Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1894-07-04
OMMERGIAL AND FINANCIAL
THE GRAIN TRADE-CROPS, sc.

THE GRAIN TRADE-CROPS, sc.
The Cincinnati P..ice-Current of June 2Sth,
says
at seems hardly possible for an average
yield of wheat to be secured in the spring
grain States of the Northwest.
The general indications concerning winter
wheat are apparently maintained, with per
haps some tendency to enlargement of expect
! ations in most localities where harvesting
operations have begun, or ended, but this is
not the uniform condition. The quality OF
the grain, if nothing later should develop adj
versely, will be good.
One of the noticeable features of the week
is the evidence of beneficial influence of the
, rain on the oats crop in many places so that
i the returns are more cheerful as a whole
than heretofore although the crop appears to
be considerably deficient at the best that can
besecured from conditions now attending it.
The general outlook for the corn crop is un.
, usually encouraging. The rains and warmth
are giving it satisfactory growth-in fact there
are some intimatlons of too rapid growth to
be fully assuring.
The outlook at this time concerning the hay
crop is for deficiency.
The wheat markets have displayed rather
less strength the past week than looked for,
and at the close prices at Chicago are &c lower
than Il week ago. Crop information has been
of variable nature, but the more positive in
timations of conditions calculated to impart
strength to the market have been followed
with such modification of the information as
to leave the general situation to be regarded
as unfavorable to any definite tendency to an
advance in prices at present or in the near fu-
ture.
The corn market in Chicago has lost some
of its recent strength, and closes lac lower
than week ago. The oats market has also
weakened to some extent closing 13c lower
than week ago for September.
FINANCIAL.
The following are extracts from the finan-
cial review of Henry Clews of June Both -
THE really important event of the week
has been the sympathetic strike of Western
railroad employees. 1t is impossible, at pres
ent, to estimate the extent to which it may
interfere with the carrying trade or to which
it may affect large interests dependent upon
railroad facilities. To those familiar how
ever, with the interests Immediately concern
ed, it is not likely to appear by any means an
unmixed misfortune. 1t will raise questions
and lead to changes which the strikers seem
to have little anticipated. The roads have
long felt that, under the existing depression
of business and the great decline in prices,
large reductions in operating expenses had be-
come necessary, not only as means towards
making both ends meet, but also of enabling
them to make concessions on freight charges
in certain directions. They have hesitated to
make those adjustments through a general
cutting down of wages though they have
done all that is possible through a reduction
in the numerical strength of their employees.
Their hands have now thrown down the
gauntlet on one issue, the Pullman strike the
roads seem quite willing to accept the gauge,
but on another issue, a general reduction of
wages.
~
The conditions could hardly have been
more favorable to the success of the roads in
this struggle. The strikers have against them
opinion, the essential weakness of any mere
strike on grounds of craft sympathy" and
the extraordinary number of unemployed
who stand ready to take their place. The
strike therefore can hardly fail to end in a
reduction of wages that, directly or indirectly,
will run through our railroad system at large.
The transient inconvenience resulting from
Of Of
ter compared with the benefits to be derived
from placing this immense national interest
upon a sounder and more normal financial
basis. When this has been accomplished,
little will remain to be done in respect to the
remodifcatlon of the scale of general wages
which has become necessary partly from the
change of tariff policy and still more from
causes that lie deeper and are more universal.
In this important sense the railroad strike
is to be regardedAs the harbinger of great
national benefit, and as laying the basis for
new confidence and for the resumption of
now widely suspended operations.
The banks have rendered wise and whole
some support to the Treasury in undertaking
to virtually supply whatever gold may be
"aLleu 1el eApoit peHuihS lno Suiioii' ou0-
flow. The public have ceased to watch the
declining reserves of the Treasury with timid-
ity, and great relief is felt at the virtual as
surance given by the banks, that they are pre-
pared to make common cause with the Gov
eminent until Congress has at least had fair
opportunity for extricating the national fl
nances from their present exposure. 1t is to
be hoped, however, that the President and
the Secretary of the Treasury will use their
utmost influence towards securing such legis-
lation as will relieve the Treasury from the
overwhelming burthen Of its present demand
obligations, with such other legislation as that
step might make necessary.