Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1894-08-08
COMMERCIAL And FINANCIAL
THE GRAIN TRADE-cRoPs. &C


says
'The effects of drought conditions on the
corn crop have been intensified the past week.
While showers have given some relief IN
many localities there has continued lack OF
general and ample rainfall 1t is difficult to
formulate satisfactory conclusions as to posi-
bilities of the crop. 1t is unquestionable that
irreparable damage has occurred to consider
able extent in Ohio, Indiana, Illinois, ETC.,
representing the Central States, and to large
extent in Iowa, Nebraska and other States
west of the Mississippi river.
Taking a careful survey of the evident situa
ton of the various prominent corn-growing
States, and the general outlook in other por-
lions of the country, the conclusion appears
chance for exceeding the quantity produced
last year, which would imply close approach
to the usual annual consumption.
The alarm in the West concerning corn has
stimulated speculative interest in this grain,
not only in the prominent markets but also
in the interior, and supplies are being held
tenaciously, and curiously at prices even high
er than wheat in many places. Under such
conditions the forces are being set to work to
make a short crop of corn meet all require
ments, under the helping service of low-pric
ed wheat and rye, and the enlargng absorp-
ton of these grains in the feeding of animals.
Not only this, but the fright which has over
taken the feeders of stock will to a consider
able extent diminish the uses of grain for
Zoo fIn
is the drying up of pasture-but if ample
rains should be had in the near future there
would soon be restoration in this direction.
In regard to wheat the current advices are
in line with the previous reports in general
tenor rejecting large yield of winter grain,
and fair outturn of spring wheat, with an
early harvest for the latter.
The marketing of wheat since July 1 has
nearly equaled corresponding time last year,
but has been decidedly reduced in comparison
with 1892 and 1891, as also 1887 and 1886.
There is an increasing inclination to hold
wheat for better prices, in view of its low
position in comparison with corn, and the
relative value for feeding purposes.
While it will necessarily be difficult for
those who have been unaccustomed to feed
ing wheat to animals to adopt the new mate
rial for such purposes, the fact is-positive that
the feeding value of wheat is 80 to rs per cent
greater than an equal quantity of corn, and
farmers who have made tests report even
higher in favor of wheat.
The excitement and sharp advance in the
corn market has steadied the wheat market,
and this gram closes moderately higher than
a week ago, while corn is at high point. If
liberal rains should be had this week there
would likely bequite modification of senti-
ment concerning the corn crop situation.
FINANCIAL.
The following is extracted from the Finan-
cial Review of Henry Clews of August 4th =
Already the reviving tendencies
are at work; and they need nothing but OPP
portunity to assert themselves. The first and
best opportunity will be the settlement of the
tariff question, which now seems close at
hand. 1t is pretty certain that the Senate bill
will shortly become law, with a few unim-
portant amendments. As soon as that is done
commerce will revive, imports will rapidly
increase, and idle industries will share in the
general relief from suspense.
As for the damage to our corn crop, that
has unquestionably been serious; but it should
be remembered that the loss will fall chiefly
upon two or three of the central Western
States, which have ample resources of other
kinds; so that the injury will not be so severe
Iy felt as if the damage had been in purely
agricultural States. Then, taking the reports
at their worst, and they certainly have been
exaggerated, it still seems probable that we
shall have as large crop as last year $780,
600, 900 bushels) so, without considering any
possible improvement in the balance of the
crop, the outlook is not so bad as it seemed.
The very low price of wheat and the competi-
ton we are meeting with from other pro
ducers are discouraging; but this too, has its
offsets, for it will undoubtedly widen the
consumptive uses of wheat, and has already
forced lower cost of production.
The lower condition of the Treasury reserve
excites no alarm; because its disabilities are
regarded as temporary. The resumption of
imports and the fall currency movement are,
together. depended upon to strengthen the
Treasury; beyond which is the declaration of
Mr.. Cleveland to preserve the credit of the
country, also the public spirit of the associat-
ed banks in any severe crisis. Gold exports
are viewed with less apprehension than usual
because they are due not to return of our
securities so much as to settlement of bal
ances and maturing loans, which, in the alb
sence of commercial bills, had to be met with
gold. Later on gold is likely to flow this way.
In conclusion, we again assert our belief in
better times. Reviving tendencies are multi
plying every week, and only require fair OPP
portunity to assert themselves. Sudden re-
covery is neither likely nor desirable; but the
turn has set ill., and firm belief in improve
ment will do much to promote it. The latest
railroad returns show a. marked decrease in
losses, and few show increases; something
to which we have been complete strangers for
over year.