Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1894-08-15
COMMERCIAL And FINANC IAb
THE GRAIN TRADE-CROPs. &C.

THE GRAIN TRADE-CROPs. sc.
The Cincinnati Price Current of August 9th,
says
1.-THE widespread condition of drought in
the West has not been broken. There have
been rains during the week in many places,
but only limited portion of the drought area
has had relief of any importance, and the
average condition of the corn crop must be
regarded as having deteriorated during the
week. With the opening of July the situa-
ton was so favorable as to justify calcula-
tons exceeding any previous crop, consider
ing the large area planted. Ample rains in
the early part of July would have assured a
large crop to almost certainty. But the sit
uation is very greatly changed, and it is now
doubtful if the possibilities of the present
time can be regarded as exceeding two thirds
of what the outlook indicated a month ago.
This view implies some reduction in the vol
ume of the crop compared with last year.
The fact is no computation can be made
which can be offered as a definite indication
of the average condition of the crop at this
time with reference to yield. 1t is to be adj
mitted that the Southern States, representing
about 20 per cent of the average total produc-
ton, maintain good promise, and will proba-
bly, exceed recent years in yield, and possibly
show an aggregate larger than any previous
year. But in the important States of Iowa
and Nebraska the deficiency is so great as to
mean calamity to those regions, while in
Kansas and Missouri there is decided def
fr1, Il IL
Illinois and Indiana, and to greater degree
in Ohio. 1t is not reasonable to regard the
entire crop as promising more than $780, O0,-
600 bushels, with a probability that anything
beyond 1900 900, 600 will not be realized
The corn markets have made great changes
the past week. The range at Chicago for Sep
TENDER has been IA cents per bushel-on yes
terday the range was 81 cents. In the light of
records of past years it need not be surprising
if prices on the OUTGOING crop should at some
time go even higher than has yet been touch
ed.
The weeks advices concerning wheat afford
little that is new as to yield of this grain Ell
ther in the winter or spring grain regions. Por-
tons of the Northwest are manifestly develop
ing better results than previously counted on,
but this is apparently offset by the more en-
phatic evidences of serious deficiency in other
localities.
Wheat is being marketed very freely, the
movement in the Northwest being of some
what surprising nature. In the winter grain
regions there is a growing feeling of confidence
in better values for wheat, and where there is
ability to do so it is being more tenaciously
held, the higher price of corn and the increas-
ing utilization of wheat in feeding operations
serving to furnish much of encouragement"
FINANCIAL.
The following is extracted from the Finan-
cal Review of Henry Clews of August 18th III
THE movements of the market for the
week just ending undoubtedly indicate an i'm
provement in the situation. For some time
past it has been fiuctuating alternately under
the influence of hope and fear; but now its
undertone is gradually broadening and
Strengthening and there is a marked tendency
to discount a generally clarified financial at
mosphere. 1t looks as though we have seen
the worst of everything, and that the pendu-
lum is at last going to swing the other way.
Outside of the allimportant tariff question,
the corn crop has again been the greatest fac
tor in the market for the past few days. The
bears have been actively engaged in pound
ing the Changers, basing their action on the
prospect of reduced dividends on these securi-
ties, as a result of the prospective corn short
age. Their efforts to bring out long stock,
however, have not been particularly success
full, and they find it difficult to cover their
contracts without bidding up the market.
The damage is almost exclusively confined to
three States-Iowa, Nebraska and Kansas
and in those States it almost proximates a
calamity, and is probably not exaggerated;
but in the other States the crop will be a fair
average to a large one, owing to the increased
acreage due to the low price of wheat last year
and the comparatively good price for corn.
The crop in those States will largely offset the
shortage caused by drouth-probably more
than now expected.
The stock of manufactured goods in the
United States is lower than it has been for a
great many years, and there will soon be act
ual necessity for at least partial resumption
of business on the part of manufacturers. A
speedy settlement of the tariff debate will give
them basis On which to start in, and that is
all that is needed. The entire stock market
has fully discounted all adverse factors. and
will now commence to consider and be gov
erned by what is to come and not what has
passed. The present conditions will be lost
sight of and give way to those that may be
expected to prevail six months hence and
thereafter.