Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1894-03-28
COMMERCIAL And FINANCIAL
THE GRAIN rRADE-cRnrs %.

THE GRAIN TRADE-CRnPS %.
SAYS =
The favorable position of the growing
wheat crop has been maintained the past week.
The mild temperature which has prevailed
has promoted growth where the plant was
more or less backward. The season is earlier
than usual, and farming operations more
than ordinarily advanced. The West appears
inclined to widen the area of oats and corn
this season, and to not increase the seeding of
spring wheat. The estimates of autumn sown
wheat have suggested some decrease compar
ed with the preceding year, but the reduction
is not very striking.
When attention is turned to the tenor of
wheat crop reports year ago, with harvest
result manfestly implying fully 460,000,000
bushels, it prompts the thought that the ex-
isting situation makes it possible to fully
equal or decidedly exceed last years produc-
ton, even with the reduced acreage, if there
should be uninterrupted favorableness in
crop conditions henceforward. But even
with this view it is not likely that the years
exportable surplus will exceed such DISPOSE
ton of wheat the current year. which will
probably reach about 165 200, 600 bushels.
Evidence continues of the fact that many
western mills are obliged to look to the larger
markets for supplies, and that stocks of -four
are being lessened These and other condi-
tons of an encouraging nature appear to be
shaping the position more positively IN the
direction of confidence than has heretofore
been manifest. Farmers as a rule who are
holders of unmarketed wheat are able to car
nv it longer, and doubtless the most of them
will not be free sellers at existing values.
.. Receipts of wheat at primary markets con-
tinue small-the aggregate since January 1
showing q O26,OO0 bushels. compared with
IS, 45O 900 last year, and 80, 900 two years
ago.
The Chicago market touched lower point
for May wheat than in the preceding week,
and closes &c lower than a week ago.
The marketing of corn has been reduced
but the commercial supply appears to be
ample, and the trade does not develop much
strength.
May wheat at Chicago closed &c below
the highest point of the week, above the
lowest point, and &c lower than week ago.
Corn at Chicago for May closed &c below the
highest point of the week, &c above the
lowest point, and &c lower than week ago.
Wheat receipts at primary markets were l.
759 900 bushels for the week, against 1888, 900
the preceding week, and 100000 last year.
Corn receipts were 1852, 900 bushels, against
1852, 900 the preceding week, and 2,023,0O0
last year." as.
FINANCIAL. 49,
The following are extracts from the finan-
cial review of Henry Clews of March 24th =
There are many good and sufficient reasons
for taking a cheerful position regarding the
future of the Stock Market. A few of them
may be briefly enumerated as follows:
1. Confidence is certainly reviv1ng. Bust
ness is slowly but surely emerging from the
distress brought on by the silver crisis and
grievousiy prolonged by tariff agitation.
Stocks of merchandise have become so ex-
hausted, with few exceptions, by prolonged
curtailment of production, that universal re-
sumption at the mills will be imperative as
soon as the tariff fright is over. Outside of
the tariff question, the manufacturing situa-
Zion is exceptionally favorable, because wages
and materials are lower than usual, and the
consumptive abilities of the country have not
been impaired in any such degree as its pro-
ductive abilities The business situation may
be dismissed by the simple statement that it is
exceptionally sound and improves daily.
g Easy money is assured for months to-
come Rates are extraordinarily low and
there are no immediate prospects of better
rates. Even the approaching April settle
ments, usually a period of disturbance, are
attracting no attention. This question of easy
money is an important factor, because it not
only facilitates speculation but in the long
run encourages the demand for interest pay
ing properties.
3. There is a scarcity of good railroad in
vestments in Europe, distrust of our currency
system having caused a heavy return of both
stocks and bonds. When this distrust is re-
moved, as doubtless it soon will be, marked
revival in the European demand for "Ameri-
cans will inevitably follow.
4. In event of any pronounced revival at
home or abroad in the demand for railroad
investments, the supply would be found in
adequate to the demand. for railroad buildir g
in the United States has not for five years
past, kept pace with the growth of industry
and population. In the East our railroad sys-
tenn is alone fully developed, but this Is far
from true in some sections of the West.
After giving several other reasons, which
we omit for want of room, the review closes
as follows
This summary of favorable arguments need
not be extended further. Arrayed against
them there is little but lack of confidence and
lack of purchasing ability to prevent a rapid
rise in values These are obstacles which can
not be overcome without time for recupera-
ton, consequently the improvement must be
slow and irregular. The tide has certainly
turned and we are already leaving disaster be-
hind.'