Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1895-05-08
COMMERCIAL And FINANCIAL
THE GRAIN TRADE-CROPs. &c.


The Cincinnati Price Current of May End,
says:
Taking a careful survey of the position and
promise of the winter grain portion of the
wheat crop there is little or nothing to en-
courage expectations exceeding 100000
bushels, or approximately 100000 bushels
less than last year.
The season has been early and favorable for
seeding in the Northwest, and most of the
spring wheat area is starting WELL but much
of it is now needing moisture to maintain
growth favorably. The previous indications
of reduced area in this portion of the wheat
crop are confirmed by the later evidence.
The oats area, as previously noted, has been
enlarged, and the seeding was favorably ac-
complished, but the crop is not making sea-
sonable advancement at this time, under the
lack of needful moisture.
The preparation of land for the corn crop
has been more than ordinarily favored with
tons have been accomplished and made ready
for earlier than usual in many regions of the
West. This crop may be considered as hay
ing favorable start.
The current returns confirm the previous
advices of small supplies of wheat in interior
localities. The favorable results attending
the feeding of this grain, especially to hogs,
have served to occasion the holding of the
grain by farmers. The recent improvement
in prices has also tended to strengthen the
views of holders. As result there is little or
no prospect of immediate increase in any es-
sential degree in the offerings of wheat.
In this market the advance in wheat has
been fully 20 cents per bushel, selling up to
70 cents-small transactions having been as
low as 4S cents. The position is now higher
than at any previous time since two years
ago.
At Chicago, where large part of the visi,
BILE supply of wheat is held, the market has
been decidedly advanced during the week. II
does not appear that the change which ha;
been established is owing to undue specula
tive influence, but to the absorption of the
surplus in the country, and natural reaction
from an abnormal and unreasonable depres
sion, with an outlook for lessened production
in the worlds crop this year."
FINANCIAL.
The following is an extract from the finan
cial review of Henry Clews of May 3rd:-
"Step by step, the market is gaining new
elements of confidence, and broader basis il
being laid for both investment and specula
tive buying. One of the most hopeful fea
| lures is the reality of the recovery of foreign
confidence in our securities. This is appar
ent not only in the marked recent increase il
the English and German demand for on
stocks, which after all might be supposed Il
be only temporary squirt of speculation it il
still more strikingly shown in the recent for
| eign takings of our bonds. Within the week
it was announced that London-Americar
banking house had placed S., 500 900 of Elevat
ed Railroad bonds to replace similar amour
now falling due, and also that 100000 ha(
been borrowed abroad on account of another
railroad. Recent other negotiations of rail
road mortgages have been concluded amount
ing in the aggregate to about 1850, 600
which makes total of SIS, 000, 900 of thi
class of securities put in the hands of British
and Continental investors within few we eks
This is an unmistakable evidence that foreign
investors are coming to better understand
conditions in the United States, and that 1
real reaction has set in from the distrus
which the silver arrangements and the EN-
barrassed condition of the National Treasury
had excited. In some respects, the estimate:
of foreign observers may be truer than oul
own; and this restoration of confidence
among European investors suggests a reason
why we should think better of ourselves al
home.
These foreign takings of our securities coz
vey other differences of Importance. 1t i:
perhaps moderate estimate that, within the
last few weeks, more than s2O,OOO,000, posi-
bly, S25O00,000 of our stocks and bonds have
been transferred to foreign holders. The
first effect of this is to relieve the home
market of that considerable amount of securi
ties; which has very direct tendency tt
strengthen prices, and so far naturally &C
counts for the late advance. A second effec
is to create an important resource for the
drawing of foreign exchange. When to thes
transferences of bonds and shares is adde'
the previous takings of United States bond
by London. it is apparent that the conseq uen
addition made to the, creditor side of the inter
national balance sheet must have been larg'
enough to not only prevent further shipment