The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1875-07-29

The New York Bulletin publishes series OF
crop reports from the continent OF Europe,
which go Tar to explain the recent eNtlaordl-
nary demand for American wheat for export
In France the crops have suffered severely
from protracted rains not only in the districts
swept by the recent floods, but throughout Il
large portion of the country in the south, south
east, southwest and centre, the crops nave sun
cred from beating down and iron rust, ana
will, in consequence, be far below the average,
both in quantity and quality. Hence has arls-
EN- the active demand for wheat which has SO
stimulated our market for two weeks past, and
the real cause Of which has been only ilnper-
fectly un(e stood, even by the dealers affected
by it. In North Germany also there have been
protracted rains. and the crops have suffered
from beating down, While in some localities the
rust has prevailed. In the Black Sea provinc-
es of Russia the crops are suffering froma
cause quite different Il five weeks drouth, ac-
companied by intense heat, and supplemented
| by the advent of the locusts, having nearly ru-
ined the grain. In the interior of Russia and
il the Polish provinces, the condition OF the
crop is satisfactory; buG i'll Romania and South
ern Hungary an important grain belt OF coun-
try has been damaged by hot weather, though
as an offset, it is said that large stocks of last
Years crop are still in farmers hands. There
is a possibility, also, that the recent protracted
rains in England will have an unfavorabe eff
feet on the wheat in that country. From this
summary of crop intelligence it is evident that
a large area Of Europe, covering the most inn
portant grain exporting districts, has suffered
for several weeks from unfayolable weather.
the injury received. whether less or greater,
being sufficient to diminish the anticipated
yield.
The reports received from Europe earlier in
the season indicated such abundant harvests as
would almost cut off entirely the demand for
American wheat. The extraordinary success
ion of floods and tempests, coupled with other
natural causes, has brought about such a deci-
ded change in the prospects that foreign deal
ers have made quick and peremptory demands
upon our markets. Hence for several weeks
there has been strong upward tendency in
the price of wheat. As the Bulletin points out
our home markets have responded to the for
e'gn demand with an advance out Of proportion
to the rise in the English market. An activity
indicating the presence OF the speculative ele-
ment has followed the increased demand.
Thus, from July 6 to July 10 there was an adj
vance at Liverpool, in the quotations for No.
wheat of Id, at New York in the same time
l6 cents, and at Chicago Is cents. At Liver
pool this advance is equivalent to TO- per cent,
at New York 1872 per cent. and at Chicago AZ
per cent; OF, Oh a gold basis, the advance is
equivalent to l54 per cent. at Chicago. Rates
here have therefore gone up much in advance
of those abroad, and us there is reason to doubt
whether the foreign advance already made is
warranted by the prospects, there must be
greater reason to doubt whether there will be
further advance abroad sufficient to justify
the rapid rise here. In fact, the indications are
that the necessities, real or imagined, of the
European markets, are being made the basis
of q speculative advance here which, in the
face of a new crop that, in some sections at
least, promises to be disappointingly large, is
suggestive Of collapse and loss for the more
sanguine.