Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1895-05-22
COMMERCIAL and FINANCIAL
THE GRAIN TRADE-CROPs, sc.

The Cincinnati Price Current of May 18th,
says:
1.-THE feature of the week has been the
change from exceptionally high temperature
to frost conditions over large portion of the
country. The extent of injury can not yet be
determined nor intelligently estimated. An
important modifying influence was the sur
face warmth, and this has unquestionably
lessened the extent of injury.
The splendid promise for fruit has undoubt-
eddy been materially curtailed, and early yege-
tables have suffered. In some regions corn
was up, and the growth cut down, but most if
not all of such damage may be overcome.
This crop was earlier than usual in the West,
notably in Iowa. where the conditions have
start.
The dry warm weather of the recent past
appears to have developed field pests in the
winter wheat to considerable extent in some
regions and there is more complaint in re-
gard to damage from chinch bugs and hessian
fly than previously. But it islnot yet clear
that such drawbacks are widely prevalent.
not been fully sustained during the week, so
far as the winter grain area is concerned. The
spring wheat situation is generally encourag-
ing.
The wheat markets have acquired strength
the past week, values at Chicago reaching, the
highest point for the crop year. A variety of
influences have helped to bring about such
bo 1o,f no
scarcity of offerings of grain, the more posi-
tive evidence of damaging influence OIL the
winter crop from dry weather, etc.
July wheat at Chicago closed &c below the
highest point of the week. 24c above the
lowest point, and 35c higher than week ago.
Corn at Chicago for July closed at the
highest point of the week, 13c above the
lowest point, and lie higher than a week ago.
Wheat receipts at primary markets were l.
433, 900 bushels for the week, against 1883, OOC
the preceding week, and ], 1909, 900 last year.
Corn receipts were $4,000 bushels, against
l, 100000 the preceding week, and 1859 ,OOC
last year."
FINANCIAL.
In his financial review of May the 18th,
Henri Clews says that to find the causes Of
depression we must go back to the condition.
that produced the great commercial depression
which has existed since 1892 in this country
and since 1890 in Europe.
That depression was the result mainly OIL
universal over-production. The over-produc
ton was the consequence of large excess o.
producing plant, growing out of the progress
n 111nH nj
machinery has been so universal and so grea
that the capacity for production still largely
exceeds the possibilities of consumption. In
dustrial investments, except in the case of 6
few monopolies, are consequently earning
almost nothing; and from that two importan
results follow;-in the first place, an unpreced
entedly low rate of interest on industrial cap
ital; and. in the next place, the withholding
of new capital from industrial employment
X
These facts seem to mark out railroad secur
tiles as form of investment destined to re
| ceive special preference until prices hav
reached point that will bring their yield t.
| about parity with that of the investment
| which are now suffering in productiveness
| This drift is clearly indicated in the fact tina
Europe has, within the last three months
| taken some 800 ,000 900 of our railroad invest
ments alone. That extr .ordinary lnovemen
| cannot be regarded as merely, or in any i'm
portant sense, speculatiY e; for the net expor
| of shares previous to this week has probabl.
not exceeded S., 900, 0OO the remainder havin
been new issues of railroad bonds. The fac
of Europe having made these new invest
ments is attributable, in the first place, 10th
current preference for railroad securities pre-
vailing there as we'll as here, and also to tn
fact that the amount of railroad capital il
best source of supply. These consideration
show that we are in the, beginnings of move
ment in railroad investments of a new ant
special nature, the magnitude of which it i
not easy to forecast, but which seems to hav'
by no means reached its elimination. Ii
view of these facts and indications, we con
clude that the upward movement in price
has not yet reached its climax, and that 189
is likely to prove an extraordinary year il
railroad investments.
The foreign demand for our securities ha
shown no abatement during the past week
About $4,000, 900 have been placed in Londol
and Germany, including 100000 of tn
treasury stock of the New York Central Rail
road. In all and including the United State
loan, the amount of our securities taken il
Europe since the middle of February last
close upon s12O, 900.