Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1892-01-20
FINANCIAL AND COMMERCIAL.
THE GRAIN TRADE. CROPS. &c.

The Cincinnati Price Current of January l4tl
| says:
Hard freezing during the week has led L
has suffered. in It's backward stage OF growth
but the evidence of such fact Is not at al
alarming. and In fact appears to be unimpor
tant. At the close there Is good covering o
snow in nearly all regions OF the West, ant
while this continues the growing crop Will
have protection.
The feature of the week has been the promul'
CATION of the final official estimates of the
1891 wheat crop. on Thursday morning The
Chicago marx ct suffered decline of "a cents
per bushel. at the start. and subsequently Q
further depression. SO that from 95s1 for May
at the close week ago there was a drop to 9O1,
on Tuesday closing yesterday at 9l5.
An analysis OF the Government estimates
concerning wheat, as presented in another
article, discloses ground for most serious com.
plant concerning the official work. and the
seasons record of the Department will increase
rather than lessen the widespread distrusi
concerning the value and worthfness of such
service.
The corn market las been fairly steady dur
ing the week. The easier prices recently fol
current deliveries have tended to check offer.
ings in the interior, and to give more encour.
agement to feeding OF stock. This may tc
some extent have some In f1uencs In checaine
the arrivals in leading markets. but the out
look seems to Justify expectations OF liberia
supplies for movement to market.
In regard to crop conditions in foreign
countries Beerbohm's London List Of January
LIST says:
1.-THE weather since Christmas Day has be-
come relatively mild for the season. The prev
ious sharp frosts do not appear to have beer
injurious to the young plant. but the report.
concur in stating that the usual area has moi
been sown with wheat. In France the mildel
and damp weather quickly dispelled the appre
tensions caused by the previous sharp frost
and the present outlook is considered very
satisfactory. In Germany, too, farmers are
satisfied With the appearance Of the young
plant, and only desire protecting cover Of
snow in case OF a severe frost. In Hungary
according to the latest official report, up tc
Dec. "a. the cold dry weather had not been sat.
fsfactory for the late sown wheat and rye, but
the gen eral situation could not be called I'M
favorable. In Spain the recent frost has been
very severe. but autumn wheat sowing had
been very favorably completed. In Italy, too
the prospects are described as highly satisfac-
tory.
In the South of Russia heavy snow fell last
week. thus protecting the young plant from
the severity of the frost. According to the
latest official Russian reports the winter crops
promised well in the Central Governments
ldlT III NOTLQ RUSSIA ana In IAurlOlas OUT uns
satisfactory in the Southern Governments,
Tauridia Including the Crimea) alone excep
ed. From South Australia the reports are de-
cidedly unfavorable, but from Victoria and
New ZEALAND much more satisfactory.
Total wheat on passa ge this week 30,74 COO
bushels against 30,0 900 last week, and 81 ill.,.
600 last year."
Wheat receipts at primary markets were
1904 600 bushels for the week. against O5s 900
the preceding week. and /. 62S Goo last year.
O 44pnn
1852 600 the preceding week, and ]. lSS 900 last
year."
FINANCIAL,
From the weekly financial review of Henry
Clews. dated January, 10Th, we extract the fol-
lowing:-
The past week in Wall Street may be regard
ed as sort of test period. 1t has scored large
advance in prices, and operators have sold
quite heavily to realize profits: During the
previous week also there had been considera.
BILE realizing, and the probability is that, dur
Ing the two weeks, an important proportion of
the stocks held by the Influential promoters of
the boom passed into new hands. The way
in which the market has acted may be regard
ed as a fair Indication of the temper and
strength of the situation; and the result of this
test cannot be construed unfavorably. .
So far as the experience of the past two weeks
of the new year goes. 1t does not suggest any
lack of means on the part Of outside operators;
and we incline to think tn at If strong specu-
lat1ve feeling should arise, no inability OF that
kind will check 1t. So far as the intrinsic
merits of stocks may affect the future, there is
but one possible Inference, The crops have al
ready settled that question. The largely in
creased earnings and the improving dividends
of the last three months are but the beginning
of year OF railroad traffic surprising all pre-.
cedent. The augmented business of the roads
Is an Indication of what may be expected in
the various industries, and especially those
most dependent upon agriculture, SO that as
the year progresses the means available for In.
vestment and speculation will steadily in
crease. The liquidation Of farmers loans
which will increase as the season advances.
will release large amounts of capital: much of
which must find is way to Wall Street, either
for permanent investment or for transient
speculation.
It may be said that already prices of stocks
have advanced sufficiently to discount all
these favorable features. There is truth in this
view. and 1t would be prudent for those whose
accounts show profits to realizs On thom and
walt for reaction. But, at the same tims 1t
may properly be Kept In mind that, in periods
OF speculative activity, pr ces are not apt to be
adjusted. even approximately, to the intrinsic
valne OF the properties. The speculative spirit
Is the most tmpulsive and uncomfortable
element that influences prices; and, when fair
ly aroused, 1t does not stop at the line OF intrn.
sic value, but is guided by the limit to which
Its own force can carry quotations. Expert
ence shows that, when once the outside public
enters the market IL force, the line of real val
ue Is easily passed; and, from present indIca.
lions and the nature of the general isituation
1t seems not improbable that the present cam.
paign may at later stage develop into that
exciting phase. That, however, is not the
present state of the market. For the time be,
ing, operators have some regard for the intrin-
sic value OF stocks. and there is a limit OF
prices at which they are willing to sell; and
therefore 1t is prudent to be satisfied with
moderate profits and take into account the
possibility of reactions