant improvement in the intrinsic condi-
ton of trade throughout the country; whilst
the results of the party conventions were re-
garded as unusually free from unsettling sug-
gestions, whichever of the candidates may
ultimately receive the choice of the people,
At this conjuncture of hopeful conditions, |
came the revelation that the free-coinage |
mania had gained the ascendency in the SEN |
ate. The shock was all the greater from its Z!
being so little expected, and its effects were
the more marked because there was no assur- |
ance that the Senate bill would not be accept |
ed by the House of Representatives. The first
effect appeared in Tuesdays market when
large sales were made ON London account as
well as on orders from both local and interior
holders, causing decline of to points.
This break of confidence is to be attributed
rather to the indirect bearings of the Senates
action than to its real intrinsic importance. 1t
will be viewed by surface observers as reveal
ing new accessions of strength to the free
coinage movement, and therefore may disturb
foreign confidence in our securities, cause
them to be returned home and corresponding
ly derange our financial relations with Europe
and augment the current exports of gold,-|
about which the market is becoming increas-
ingly sensitive.
AS to the immediate future of prices there
is considerable uncertainty. Speculation i'll
stocks has been paralyzed by the Silver bill,
and in grain and cotton by the Anti-Option
bill When Compress adiourns which IL is to
be hoped will be soon, business interests will
be greatly relieved. The monetary situation
is also somewhat threatened by the silver agi-
tation, lenders already showing firmer tend
ency through fear of possibilities. The situa-
ton, therefore, is one that calls for prudence
no matter how roseate the market may seem
! in certain directions; and until the horizon is
cleared of these two drawbacks, purchases on
| the long side will have to be conducted with
| increased Caution