Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1895-08-14
COMMERCIAL And FINANCIAL
THE GRAIN TRADE-CRoPs. &C.

The GhAlN TRADE-CROPS, &C.
The Cincinnati Price Current of August Sth
says
Information concerning the crop of win
ter wheat continues to reflect low yield gener-
ally, in line with the previous indications,
spring wheat now being harvested and ap-
preaching the harvesting condition, appears
to justify the recent calculations as to favor
able results generally. There is still some
talk of smut in the grain, a condition which
is unfortunate, for while not lessening the
yield appreciably it Injuries the quality of the
grain and lowers its marketable value.
the interior offerings of wheat are small,
but in the existing condition of the milling
trade there appears to be little of disappoint-
ment or inconvenience experienced there
from. There has been more of corn offering,
there being no inducement to carry this grain
into the new crop season. The new grain
will go into consumption early, and there will
be an exceptionally small quantity of old
grain carried into the new year.
Information in regard to oats seems to sug
gest that while some of the localities in the
central region are disappointing in yield, the
more important districts IN the West and
Northwest are being reported rather more IA
vorably than had been recognized in previous
calculations
Various localities in the West find occasion
for reporting more favorably in regard to the
yield of hay.
The crops of potatoes and apples will be of
liberal proportions.
The wheat markets have not made striking
changes during the week, generally manifest
ing an absence of firmness, closing with a
moderate decline compared with week ago,
while corn is more decidedly lower.
September wheat at Chicago closed &c be-
low the highest point of the week, &c above
the lowest point, and DC lower than a week
ago.
Corn at Chicago for September closed 4sc
below the highest point of the week, tic above
the lowest point and &c lower than week
ago.
Wheat receipts at primary markets were
1858, 900 bushels for the week, against 2,257-
900 the preceding week, and 6,611 900 last
year.
Corn receipts were 1,730, 900 bushels, against
LIZA 900 the preceding week, and ,003, 900 last
year"
FINANCIAL.
In his Financial Review of August 10th,
Henry Clews says
The general investment and speculative sit
uation has changed little since my last ad-
l. .I.lI lass +,
tating, and the drift of the moment seems to
preponderate in favor of those who incline to
waiting and cautious policy. The crops
develop nothing new. So far as respects
wheat, the general conclusion is that we may
calculate upon something less than good
average yield, though the farmer seems likely
to be compensated by higher prices than
those of last year. while, in regard to corn,
the balance of Western estimates favors a
very large increase of output over 1894. In
the industries at large, there is no abatement
of the sanguine expectations that have de-
veloped within the last six months. The
rise in raw materials and the continuance of
the remarkable recovery in wages from the
decline of 1893 and 1894, shows conclusively
increase of consumption; and it is to be pre-
sumed that their expectations are based upon
facts existing in the conditions of trade.
All this is satisfactory and naturally in
duces large measure of public confidence
And yet there is unquestionably some with
holding on account of certain factors in the
financial situation. As matters now stand,
how oil JaFn 10
what may be the state of the Treasury gold
reserve after the LIST of October, when the OBJ
legations of the Loan Syndicate to the Treas
ury will cease. If, after that date, the rela-
tons between the banks and the Treasury re-
main as they have been for the last two years,
the Treasury will have to supply all gold re-
quired for export and yet it will have no gold
income from the Custom House or from any
other source. 1t is hardly necessary to say
what that means. One thing admits of no
doubt; that, in the absence Of ability to main
tain the gold reserve and in presence of re-
newed resort to borrowing in order to secure
gold, there must be a reaction from the now
prevailing state of confidence and prosperity;
how serious that relapse would be each may
Judge for himself. Certain it is that no mere
commercial activity could stop the depletion
of the gold reserve so long as the Treasury
had no gold income and yet was compelled to
supply the gold needed for our fixed exports
of specie. 1t is the plainest truism that,
neither abroad nor at home can there be any
settled confidence in our investments until
we have strong and normal assurance that
under any and all circumstances the United
States Government will be able to maintain
payments in gold.