Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1892-03-30
COM MERCIAL And FINAN CIAL.
THE GRAIN TRADE-CROPS, sc.


actual injury are more numerous than previ-
ously. A careful reading of the correspond
ence. however, is not suggestive of SO gloomy
promise in the general survey as might be
deduced from fractional parts of the evidence.
1t appears likely that the wheat fields in Ohio
have suffered rather more relatively than in
other States; that considerable injury has oc-
Cured in various districts in Indiana-and
that for these States in the comparison with
the uniformly encouraging situation and bril-
liant results last year there is enough to lower
the expectation quite materially. In portions
of Illinois where there were drawbacks last
year the comparison now is quite favorable
notably in southern counties-and as a whole
the general promise for the State is probably
only moderately deficient if at all, in compar-
ison with last year. Conditions are variable
in Missouri, averaging considerably below the
normal, while Kansas makes quite a fair
showing. The possibilities of the winter crop
as whole may yet be considered as equal to
as large an aggregate production as in any
year previous to the phenomenal yield of 1891.
But reliable judgment in regard to condition
of the area can not be formed at this juncture,
nor until settled weather with genial temper
ature and growing conditions determine the
status of the plant with reference to vitality.
The fact that the grain fields are not in a for
ward state of growth at this time is not to be
accepted as implying disappointing results.
The recent weather conditions that have oc-
casioned apprehensions and injury concern
ing the wheat fields have retarded the seeding
of oats, and to some extent may require the
work to be repeated where the grain has been
sown. But there is ample time remaining
for spring planting operations.
The marketing of wheat in the winter grain
regions for the week was relatively small, fall
ing below the movement for corresponding
period last year. To a considerable extent
there has been more willingness to sell wheat
at prices not previously entertained, but the
milling interest has been unable to accept the
terms freely even ON the lower basis, under
the sluggishness of the -four trade.
Buyers of flour are more than ordinarily in
different, placing orders mainly within the
range of immediate needs. This lack of life
in the trade is not due to differences in views
as to current values, for it is quite apparent
that concessions on the part of holders would
do little at charging the volume of transac-
tons under the unsettled condition of the
wheat market with the influence which this
has in forming sentiment with reference to
values.
The tide of affairs for a considerable time
has been adverse to maintenance of market
prices of wheat-and at the close the lowest
point during the current crop year is reflected
in the Chicago market Nor is there any sign
that the downward tendency has fully reach
ed the limit The fallacious view of the gen.
eral situation persistently advocated early in
the season by statisticians professedly endea-
voring to serve the producing interest gave
speculative sellers power they could not 9TH
erwise have acquired-and from a fictitious
condition thus presented there has been the
logical reaction, until an abnormally low point
of values has been reached, partly because the
speculative operators for higher prices have
been driven out of the field, impoverished and
discouraged
So far as the present campaign is concerned
there is plenty of wheat in sight-and without
serious impairment in the outlook for the
new crop it will be difficult to create sentiment
equal to recovering any considerable portion
of the decline that has been recorded. But if
the indications for the new crop do not very
greatly change for the better, in this country
and abroad, it will be reasonable to look for
better prices in the new season than now pre-
vail-and the independent farmer who has
maintained his hold upon his production can
to-day find some excuse for continuing the
holding policy and taking the chances of val
ues later on.
The movement of corn in the interior was
somewhat reduced the past week, partly due
to lower values. While fair supplies may
continue for some time the indications are
that the maximum movement has been reach
ed for this grain until considerably later in
the season, although the receipts the past week
may be exceeded in the near future.
At Chicago the wheat market has been al
most steadily declining during the week. May
wheat closed week ago at So, and reached S63
on Thursday, closing yesterday at SIG,
Corn at Chicago while showing considerable
shifting daily during the week has not chang
ed position especially since the first of the
week, closing at 3s1 for May, against 39l
week ago.
Total wheat on passage this week 38,00S, 900
bushels, against SO, 792, 900 last week, and 3d.
100000 last year.
Wheat receipts at primary markets were g.
$4,000 bushels for the week, against 3,29S, 900
the preceding week, and 1856, 900 last year.
Corn receipts were 2,351 900 bushels, against
1888, 900 the preceding week, and 2,216,0O0
last year"
We quote from the financial review of Henry
Clews dated March Goth, what is there predict
ed of the ultimate fate of monopoles:-
'The Monopoly Issues have introduced an
element of uncertainty into the Stock Market
which calls for special caution on the part of
investors and Spectators, if not for specific
precaution on the part of the Exchange itself
in admitting Unfortunately so-called securi-
ties to its list. Public opinion is becoming
more and more decidedly hostile to whatever
form of organization conspires to defeat free
competition. Congress and the State Legisla-
lures find it necessary to respect this determin-
ed attitude of the people, and at no distant
time the laws will be so framed that nowhere
in this country will any form of corporation
which aims to exercise the powers of mono
poly be able to exist under the egis of the
law. The attempts of the trusts to evade the
penalties of their illegality by organizing I'M
der the loosest form of legalization to be found
under State laws will become futile. The
procurement of control of system of COM
peting railroads, under such expedients as
have been adopted by the Philadelphia and
L Il