Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1892-02-10
COMMERCIAL AND FINAN CIAL.
THE GRAIN TRADE-CROPs, sc.

The Cincinnati Irice-CUrreM OF February
4th, says that the situation of the winter crop
is not essentially changed. The fields are now
bare of snow in nearly all portions of the
West In some districts in Missouri and Kan
sas the reports are more or less discouraging
the crop having been to some extent injured
by the freezings and the average condition in
those States is undoubtedly lowered some
what, while the other prominent winter-erop
States are being we'll maintained in condition.
The interior offerings of wheat continue
limited, and the movement small The de-
Ginning tendency in the prominent markets
has been accepted as likely to be of but tenn
porary continuance, and wheat is being held
for the expected reaction. The existing con-
dition of values operates against the interior
milling interest, and production is undoubted-
ly being restricted.
At Chicago May wheat ranged as low as SSc
yesterday the lowest value on the crop for this
delivery-cash wheat being about SIC, or low
er than in any previous month since June,
1890 The lowest price for current month OF
cash wheat in July last was ST. in August, S65;
in September, 90f; in October, 92I; in Novem-
y.
There is shown rather more disposition to
sell corn in the interior, although the offer
ings can hardly be said to be liberal. At Chi
cago values of this grain are well maintained,
and close 1sc higher than week ago for May
1t is believed that the consumption of corn
this season has been somewhat larger than
last year, notwithstanding the greater supply
of oats. To what extent, however, any en-
largement in consumption may have over
come the difference in supply compared with
last year is problematical.
An analysis offered by the Price Current
concerning the supply of corn suggested 1, $780,
600 900 bushels as the logical quantity in the
country on November 1, 1890, in excess of I'M
available reserves. At the beginning of the
present season. say November l, the supply
was practically limited to the new crop-esti-
mated at 1850, 100000 bushels This suggests
210 900 bushels more of this grain avail
able this season than last year. Exports the
past three months have exceeded correspond
ing time last year about Is, 900, 900 bushels.
Total wheat on passage this week SO, $3.50, 900
bushels, against 49, 440, 900 last week, and o.
656, 900 last year.
Wheat receipts at primary markets were g.
3i3, 900 bushels for the week, against 20H, 900
the preceding week. and ,343, 900 last year.
Corn receipts were 8, 495, 900 bushels, against
1881, 900 the preceding week, and 1852, 900
last year.
FINANCIAL.
From the weekly Financial review of Mr..
Henry Clews, dated February 9th, we make
the following extracts -
During the past week, the course of business
at the Stock Exchange has been quiet, ire
gular and, on the whole towards lower prices.
The market has, for the moment, fallen into
the hands of the professional Traders, among
whom as usual. the ''bear" temper predomi-
mates. The outside public and the larger Bull
operators seem willing that matters should
take this course for while. They have real
lied handsome profits on the January advance;
and, in the absence of any pery pronounced
'bulP' feeling at the present stage, they deem
it good tactics to withhold their support and
permit the bears to knock several points off
prices and then take in new lines for a fresh
advance. Under these circumstances, the
"bears'' are allowed fair chance at selling
down the market, and both sides may in turn
have an opportunity for profitable run of
of speculation; which, as the temper of the
market now stands is perhaps the most whole
some course affairs could take; although it
may be attended with transiently unwel-
come quiet among the commission houses.
There exists in Europe contraction of I'M
,e
shown in the decrease of the commerce of
Great Britain and that of some of the Cont
mental nations; but there is none of the Excess
sive caution that denies capital or credit for
meritorious undertakings and when the rate
of interest falls to 1@2 per cent, the holders of
money are not likely to prefer to keep it idle
rather than invest it in good securities or lend
it upon safe collaterals 1t is therefore reason
able to infer that such general consequences as
have followed the crisis of seventeen months
ago may be expected to yield early to recuper-
alive influences, and the signs are not lacking
that such recovery is already in steady prog
ress and will make itself plainly visible in
the course of the current year. Such recovery
is especially to be expected in this country; for
not only have we suffered less than Europe
from the Barring crisis but we have also been
enriched by the best harvest experienced in
the history of the country.
The only dark spots in the home situation
are the depression of business and the back
wardness of payments at the South and the
dizziness of trade on the Pacific coast; both of
which are mainly the consequences of undue
expansion of speculation or over-creations of
corporate capital in the respective sections.
These causes are injuriously affecting the rail-
roads of those groups of States; but the mar
ket, while discriminating against the securities
thus directly affected, does not mistakenly in
fer that all others should suffer in sympathy.
Our inference from the foregoing factors is
that the market is destined to higher range
of prices as the year progresses, but that the
elimination is likely to be reached by series
of ups and downs, possibly prolonged one
and that therefore it is not safe to sell
short stock after the recent decline, but
wise for the moment to buy on the drops and
rea1ize uuick DrOfitS