Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1892-08-24
Com MRRCIAL And FINANCIAL
THE. GRAIN rRADE-cRops. &C.

The Cincinnati Price Current of August
18th, says
Local rains have fallen to considerable ex-
tent in the West within the week, and returns
from correspondents are somewhat more
cheerful with reference to the corn crop
which implies that the tendency to impair
ment of the situation has been arrested, but
does not justify the view that improvement
has resulted in the general position. In a
large portion of the West the stage of growth
is such as to be especially susceptible to lack
of moisture. There is nothing in sight to war
rant enlargement of estimates offered a week
ago.
| 1t is quite evident that there is a consider
able quantity of old corn still held in the
West, not likely to be hurried on the market
| under the present uncertainties attending the
growing crop. If crop of 600, DOC, 900 bush
els should be harvested, even though the def.
cheney be mainly or wholly in the surplus
States, this old corn, with the lessened require
ments in the buying regions of the South, and
the large hay crop secured in good condition,
| will aid in supplying all necessities ON a basis
short of especially high prices
The information concerning oats does not
vary essentially from that previously avail
able-indicating decided deficiency in yield
and weight as rule.
Information from winter wheat districts
suggests little that is new. The grain has
been literally marketed in many localities
From spring wheat regions come intimations
of dsappointments in yield
The weeks movement of wheat as reflected
by receipts at primary markets does not indi-
cate much enlargement. The total. however,
considerably exceeds corresponding period last
year. Western milling operations are enlarg-
ing, and absorbing liberal proportion of cur
rent offerings. .-f..
The export movement of wheat is good
notably so in the form of flour, which is now
going forward in much larger volume than a
year ago, and at prices yielding manufactur
ers fair but not large margin of profit.
Current values Of WI eat are proving attra c.
tive to foreign buyers, and they are not show
ing much hesitation in placing orders liberal
y in the American markets.
The speculative wheat markets have been
somewhat unsettled the past week, the general
tendency being to easier prices, due to various
causes Chicago closes Il on September and
the same on December lower than week ago.
The Chicago corn market has held up we'll
during most of the week, closing lie ON Sep
TENDER and 19c ON May lower than week ago.
Total wheat on passage this week q, SOS, 900
bushels, against q, 1899, 600 last week, and &c.
344, 900 last year.
Wheat receipts at primary markets were u
749, 900 bushels for the week, against 424, 900
the preceding week, and 6, III 900 last year.
Corn receipts were 1,624, 900 bushels, against
1922 900 the preceding week, and 2,0O6,O 900
last year,
FINANCIAL.
From Henry Clews's Financial review of
date August Goth, We copy the following
Here and there are complaints of overpro-
duction, excessive competition, low prices, etc;
but beyond that is the steady increase in the
volume of trade and the encouraging decrease |
in business failures compared with last year.
Clearings are steadily heavier than year ago. |
Railroad earnings do not show such heavy |
gains as in 1891, only because we are compar- |
ing with an extraordinary year; and net re-
suits, be it remembered, are satisfactory An
other reason for confidence in railroad secur- |
ties is the gradual tendency to eliminate COM
petition by means of consultations. This |
tendency is working out results beneficial to |
stockholders, not only by greater economies, |
but by the avoidance of the reckless rate wars
of the past decade. Again railroad building !
has been at comparative standstill for sever
al years past, some States showing no new |
mileage whatever of consequence, and others
only very moderate extensions For the last |
five years the growth of railroads has not been |
at all in proportion to the growth OF popula- |
ton. At some future time we may enter
new era of speculative railroad building; but |
there are no symptoms of such at present and |
this fact alone, that population has about |
grown up to point where railroad facilities |
are not in excess, is another and one of the |
strongest reasons for confidence in the future |
of good railroad investments.
As already said, it is factors such as these |
which served to resist the unfavorable develop |
ments of the last few weeks These develop |
ments have probably been about discounted |
for the present; and, in the absence of further |
surprises, l look for improvement later on.
The silver situation takes no one by surprise. |
The danger has been long foreseen and well
guarded against. Before long we may expect
a wall of distress from the silver producing reg
ions; for at present prices there can be little if
any profit in the mining of the product. This |
of itself is crumb of comfort; and there is |
reason to hope for some good from the dis
cussions of the International Monetary Con- |
ference as the distress in India is likely to |
force Great Britain into some sort of conces- |
sion at no distant date. |