Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1892-03-16
COMMERCIAL And FINAN CIAL
THE GRAIN TRADE-CROPS sc.
feb5-1y


10th says 1.-The past week has been for the most
part favorable for the growing wheat crop,
and fair progress inI development khas occur
red The severity of weather conditions usu-
ally looked for incident to the advent of the
month of March has not yet materialized, and
as a result sentiment in trading circles has
more or less shaped adversely to values. The
fact that the autumn seeding was largely cur
tailed by the drought which existed, and that
the wheat plant now, although having passed
through the winter season without unusual in
jury, is still in a backward and uncertain sit
uation over a large part of the area, receives
little consideration beside the other fact that
possibilities of severe damage. have not yet
overtaken the crop. 1t is not reasonable, in
any light, to count ON a full production of
winter wheat this season. What may be
shown concerning spring wheat is practically
as uncertain as is the crop of next year. 1t
would be little short of marvellous if the wheat
crop of 1892 in the United States should ex-
coed the level of what is regarded an average
production, and the chances appear to be
against this point being reached But if those
who are still holding supplies in this country
should part with all the surplus prior to the
movement of new grain there will quite likely
be enough to meet all the demand.
Our correspondence this week is very much
of the same general tenor as the preceding
week-indicating that the growing wheat is
making seasonable progress, and that the in
terror marketing of grain is retarded by the
maintenance of hope in better prices and
measurably by unfavorable condition of
wagon roads.
Exports of flour continue very large, and of
wheat quite liberal, the whole being at rate
which if maintained will pretty closely dis
pose of the available supply by the time new
grain begins to move.
In the corn trade the situation is without
much change, prices being well sustained,
with expectations of more liberal marketing
soon-but it must be remembered that as the
spring season opens and conditions are favor
able for field work the farmer gives little at
tention to movement of grain to market.
At Chicago May wheat settled as low as S74
during the week-the lowest point of the sea-
son-closing with some recovery, lat S94, against
OH week ago.
Total wheat on passage this week 50, $50, 900
bushels, against 80, 800, 900 last week, and 49,
$780, 900 last year.
Wheat receipts at primary markets were g.,
767 900 bushels for the week, against 3,518, 900
the preceding week, and 1, 745,000 last year.
Corn receipts were 3,2O1, 900 bushels, against
8, All 900 the preceding week, and 1,757 COO
last year"
FINANCIAL.
In the financial weekly reviewed by Henry
Clews, of date March 18th, he says ''the Stock
Market has been in an unsettled and feverish
condition during the week, chiefly owing to
| developments in St. Paul and New England.
There are conditions strongly favoring an adj
| vance in values, and these have been reinforc-
| ed through the concentration of stocks by
heavy capitalists who are actively enlisted on
the bull side. At the same time, the bull cam
paign will have to be conducted against diff
culties which did not exist a few weeks or
months ago. 1t must not be overlooked that
business results are falling rather short of ex-
pectations that the South has received a Sc
we're shock from cheap cotton that the iron
trade is in poor shape and lower prices are
| threatened; that wheat is much lower than a
year ago in spite of large foreign demand, and
that the bad state of trade in Europe must, in
a measure, act detrimentally here. These are
drawbacks from which we cannot escape; anC
they partly explain the disappointment otter
seen just now in mercantile circles. If tC
these setbacks we add the disturbance of con
fidence by the present silver agitation, it i:
easy to see that the onward march of the bull.
however promising it may seem, is likely tC
encounter opposition of more or less effect
iveness. Their chief strength has thus fal
been in the Changers, which profited largely
both directly and indirectly from good crops
The large earnings and high credit of tn,
Vanderbilt properties also enabled them tt
manipulate these in a most astonishing man
ner, while the Coal stocks, notwithstandin!
last weeks liquidation, have been absorbed
by strong parties who are not likely to un
load very freely, except at higher than pres
ent values, or in case of unfavorable develop
ments in the coal situation. Values of thes
several classes are now higher than for som'
years past. If Europe would cease returning
our stocks, the bulls would be greatly relieved
but if, on the contrary, securities continue
coming Westward while gold goes Eastward
their task may become much more difficult
The outflow of gold to Europe contributes
with other influences, to check the upward
tendency in the prices of securities. With thu
almost unprecedented excess of exports owe
imports during the last few months, proceed
ed by an efflux of gold Sc extraordinary tina
it has been taken for granted much of i
would yet flow back, it has been assumed
without question that the current would turn
again in this direction at an early day. TIL
result, however, disappoints all these calcula
tons; and although no one fears an extent o
drain that would produce any real stringenc.
of money at this centre, yet in view of the pc
stion in which silver legislation has place
us or may yet place us, it suggests some SER
GUS thoughts to see gold leaving the countr
so continuously and in ways which it is a
most as difficult to explain as it Is to prevent.