Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1892-03-23
COM MERCIAL And FINAN CIAL
TUE GRAINTRADE-CROPs,& sc.

ZION OF growth, ana tnuS GENERALLY regarded IL
peculiarly susceptible to the conditions re-
Gently existing. 1t is reasonable to consider
that the weather the past week has been pref
judicial to the crop, but to what extent actual
injury has resulted can not be determined
yet.
A feature of the week has been the Govern
ment statement of stocks of wheat and corn
in farmers hands. In the instance of wheat
the exhibit implies somewhat larger stocks
than generally counted on by the trade-but
in the comparison with year ago the exhibit
is misleading, as is shown in another article
The estimate last year was unquestionably
largely below the facts
Under influence of the Government exhibit
and various other causes the wheat market
has weakened, and dropped to a lower point
than any time previously during the crop
year. Speculative interest has become dis
couraged and this has more or less aggravated
the present situation. The outlook is as be-
clouded as at any previous time during the
season.
The report of stocks of corn in farmers
hands makes a showing largely in excess of
the popular thought, based ON calculations as
to depletion of supplies through early con-
sumption of this seasons crop. The popular
view has been more or less at fault The ex-
hibit shows 31S, 100000 bushels more in farm
ers' hands than a year ago
May wheat at Chicago closed a week ago at
Scion Thursday touched Scion Tuesday
was as low as S5-yesterday ranged at S5AaS6s,
IL 90 la1o
15sc lower than year ago, and 324c lower
than May wheat touched last August
May corn at Chicago closed week ago at
AL declined to 1911 on Tuesday, closing yes
terday at 394.
Total wheat on passage this week 80, 1872, 900
bushels, against 35, 2S0, 900 last week, and go,
32S,OOO last year.
Wheat receipts at primary markets were g.
29S, 900 bushels for the week, against 3,767 ,0OO
the preceding week, and 2,31s.OO0 last year.
Corn receipts were 2, 539, 900 bushels, against
8, 201 900 the preceding week. and 1884 ,0OC
last year."
FINANCIAL.
In the weekly Financial Review of Mr.
Henry Clews, dated March 10TH he says
"After the first week of April, the market
will pass into a new and probably more favor
able phase. The outflow of gold will probably
have ceased; the usual temporary transfers OF
currency to the country for the April yearly
settlements will have been effected; and the
silver agitation will have passed into stage OF
development which will afford clearer fore
sight as to its ultimate issue. The factors
which, three weeks hence, are likely to be
chiefly occupying the attention of the market
will be mainly the following. In the first
place, the very low prices of few leading
staples, especially iron and cotton; as, how
ever, those declines are not due to any lack OF
demand but to an extraordinary increase in
supply, they are likely to be construed as Oh
the whole beneficial to business at large
though unfavorable to profits in those specia
interests. Next, will come the prospects Of
the new crops So far, the condition of win
ter wheat is upon the whole favorable; anC
should the present outlook be maintained, the
effect at the West will be unusually helpful
for the crop conditions on the Continent Of
Europe are anything but encouraging, while
Russia can hardly fail to yield this year an
other short crop; so that a second good harvest
in the United States would be likely to meet a
ready foreign demand at good prices; besides
which, it Is to be considered that our stocks of
both wheat and corn still on hand are equal
to over 40 per cent of an average crop, which
leaves unprecedented supplies for export be-
tween now and next harvest. These facts
have a very direct bearing upon the prospects
of the railroads for the next twelve months,
Another favorable factor will appear, at the
time indicated, in connection with the silver
problem. Even though the vote of Congress
on the measure now pending should be affirm
ative it would certainly be annulled by the
Presidents veto; which would make free coin
age impossible until new President and new
members of Congress were elected. Should
the next President happen to be a Republican,
it is reasonable to assume that he would veto
any free coinage bill that might be passed by
Congress during his term of office Should a
Democrat be elected to the Presidency, the in
dications are daily accommodating that he would
be ex-President Cleveland. whose record war
rants our assuming that he would equally re
sist the policy of the silver faction. Thus the
probabilities largely favor the prospects of the
defeat of future attempts to force free coinage
upon the country. 1t is also proper to take
into account the possibility, not to say the fail
degree of probability, that at no distant day
the European powers may consent to meet
our Government in conference to consider
metallic union which, if successful, would have
immense results in the general restoration OF
confidence and in removing from our securities
the stigma which now rests upon them in Euro
pean estimation of possibly becoming payable
in deprecated currency. Further, it is tC
be considered that the moderation of our i'm
ports and the continued largeness of our ex
ports of cereals are calculated to keep the bal
ance of trade literally in our favor for some
time to come and may turn the movement o.
gold towards the United States at a later stage
of the year. These are some of the consider
atoms that will occupy the attention of Wal
street with the opening of April; and assum
ing that money will remain easy until the
Fall and that the forwarding of the unpreced-
ented reserves of grain will keep up the in
creased rate Of earnings of the railroads, il
seems reasonable to expect that the Stock
Market will then recover from its present
comparative quiet. Between now and then
however, the conditions are likely to encour-
age deferment of large speculative buying
and for that reason we advise, for the moment,
purchasing only on fair reactions and realiz
ing on moderate profits
Staunton Markets.
SPECTATOR OFFICE.