Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1892-09-21
COMMERCIAL And FINANCIAL
THE GRAIN TRADE-cRops. sc.


18th, says, "the September report of the De
partment of Agriculture has been submitted
and consistent deductions from the data in re
gard to the wheat crop point to total not ex
ceeding 500,000,000 bushels. The percentage
, condition now offered relates to the harvested
crop as a whole, averaging S5.3. The July
average for winter wheat was $780, the August
average for spring wheat was 81 .3-the genera
average, on this basis being approximately
SS.S, implying an average decline of 3.5 points
this being due to a lowering of the spring
grain condition, the decline on which has been
about points compared with month ago.
The corn exhibit shows "a decline to 1915
compared with 80 month ago. and makes
the official data suggest about 1,625, 900 900
bushels as the indcation-which will almost
| certainly be further reduced by later returns.
The report on oats is 1919, compared with
S6.2 month ago-a decided reduction and
indicating something below 600, O00,O 900 BUSH
els
There has been rainfall of varying degree to
considerable extent in the West the past week,
beneficial where blowing has not been COM
pastures, etc.
There is not much change from previous in
timations concerning crop or marketing con-
ditions. Farmers are still selling wheat in
winter grain regions with moderate freedom
but not so readily as two weeks ago or earlier.
There is fairly liberal movement of spring
wheat now setting in.
Corn is rapidly approaching condition of
safety from frost, in localities where the crop
will become reasonably well matured under
favoring conditions. Some frosts have been
reported, but not in degree to be harmful.
In fact moderate frosts would not be preiudi-
cial to the crop.
There are indications that the yield of corn
in many regions will be more disappointing
than has been expected from calculations
based on exterior observations
The Chicago wheat market has not changed
position greatly, the speculative interest being
held in cheek. Prices are moderately reduced
compared with week ago. Corn is still we'll
supported in price
Total wheat on passage this week "a, 1874, 900
bushels, against "a, 6s8, 900 last week, and 81
1868 900 last year.
Wheat receipts at primary markets were s.
326,OO0 bushels for the week, against 8, 1888 900
the preceding week, and !, 954, 900 last year.
Corn receipts were 3,217, 900 bushels, against
2,751, 900 the preceding week, and 2,879, 900
last year,
In his financial review dated Septem Der
18th, Henry CIews, says =
We have now reached stage of the year
when the Wall street markets assume shape
and drift for the Fall movement The men
of finance have returned from their summer
recreations prepared for new ventures the re-
suits of the seasons crops have been Except
ing that of Indian corn definitely ascertain
ed; the conditions and prospects of the vari-
Gus branches of trade have been weighed;
monetary movements are distinctly marking
out their future drift; and generally the con-
ditions that are to shape the next few months
of investment operations should be now we'll
understood Under ordinary circumstances,
the group of normal conditions at present ex-
isting would be regarded as encouraging to in
vestment and favorable to higher prices.
AT present, however, all calculations of in
vestment values are unsettled by the interven-
ton of plague which. in its effects upon pub
lie confidence, is little less serious than an
outbreak of war. In Europe and Asia, the
cholera has assumed dimensions equal to
those of great historic pestilences, and we are
protecting ourselves against its invasion only
by exercising the sternest vigilance. Measur-
ed by its Interruptions of trade, its disturb
ance of confidence, its damage or destruction
of imported goods and its check upon exports,
this preventive vigilance is but little less
costly than the actual spread of the epidemic
itself would be. The principal difference be-
tween the mere dread of the disease and its
actual prevalence is that, in the former case,
panic and paralysis are escaped, while in the
latter case both the evils are rampant
So far, we have escaped as we'll as could be
expected and the thoroughness of our pre-
cautionary measures daily strengthens the
hope that we may continue to do so to the
end. But all feel that with such an insidous
enemy, there is no such thing as assuming our
safety until the vitality of the fatal microbe is
extinguished by frost. We have therefore to
anticipate yet some weeks of exposure to this
danger; and during that period the markets
must be expected to remain unsettled from
this cause. In estimating this prospect, it is
to be remembered that it is not a case of mis-
fortune coming upon an intrinsically weak
market 1t is rather case of transient check
upon a series of prosperous conditions which,
if uninterrupted, would naturally produce an
active demand for investments and advancing
prices. 1t is simply an instance of arrest of
W holesome and prosperous tendencies; with
little real probability that the pestilence will
get foothold and develop into widespread
calamity, and with a certainty that the dam
gers will disappear in the course of few
weeks. 1t is hardly reasonable to expect that,
under such limitations, this element of fear
will cause the large and wealthy owners who
now are the principal owners of stocks to part
with their holdings at any important sacrifice
of price. The conditions will undoubtedly be
favorable to professional 'bear" operators;
but the outside element in the market is so
light that they cannot hope to force out much
stock from that source while the capitalist
holders may be trusted to take care of the NJ
selves.