Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1895-03-13
COMMERCIAL AND FINANCIAL
THE GRAIN TRADE-CROPs, &C.

THE weather has been variable the pas
week, with something of freezing and thaw
| ing conditions, and in some districts the situa
ton has been rendered moderately less assur
ing in regard to the wheat crop, but the gen
eral average position of the crop has not beer
| appreciably disturbed during the week. In
localities west of the Mississippi the outlook
has been improved by late rains affording
| needed moisture for the plant. There is nc
snow protection, and the harsh winds OF
March and lack of genial temperature are
more or less interfering with satisfactory
development of the plant.
The marketing of wheat has been moder-
atey enlarged recently. but is yet within re
stricted volume, and appears likely to contin-
ue So Careful observers, having extended
knowledge of conditions in Indiana and Hi
nois, are emphatic in declarations that the
unmarketed supply is smaller than for many
years. The general drift of our correspond
ence contiE ues to reflect low reserves in most
regions, with considerable feeding of wheat
being maintained.
The wheat markets within the week took
on some additional strength, which was subse-
quently lost, and Chicago values for future
delivery are fractionally lower than week
ago at the close. The reaction does not nee
essarily imply that the higher point reached
has not been justified by evident conditions,
for the recent advance was manifestly not
due so much to changes in the situation as to
a fuller and more general recognition of con-
ditions previously existing. 1t is to be con-
coded that recent advices from localities on
the Continent have had something more of a
tinge of uncertainty as to the outlook, while
the previous intimations of reduced quanti
ty to be available from Argentina have been
confirmed, which have been factors in the re
covery of lost confidence in the merit of wheat
values. Quite likely the shaping of prices up
ward might have continued but for the esti
mates promulgated within the week concern
ing farmers stocks of wheat which have
been decidedly in excess of general expecta-
ton. 1t is claimed IN one instance that this
result is due in large measure to a smaller use
of wheat in feeding than has been estimated.
The interested reader can form his own con-
illusions concerning such matters. The Price
quantity of wheat now in the country really
is, is firm in the conviction that it is much
less than a year ago, and that the remaining
quantity on July next will be 50,000,000 to
~, 100000 bushels less than at the correspond
ing time last year, and possibly wider differ
ence.
May wheat at Chicago closed lsc below the
l. oe tka l. oh +t,n
lowest point. and &c lower than week ago.
Corn at Chicago for May closed &c below
the highest point of the week, ac above the
lowest point, and 4c lower than week ago.
Wheat receipts at primary markets were q
066, 900 bushels for the week, against 100000
the preceding week, and 1,7S3, 900 last year.
Corn receipts were 2, 120.0 600 bushels, against
I,676,OOO the preceding week, and 3,767, 900
last year."
FINANCIAL.
We publish the conclusion of the financial
review of Henry Clews of March 9th as fol-
lows =
With the adjournment of Congress the turn
for the better is inevitable, and each day here
after should demonstrate that fact The un-
settled condition of the business interests of
this country for a prolonged period past is
clearly traceable to Washington. Now that
Congress has adjourned, that pernicious and
prostrating influence no longer exists. Our
troubles, therefore, are now all behind us and
have been thoroughly discounted. We have
good reason to look forward to the prospect
of good crops and a general improvement in
business affairs. The principal argument,
which the bears have used effectively as a
weapon, has been the low price of cotton. If
mistake not, it will not be long before these
same people will admit the falsity of their
position, as think it will be soon demon
strated that the low price of cotton will be the
basis for an impetus in the manufacture of
goods for export that will be surprise to the
country. International bi-metalism is also
likely to loom up as factor in favor of high
er prices and increased activity in grain, cot
ton and also securities. The current in favor
Of international bi-metallism bids fair to be-
come as strong throughout Europe as it is in
this country, and under such a pressure 6
mutual arrangement for International coinage
would appear to be almost inevitable Within
ten years the increase of Indebtedness of Euro
pean nations has aggregated $500, 100000
During this period with the exception of thu
past year, the bonded Indebtedness of thi.
country has been on the liquidating side
| therefore, instead of Europe being alarmed
| about the financial affairs of this country, WI
| have greater reason to have that apprehension
for their future condition especially wher
our marvelously superior resources and great
er earning power are contrasted with those O.
other nations.
| As to questions of currency, highly impor
tant as they are, yet they have for tim
ceased to rank among the matters affecting
the immediate course of Wall Street interests
They were too large, too complicated and to-
broad in the issues they involved, to be dis
posed of in three months by such Congress
as tine one that handled them, and possibl
by any other. They are now relegaUed TO
the consideration of the people, and will re
ceive the most serious attention preparation
to the next national elections. Whateve
may be the conclusions reached by publ
opinion, they are sure to reflect the caution
common sense OF the natlOn, ana we ma
therefore reasonably hope that the final sci
tiement will be sound one In the mean
time we have to deal with the matters o
practical business; and, relieved of these vex
atious theoretic contentious, the nation vii
return to its work of producing and merchant
ing with renewed confidence and fresh vigol
Already. there IS unmistakeable evidence il
our local markets of preparations for an in
creased Spring business, The city is film
up with BUYERS from the interior; there is n
longer the dubious haggling about prices tina
has prevailed for the last two years; an,
manufacturers begin to express surprise q
the increasing orders for goods. To my view
the signs of the hour mean nothing less thai
a good old-fashioned Spring and Fall trade.