Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1894-01-17

roads and thus Interfere with the movement
of produce. /
The general tendency of the wheat markets
for the week has been of strengthening
| nature, but variably so, the position seeming
| to be shIftable with great readiness.
| The feature of the week has been the pro-
mitigation of the governments final grain
crop figures, which confirm the previous APP
lated to disturb the market position unless it
be the accompanying statement with refer
ence to autumn sown wheat, and curiously
what influence this has had has been the OPP
posite of what might have been expected of
such an exhibitor the decrease is shown to
be less than per cent, while the popular
| idea, based upon various general statements
and expressions from all sections has been
that the decrease was much greater. Still, the
Chicago market acquired a temporary element
of strength from this exhibit.
| The government estimate of the wheat crop
is likely to prove as faulty as either of the
several deficient estimates which have preced-
ed it. This is applicable to both winter and
spring grain portions of the crop. 1t is safe to
say that it does not measure the production
Oy 70 10 IlllIilou DIS Lut vi
ton, and possibly by 80 million bushels. If
this be not so this country will soon be recall
| ing some of it's export cearances to provide
for home wants before the new crop is avail
able
But there is considerable wheat yet avail
able for expectation, and while the world s
position appears to encourage expectation of
better prices it is not suggestive of any extra
ordinary advance this year, in the absence of
serious menace to the growing crop and in
ternational political complications in Euro
pean countries.
The weather conditions the past two months
have been exceptionally favorable for econ
omies in feeding stock. and through this
means there is likely to be more liberal offer
ings of corn than otherwise would have been
shown. But prices of this grain are not high, |
and if any decided movement upward of
wheat should occur it is likely corn will be
influenced favorably thereby.
| May wheat at Chicago closed 8c below
the highest point of the week, II above the
lowest point, and &c higher than week ago.
| Corn at Chicago for May closed &c be-
low the highest point of the week, and at the
|
| Wheat receipts at primary markets were q
O43O0O bushels for the week, against 3,239, 900
the preceding week, and 4,S66, 600 last year.
| Corn receipts were 4,02S, 900 bushels, against
1928, 600 the preceding week, and $3.50, 900
last year."
FINANCIAL.
The following are extracts from the tinan-
cial review of Henry Clews of January
| 18th =
"Such paralysis of production as has exist |
ed for the last six months is entirely incom-
patible with supplying the current wants of
consumption. Carefully compiled informa
ton gathered by one of the Commercial
Agencies from thousands of firms and corpor-
atoms shows that, for the last six months, the
contraction of sales by manufacturers has
| been much more than double that of mer-
chants, and that in some important branches
of trade, the curtailment of retail sales has'l
been comparatively nominal. The amount
of imported merchandise going into consump-
ton at this port during the last half of 1898,
was SS4, 900, 900 less than for the same time of
1892, which amounts to a decrease of 80 per
cent; while, for the two last months, the re-
duction averaged 36 per cent. These facts
show that, although the reduction in the sup
ply of goods coming through importation has
not quite equaed that which has occurred in
domestic sources of supply yet the curtail-
ment even in this department is in nearly
double the ratio of the decline that is shown
byDunn's statistics to haveoccurred in the sales
direct to consumers. This process of contrac-
ton at the sources Of supply, to an extent so
entirely disproportioned to the actual con-
sumption, and extending over more than six
months cannot fail to have produced deple
ton of stocks of merchandise virtually unpre-
cedented. Merchants whose opinion is enti-
tied to respect, tell us that, in the leading
branches of trade, the stocks of to-day do not
exceed a three weeks consumption at the pres
ent curtailed rate.
These facts have certainly this much signif-
canoe, -whatever else they may imply,-that
there must be an immediate considerable re-
sumption of production; and that such re-
SUMPTION if conservatively adjusted to the de-
mand, can be undertaken with a reasonable
prospect of profit-for the relation of supply
and demand is entirely in favor of the manu-
facturer. This conclusion is borne out by the
process of resumption of work in iron works,
in textile factories and in their industries,
which is becoming more marked every day.
| This resumption is also evidence that manu-
facturers have at last reached point at which
they can approximately estimate the condi-
tons in which they will be placed under the
new duties, and that conseque ntly they feel it
safe to undertake production to an extent
compatible with their being able to control
prices, leaving the ultimate rate of output to
be determined by the new duties finally estab-
lished by Congress.
This puts a more hopeful aspect upon the
prospects of labor, which is now suffering
from idleness and has lost much of its pur-
chasing ability. In this matter also there has
been an exaggerated misapprehension. Esti-
mates have been published of an extent of
unemployed labor which even largely exceeds
the entire number of operatives employed in
the trades referred to. The more exact in
quiry has been instituted the more it has be-
come evident that the estimates of unemploy-
ed throughout the country have been exagger-
ated in many cases two-fold or even three
fold. These are discoveries of fact which are
calculated to produce a juster conception of
the real condition of business affairs. Wall
Street observers have an eye upon this process
of correction of estimates, and there are those
who look at it as the occasion for an early res
toration Of confidence and revival of activi-
ty on the Stock EXCHANGE
BALTIMORE LIVE STOCK MARX
. THURSDAY, Jan. 18th, 1894.
Prices of Beef Cattle this week ranged as fol-
lows:
=
Generally rated first quality. Az OAK
Medium or good fair quality. ...........3 ASK