Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1894-01-03
ON SPECTATOR AND GENERAL ADVERTISER

| ings should overtake the crop before more
snow is had severe damage can hardly be
avoided. Conjectures as to what may happen
under conditions not yet reached are OF little
| significance.
limitations from various sources suggest
! that farmers having marketed wheat in the
recent past to secure money for taxes and the
holiday period will now reduce their offerings,
still having faith in better prices before the
crop year is ended. 1t is evident that outside
of Ohio and Indiana the winter wheat stocks
| in the interior are low. In Ohio, where the
crop was somewhat larger than last year, the
supply on hand is quite likely as large as a
year ago. In Indiana, for the entire State,
there is evidently less than year ago. Hi
nos has not got enough wheat remaining to
meet the requirements of that State to harvest
time. Supplies in Missouri and Kansas are
low.
SO far as can be judged from available in
formation the outlook favors light offerings
of wheat by farmers in the near future, nota-
bly, so in winter grain regions. AT the same
, time the condition of the flour milling interest
| is such as to not enlarge the demand essential
| ly, diluUuSu tlcIc las VI idtC uCCu luOiC III
quiry than previously for mills south of the
| Ohio River.
| Wheat values have further declined the past
week, and are at surprisingly low position
for the time of year-cosing at the lowest
point in the week at Chicago, and 24a2! cents
lower than week ago. The visible supply
was slightly reduced, although continuing a
| little larger than year ago, but quite likely
the comparison will shift after the present
week, and continue the remainder of the sea-
son to show less instead of more than last
| year.
The corn movement has continued fair, but
the indications appear to favor lighter offer
! ings of this grain in the interior in the near
| future Prices have suffered some decline,
closing at Chicago 3c lower than week ago.
| In some of the western localities there is an
abatement in the local demand from feeders
of cattle.
May wheat at Chicago closes &c below
the highest point of the week, at the lowest
point, and DC lower than a week ago.
| Corn at Chicago for May closes &c be-
low the highest point of the week, &c above the
lowest point and &c lower than a week ago.
Wheat receipts at primary markets were g.
OH 900 bushels for the week, against 1857 900
the preceding week, and 4,34S, 900 last year.
Corn receipts were 1876, 900 bushels, against
1887 900 the preceding week, and 2,54S,O
last year"
FINANCIAL.
The following are extracts from the finan-
cal review of Henry Clews of December
30th =
Upon the whole, the year closes with a
better feeling on the Stock Exchange than
might be expected under so many unfavora-
BILE conditions. We are now on the eve of the
disbursement of some 1856, 900 600 of interest
and dividends, large portion of which will
be re-invested; and the anticipation of this
large demand from that source has naturally
the effect of sustaining the market. Consider
ing that bonds are becoming scarce and high
and that the dividend-paying stocks are in
comparatively moderate supply it would
therefore seem reasonable to expect some i'm
provement in the higher grade stocks, which
would naturally act favorably on the general
list
1t is long period since the old year has
closed under such serious conditions as now
everywhere prevail. Every country in Eu-
rope has its troubles, worse than our own and
they are of character so radical that it will
require time to heal them. In this country |
the arrangements are acute, but they are of
kind more directly under our own control
than are those Of the European nations. Ia
our case, there had been no antecedent over
trading, nor excessive speculation, nor general
unsoundness of credit. On the contrary 1898
opened with a generally sound and fairly |
prosperous condition of business; and al
though the panic was enc of perhaps unequal
led severity yet it was due to causes not III
herent to business proper but outside of bust
ness and connected with a great alarm about
the condition of our currency system. The
silver panic however became the cause of a
general prostration of trade and credit from
which recovery could not possibly be imme-
diate, even though the cause of the alarm has
been remedied The period of recovery,
moreover, is further postponed by interven-
ton of sweeping revision of the tariff. This
latter circumstance would, under the best of
conditions, have proved very serious cause
of commercial disturbance; but mingling
with the immediate effects of a great panic,
its seriousness is doubled.
We enter the new year with reasonable
grounds for hope that its close will find af
fairs in largely recovered condition. There
is ample capital waiting employment; but in
dustry has no use for it until conditions are
made clearer by the enactment of the new
tariff. That point being reached the utterly |
depleted stocks of every kind of merchandise
will find employment enough for our indus
in every trade, and to that extent preparations
are being made for the cheaper conditions of
production that the new situation will re-
quire."