Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1892-04-20
COM MERCIAL and FINAN CIAI
THE GRAIN TRADE-CROPs, &C.

of territory.
The week has marked fair degree of adj
vancement in development of the winter
wheat. The late sown portion, much of which
had not terminated when winter conditions
set in, is now coming into shape justifying
expectations of better results than have been
| counted on, but far short of the normal posi-
ton. The weeks correspondence appears to
reflect increasing confidence in the chances of
| the winter crop as whole.
The seeding of oats has been retarded in
some measure, but has been nearly completed
in most sections of the Central West, with in
dications of somewhat lessened area in many
regions.
Preparations for the corn crop have advanc-
ed irregularly, in some districts very favora-
bly,, and not so in other instances. There is
apparently an expectation of full breadth to
be planted in this crop this season.
The feature of the week in grain interests
has been the Government report on condition
of wheat The exhibit was lower than trad
ing men generally counted on, and sentiment
thus became largely favorable to higher prices.
The speculative markets, however, shaped
downward. AS there has been more time for
studying the evidences of the situation, even
as reflected in the official summary, pointing
to a relatively better average condition than
the official deduction directly suggested, opin-
ion has recognized the exhibit as less bullish
than at first regarded, and the market has
strengthened.
| These are features which will help Mr..
| Dodge at this time in combating intimations
as to the effect of his work ON speculative
prices. Had the report shown 81 for wheat
| instead of 81, and the market had shaped as it
did, it would have been charged that the re-
sponsibility for the decline rested upon the
Government Statistician. Yet collateral evil
dence justifes the view that the official esti-
mate was more than conservative-that it was
most likely less favorable in its showing in a
comparative way than the situation really
justified
There has been something of a relapse in
the flour trade, and the buying interest is con-
tent to restrict purchases to the measure of
actual needs-more so than in the preceding
week.
The export movement of wheat continues
moderate and the situation abroad has afford
ed little of new material for strengthening
sentiment concerning values in the near fu-
ture
That portion of the surplus wheat remain
ing in this country held by farmers is not
likely to be offered freely on the market on
the basis of present prices. But whether the
fact will become feature of any significance
will largely depend upon the volume of ex-
port clearances under demand from foreign
markets. If this call does not enlarge, the re-
quirements will probably be met without espe-
cial help from the farmers supply.
In the Chicago market May wheat closed a
week ago at 794, touched S1b on Thursday, S4a
was largely due to local conditions, with refer
ence to speculative operations in that market
and the subsequent collapse.to 79s on Tuesday
was the logical turn in affairs, considering the
failure of the declared plain to accomplish q
specific end.
Whether the better position of the Chicago
market at the close is due to substantial or
temporary reasons is not clear as we write
There are conjectures that an effort is being
made for higher prices to serve the convent
ent purpose of speculative short sellers.
Total wheat on passage this week 36,696, 900
bushels, against 35, 1888, 900 last week, and 81
096, 900 last year.
Wheat receipts at primary markets were p,
Oh, 900 bushels for the week, against 1902, 900
the preceding week, and $50. 900 last year.
Corn receipts were l ,S95, 600 bushels, against
last year.
FINANCIAL.
In his Financial review, dated April 18th,
Henry Clews says, ''the market has been sub
Jected to fair test of its strength during the
last few weeks of reaction, the 'bears'' having
had free fling at it and the outside public
having almost forsaken it; and yet it has
throughout showed force of resistance which
demonstrates that it has q solid bottom. This
strength is the more remarkable considering
the very large amount of securities that has
been steadily flowing in upon us from Europe,
amounting to probably considerably over one
hundred millions in value, within the last
twelve months; and also considering the dis
appointment of the common expectation that
our large crops would bring us corresponding
ly large imports of gold. The fo rces that have
been employed to break the market have
manifestly exhausted their vital ity, and af-
fairs have reached position in which a re-
covery in prices seems to be naturally in Or
der. =
We are now through with the usual trans
fers of cash for effecting the April settlements,
M no r1ratl, J<.J into
diton of ease that is not likely to be disturbed
until next August. Also, there are reasons
for supposing that the ease may continue well
into or through the fall months; for, at all the
financial centres of the country, the accumu-
lation of money in the banks is unusually
large, while the coinage of silver keeps up a
onstantly incre asing initiation of the curren-
cy, and the lowness of prices reduces the re-
quirements for money. At the same time, the
railroad interest is getting into more CONSOLE
dated and harmonious condition, its weak
spots are being repaired-though in some
cases with "untempered mcfarland its rev.
enues are steadily increasing. 1t is circum-
stances such as these that encourage the specu-
lative spirit and stimulate the buying of secur-
tiles for the temporary employment of idle
funds; and we look for the effects of these fac
tors from this time forward through the sum-
mer months, in rise of pric es in good securi-
ties generally. 1t would seem likely that the
condition of the European money markets
may also foster renewal of speculation. The
amount of specie in the six great national
banks averages per cent above the amount
held year ago, and the rate for money in the
open market at London is 1a14 per cent at
Berlin and Paris II per cent and at Frankfort
II per cent. These facts fore cast some sort of
effort to find employment for money, even
though it be nothing more than swapping
pennies"
In view of the forem sntioned considera-
tons, we regard the present situation as favor
able to the buying of good active stocks
Staunton Markets.
Gp u,r.r