The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1879-03-13
Encouraging Sign S.

to mark the spring and summer season, and
give assurance to active enterprise in all
substantial business relations. We notice
that iron has experienced very decided ad.
vance, and suspended furnaces are about to
resume work, and those in operation are pre-
pairing with enlarged facilities. Stocks of
every description are in more active de-
mand, at advanced prices, and very lively
interest is being infested in the wheat
market, with prices growing stronger each
day. These indications are not spasmodic.
They are the steady evidences of returning
confidence and business enterprise. The
advance in iron is the result of actual de-
mands, and. from the fact that enlarged
facilities for the manufacture of this article
are being arranged in the iron districts of
the North and West, and the numerous in
quiries made of our own section for ores,
justify the conclusion that there is perma-
nency in the activity in the iron trade. The
gradual advance in the price and the actual
transactions in all kinds of stocks. evidence
that surplus capital is seeking other invest
nents than United States securities, and
reaching into the active channels OF bust
ness in which confidence is becoming more
assured. The advance in wheat is not the
result of local causes, but growing out of
causes which we have argued for the past
eight months existed demonstrated defic-
it in the English and French crops. We
have heretofore expressed the belief that as
soon as the immense stores of breadstuffs
accumulated in England and France, in con-
temptation of European disturbances, was
consumed by the natural consumption of
those countries, it would be found that the
ceficit in the crops there would equal the
surplus in America, and that the cereals
would then approach in market price to
their proper value. With demand and
supply about evenly balanced, it was right
to estimate the cost of production and what
ought to be remuneratiye profit to the pro-
ducer upon his investment and labor, in or
der to get at the probable price of bread
stuffs, apart from all war complications in
the east, and solely with reference to the
actual condition of the demand there in
times of peace. 1t was from considerations
of this kind, doubtless,tha Mr.. keene made
his purchase, to hold, of about 10000
bushels OF wheat,as we now see stated is the
amount. 1t was very easy to see that the
European market would be glutted by rea-
son of the large supplies which had accu-
mulated in contemplation of war with Rus
clio opd hot rror dod unp1d FOL 10 ,,,o,kl,,
to reduce them by natural demand, so as
to affect the prices in the United States. Ex-
portation of wheat was in measure sus-
pended, which depressed prices in this
country, and this had to continue until the
cause was removed by ordinary consump-
ton. We are face to face with that fact
now, and the exposure it makes is large
deficit in the crops in both England and
France, which has to be supplied from this
country, as Russia has none to export.
Not only this but the current year will de-
velop state of affairs to greatly encourage
the American farmer. It lisa demonstrated
fact, but recently recognized, that wheat
cannot be raised in England to compete
with the United States, and that wheat cul-
ture is being generally abandoned in that
country, because capital can find more re-
munerative employment. Russia. too, will
sall short, this year, in her production of
breadstuffs, because Of the disturbance of
agricultural industry during the Turkish
war, and the more recent commotion result
ing from the spread Of the plague. The eff
feet of war upon agricultural pursuits are
generally more seriously felt and clearly
seen the year succeeding active hostilities,
and Russia, this year, will realize this fact,
while the United States will profit by it.
This country will be the supply market of
the world.
We draw the conclusion from these re-
Elections, that the present is to be year OF
substantial prosperity for the United States
in all industrial pursuits and legitimate bu-
siness endeavors. With our currency restored
to normal and safe basis, misunderstanding
the spirit of speculation and gambling, and
the pursuit OF industry stimulated by healthy
demands, there is no good reason why we
should not indulge well founded hope for
To share in this promised prosperity, we
in Virginia must adjust our local complica-
tions, SO as to relieve the popular mind of
the harmful effects Of agitation, and inspire
confidence not only at home but abroad
The State debt question must be settled, and
the minds of the people, relieved from anx-
iety, directed to the practical business af-
fairs of every day life and the development
of the material resources of the State. With
this stumbling block removed, we have no
fears for the future of the old Common
wealth. Not only will new enterprise and
capital seek employment here, but reviving
business will put a check upon the fearful
exodus of our own people-the young blood
and vigorous manhood which Virginia has
too lavishly contributed to the enrichment of
other States to her own detrment.
If the Legislature now in session will
promptly meet this issue before them and |
dispose of it-sett lie the debt question upon |
an equitable basis-much will be forgiven |
of past direliction. The people can then |
turR their minds from the gloomy and for |
hidden past, look upon the bright side of the |
picture, and push forward under more en-
couraging auspices to an inviting future.
Advance in Ircn.
The iron men of Pennsylvania are happy
over an advance of $3.50 per ton within two
months, accompanied by much larger de-
mand. The Philadelphia Record says:
Most OF the mills in the State already have
their production sold for months ahead, and
one mill has had to decline an order for 90
boo tons of steel rails because they had more
han they could do already. Structural iron
is in such demand that many of the larger
mills are getting larger establishments to
help them fill their orders, and busy sum-
ner is anticipated. One of Philadelphia
largest machine tool works reports that
leavy machinery is in greater request than