Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1895-07-03
COMMERCIAL AND FINANCIAL
THE GRAIN TRADE-cRoPs, &C.

Price Current of June 9th
"The later information from winter wheat
districts is very irregular, even in comparison
with previous indications from the same
sources. In many instances the fuller evil
dence as to yield, reached by harvesting and
threshing operations is very disappointing
and estimates are largely reduced But this
is not the uniform order of affairs, although
quite likely the disappolntments are not fully
balanced by the more favorable results. TAX
en- as whole the information does not ap-
pear to justify any essential change in the
average indication with reference to produc-
ton of winter wheat
The information from the Northwest in re-
gard to spring wheat continues encouraging,
and the longer the promise is maintained ia
vorably the greater the chances for ultimate
realization of expectations.
1t is pleasing to note the promise of abund-
ance of fruit this season, well distributed. In
some localities in the South the peach crop
promises to be so abundant as to make it
practically impossible for the growers and the
transportation lines to move the fruit within
the brief time in which it can be handled.
The wheat markets have been unsettled,
falling to lower points than recently expert
enced, but reacting and closing at Chicago
higher than a week ago. There appears to be
enough in sight to give courage to both bull
and bear operators who contne their observa
tons to points counted as favorable to their
position and calculation as to future shaping
of the markets. So far as the supply question
is concerned it should be considered almost
certain that this country will have fairly
good quantity available for expectation the
coming season, but this must largely be NOV
ed from the Northwest and from the Pacific
coast sections, which in fact viii accord very
agreeably with the needs of the foreign buy
ing markets. If the present indication as to
production be maintained, and nothing dis
turbs the situation in other countries, any pro-
nounced advance in the wheat markets in the
near future could hardly be looked for.
The flour trade at present is unsatisfactory.
The offerings are more free than the trade
cares for. There appears to be by common
consent process of reducing the surplus and
getting into good shape for the new season.
This will all count favorably later on.
The current demand for wheat at the CEN
tiers from the milling interest is exceedingly
small. The interior marketing is also of linn
tied proportions, farmers being inclined to
hold pretty firmly.
FINANCIAL.
The following is an extract from the finan-
cial review of Henry Clews of June 9th
ut may surely be taken for granted that
the great mass of our people are fully capa-
BILE of understanding that free coinage at 16 to
1 means a sweeping revolution in every inter-
est, financial, commercial and industrial,-a
conyulsion that would leave behind no stable
basis of prices, no fixed standard of money
value. 1t needs no more common sense than
our citizens exercise at every election to dis
Germ that such change would end in bust
ness disorganization, national discredit and
widespread ruin; and Wall Street reposes con-
fidence in the final protection of this safe
guard against an insane monetary revolution.
Nor do the men of the Stock Exchange take
the politicians at their seeming worst in this
matter. 1t belongs to the willy tactics of poll
tics to humor even the widest vagaries that
crop up from popular ignorance and preju-
dice. So far as such vagaries may belikely to
influence votes, their devotees are fiattered by
promises of representation in platforms and
legislation in Congress; and hence any sort of
folly receives a measure of federation. But,
at the same time, the leaders who finally con-
troll the drift of politics have to maintain
more respect for the reputation of their party
than for the humoring of momentary vagar-
lists; and it may be regarded as an impossible
lily in practical politics that a majority of
either party would finally perpetrate the sui
eide of sanctioning unlimited coinage of silver
at 16 to l. or any other policy that would en-
danger the permanence of the supremacy of
the gold standard in the United States 1t is
confidence in these general conclusions based
on the working of our political institutions
that keeps Wall Street calm and unapprehen-
sive in the midst of the prevailing excitement
on the silver question. In a word its estimate
of the preponderant judgment and conserva-
tsm of the American people is one that ex-
cludes the possibility of silverism ever becom-
ing the law of the land. This conclusion
might be less trustworthy were there any
possibility of immediate final action upon the
question being taken. But politicians most
familiar with the complexion Of Congressional
sentiment on this question agree that the new
House of Representatives stands two to one
against free coinage. And were the attitude
of Congress less certain, there still remains
the fact that, so long as Mr.. Cleveland retains
| authority, no law favoring silver could escape
his veto; so that, until the assembling of Con.
gress in the Winter of 1897, there is no posi-
bility of any change being made IN the legal
status of silver. For the interval, there is op-
portunity enough for the common sense of
the nation to do its saving work.