Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1892-11-30
COMMERCIAL And FINANCIAL
TIE GRAIN TRADE-CROPs. sc.

The Cincinnati Price Current of NOyembe
oath says, ''the weeks returns from winter
wheat districts are generally of an encourag
ing tenor with reference to the condition OF
the new crop for entering into the hardships
of more severe weather naturally incident to
the progress of the season. In this particular
the average position is quite likely somewhat
better than year ago.
The movement of wheat toward the western
market centers is fairly well maintained,
| there being a moderate reduction shown in
| the exhibit for the week, mainly in the spring
| grain markets. There was, however, sutfici-
emily large volume to continue the process of
enlargement of warehouse stocks, which now
reach closely to the 10000, 900 point. In the
western portion of the winter wheat section of
the West this grain appears to have been mar
keted more closely than ordinarily for the
time of year. further eastward, notably in
Indiana and Ohio, fairly good supplies still re-
main in the hands of farmers.
The marketing of corn was somewhat re-
duced. The higher prices of hogs, and the
lofty position reached in the provision mar
ket, have tended to strengthen the holding
sentiment in the interior, and will probably
check the volume of shipments in the near
future, and thus possibly stimulate prices for
a time. But unless the winter should prove
unusually severe upon farm animals there will
apparently be found ample feeding material
to cover all wants comfortably, and extreme
prices for corn seem hardly likely to be realiz-
ed in any permanent way.
Id e.
to the outlook of the wheat markets. well
as of other speculative products. The general
class of traders think that wheat and corn are
low enough. The remarkable movement of
wheat toward warehouses has been an obstacle
to an advance in prices of this grain; the re-
duced volume of the corn crop, regardless of
any reckoning of supplies of previous produc-
tion and the extreme prices obtained for hogs
as compared with corn values have been sus-
tanning influences for this grain.
At Chicago December wheat closes DC be-
low the highest point of the week, and at the
lowest point, and 1bc lower than a week ago.
Corn for December closes 4c above the lowest
point of the week, &c below the highest, and
4c lower than week ago.
The following are extracts from Henry
Clews' financial review dated Nov. 26th:-
THE one thing about which Wall Street is
more sensitive than any other is the export of
gold, and that movement seems to be return
ing upon US. The foreign exchanges point
ominously in that direction. The exports of
home products are declining; no important
amount IF hills ;c hapo N, odo aooipst ayports
of securities and Russia is drawing gold from
London at a rate which inclines the Bank of
England to put the screws on borrowers and
the paddock on its vaults. These signs indi-
cate the possibility of our being subjected to-
a moderate drain of gold. The Importance of
this contingency lies in the fact that so many
people exaggerate the Importance of gold to
the extent of making it the foundation and
support of everything whereas it is merely
the tool by which we conduct small portion
of our business. Not on this account however
is it the less likely that the export of few
millions of gold might bring about a selling
movement IN stocks.
The possibilities for good or for evil of the
alton as it exists in the United States 1t must
be regarded as highly improbable that the
Conference will reach any agreement for in
ternational free-coinage. And yet nothing
short of that, in full and unequivocal form,
would warrant US in yielding to the demand
for free coinage in this country. Failure to
secure such international action would impose
upon us the duty of suspension of the increase
of silver money under the present law, whether
regarded from the point of diplomatic expedi-
ency or from that of national safety. Can we
then depend upon Congress adopting that
course if the event so demands? The plat
forms of both parties in the last election
should leave no doubt on that point. But
unfortunately platforms are too oft less guides
for legislation than they are for winning
votes and it is therefore impossible to forecast
Moreover, the silver question will be compli-
Gated with that of increasing the bank note
circulation and of restoring to the State banks
their former liberty to issue circulating notes.
1t is moreover quite uncertain when Congress
may reach a conclusion on these currency
questions; for it will be preoccupied with the
allabsorbing tariff legislation until nigh the
middle of 1894.
The result of this prospective survey is that
we have before us two years, more or less, of
exciting discussion and legislation upon ques-
tons vitality connected with industry, COM
merce and finance, the elimination of years
of political conflict and financial arrangement.
We can only rely on the general good sense
of Congress, guided by the matured and clear
ly uttered opinion of the country, for whole
some outcome of this perplexed situation. In
the meantime, we must have uncertainty and
oscillations. 1t is these impending conditions
that must, from this time forward, occupy
the chief attention of Wall Street and shape
the course of investment and speculation.
The moral for the moment is-to bay cautious
ly and for brief turns and to be salts fed with
moderate profits.