Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1892-01-13
FINANCIAL AND COMMERCIAL.
THE GRAIN TRADE. CROPS, sc.

| The Cincinnati Price Current of January 7th
says The situation is without notable change In
any feature. The weather has been more OF
less trying to the growing wheat crop in con-
siderable portion of the West, but there has
eral status oft crop. At the close a consid-
erablo area has the advantage Off covering OF
| snow.
| There has been but little relief from the pre-.
vious drawbacks to movement of produce due
TO bad condition of roads. and there is some
evidence OF more desire to effect sales of both
wheat and corn in many regions of the West
In the speculative markets values of wheat
have shifted about considerably, dropping to a
lower price than previously forward delivery
on the pres snt crop, closing with some recov.
cry. out without any positive sign of an imme-
dia'e tendency to substantially higher values
me corn market has shown only a moderate
degfee OF activity, and prices have weakened a
little, closing better.
Total wheat on passage this week 3O,ls4.oO0
bushels. against 81 053 OOJ last week, and 20 AS
GOO last year.
Whsat receipts at primary markets were
i.oos,O0o bushels for the week. against 22s, 900
the preceding week. and 1859 Geo last year.
Corn receipts were 37620e0 bushels, against
S.29i oG0 the preceding week, and ,26I 900 last
year."
FINANCIAL.
In the financial review OF henry CIews dated
January 9Th. he says 'opinions differ as to the
results OF the past years business of the coun.
try; some maintaining that neither manutac.
turers nor merchants have made their usual
profits. while others hold that the quiet OF
business has been due maiHly to conservatism
following the crisis of 1890, and that, after all,
the business of 1891 has left nearly an average
rate of profit. >Oa this question, more than
upon any other condition depends the future
course OF the Stock Mar.letl and the current
month will solve the problem. In the mean
t1me' the street" is not likely to jump to any
positive opinions on this point, but is likely to
sustain the market until 1t is settled what may
be expected from the "oGtsiden element. In
the meantime. there Is likely to be some real
izing on recent profits, which probably range
between and points and are therefore tempt
Ing to prudent operators. That process indeed,
is now In operation; but as such sales are soon
followed by re.purchases they have no marked
effect upon prices.
1t is especially important to keep In view
the fact that new and important group Of
stocks will from this time come into promi-
nence through the forwarding of the corn crop,
The Department OF Agriculture estimates the
out-turn OF that crop at 1850. 0O0, 900 bushels
which is the largest but one ever realized, It
Is the last crop to come into the market, and Ia
now beginning to be moved. The securities of
the roads dependent upon this grain have, in q
degree, sympathized with the Improvement In
the finances of the roads serving the wheat
belt; but there is stu liberal margin for fur.
Their advance to coma from the future reports
OF actual increase of traffic; and this lengthen-
ing OF the list Of roads showing large increases
car hardly fail to have the effect of advancing
prices later. II will bs the infusion Of new
steam to replace that which has evaporated,
and Will therefore act as a sustaining force to
the general market. 1t Is questionable whether
sufficient Importance has been attached to the
volume OF this years supply of grain destined
to come to the seaboard. Coinoident with our
unprecedented crops Uhe wheat CROP being
now officially reported at 6I2,OOO,COO bushels).
there is general deficiency In Europe, and
the Russian export is now wholly cut Off while
Russia herself may have to import 1t is there.
fore quite possible that our years export of
wheat and -four may reach 200 O0U, 600 bushels.
and our corn shipments may show similar
ratio OF increase. This means a very impor-
tant increase in the grain tonnage of the trunk
roads connecting with the West; and, at the
same time. the full occupation of the rolling
stock of those roads is calculated to maintain
rates of freight. The home situation therefore
includes elements ca'c ulated to stimulate g fu-
ture advance in stocks beyond what has been
so far realized; but, as the present tone of the
market is conservatively "buliish'' rather than
highly sanguine, prudent operators are likely
to realize upon the profits of the late advance
in the hope of buying back upon reactions; and
we commend that policy for the moment to
our fiieuds."