The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1880-01-29
opinions about the Wheat Market

OpluluAS dpuut tAc " AedC market.
To give our readers some idea as TO the
feeling about the wheat market, we re-publish
the following from leading city papers. We
by no means endorse the con illusions reached
in several of the articles. The fact stated
by the american that Russia, heretofore one
of the largest exporting countries, will her.
self, in all probability, have to import is
very significant. Aud while the american
makes the statement with misgivings as to It's
truth, we think the facts go to sustain its
verify. Famine prevails in three large
provinces OF that empire. Besides this, the
disturbed condition of the country and the
large emigration of the Mennonite popula
tion-all farmers-must necessarily weaken
the productive abilities of that people. We
may expect dissenting opinions as to the
price of wheat, just as the localities where
they are formed are interested in the rise or
fall OF prices, and we therefore present the
extracts to show onr readers what Others
think on the subject. The Philadelphia
Press says:
A few bold spectators have obtained con
troll of the grain in the Chicago elevators
and have completely blocked the ordinary
and natural operation of the market. They
paid more for the wheat which they have in
store than they can get for it now, and they
are holding on in the hope there. may be a
turn in the foreign market, which will en-
able them to ''unload" without loss. From
present indications they will most likely be
compelled to keep their wheat for some
weeks before they can sell it at profit. In
| the meantime their notes are maturing and
there is imminent danger of ''break''
which will send wheat down to its normal
price, as regulated by the foreign demand,
and wreck the highly inflated hopes of these
remorseless gamblers. They must have i'm
mense resources or they could not have
maintained the 'scorner" for so long time.
The general tendency Of the wheat mar ket
is downward, and it would seem that the
collapse could not be postponed much
longer.
One of the results Of this locking up of
grain is the extraordinary accumulation OF
vessels at the principal shipping ports. wait.
ing for cargoes. According to the New York
Herald, on Saturday last there were S72
vessels, Of all grades, in New York harbor,
and since then the number has increased.
The number OF ''unchartered'' vessels In the
harbor on Tuesday was officially reported at
440. There is plenty of grain in New York,
but it is mostly held by spectators, who are
in the same predcament as their partners in
Chicago. 1t would be ruinous for them to
let 90, and they find it very difficult to hold
on. There are nearly half a million barrels
of flour in New York, and an immense guam
tity of wheat. Hundreds nj ships are idly
waiting for something to carry across the
ocean, but out of all the vast store OF accum-
lated freight only few OF them can get
cargoes. The vessels arriving greatly exceed
the number of departures.
The reported failure of the crops in the
principal grain growing countries OF Europe
turned the heads of the spectators in this
country. They ran up the price of wheat
far above the Liverpool quotations, expect
ing that the necessities of tie foreign con-
sumers would soon enable them to make a
handsome profit, but in this they have been
disappointed. There is foreign demand for
wheat and flour, but the rise in price at
Liverpool has not kept pace " 18th the rise at
Chicago. and there has been no time since
the active speculation began at which the
operators could have sent their wheat abroad
except at a loss. They have entirely para
lyzed the natural operations of trade, and
the spectacle of great fleet OF vessels lying
| idle in the Atlantic ports is not pleasant to
contemplate. There is enough of freight to
furnish them all with cargoes, but it is not
| available.
| There are sixty-two vessels waiting for
cargoes in the port OF Philadelphia and sew
enty-one at Baltimore. The same causes
which have prevented the shipment of grain
| from New York are operating here, but to a
less extent. Twenty five vessels are now
loading at this port. The stock of wheat
and corn available for shipment would prob
| ably amount to one million OF bushels, but
until there ia rise in the price abroad, or
| fall here, it cannot be moved. As long as
| this state OF affairs continues ocean freight
will be very low, and the owners OF vessels
will have to be content with short profits, II,
| indeed, they are able to earn anything at
all.
The Baltimore Sun Of the 26th has the
following paragraph in its local columns:
The price of wheat declined 4 cents
bushel at the Baltimore Corn and Flour Ex-
change on Saturday, and the market was
demoraliZed and panicky. Western wheat
on the spot closed at 81 SO bnshel, and the
decline in that for future delivery was even
greater. These prices were merely nominal.
for in the afternoon there were few or no
buyers at these figures. The decline here
for the week was about 6 cents q bushel.
There was general fall on Saturday in the
other wheat markets OF the United States,
and spectators were badly hurt. An i'm
preston seemed to prevail that the so called
syndicate, which has controlled the gigantic
wheat s'c0rner" are letting 90. Rumors OF
troubles OF prominent graia brokers we're
current in New York, but the reports were
not verified. The brokers made their mar
gins good, but lot OF outside spectators
were completely wiped out, The idle ton
mage in the Atlantic ports at this time is
greater than ever before, and for nearly
three months the movement OF commerce
has been checked by the corner for higher
prices, The duration OF the grain blockade
depends on the length Of the purses OF the
syndicate, but the indications look as if the
trade is seeing the beginning of the end.
The american OF the Goth says:
A cable despatch from Russia comes op-
portunely to stiffen the grain market with
the assurance that Russia, which is ordinarily
our most formidable competitor in the Eu-
ropcan market, is likely herself 10 be a
purchaser OF wheat in the spring.
But Notwithstanding this possibility, the
realization of which we doubt very mnch, it
is hardly possible that the spectators can
maintain their present s'corner" against the
immense supply anc the weakness of export
demand. The effect of the speculation is bad
upon commerce, for there is blockade at
nearly every receiving point, and there is
more idle tonnage in the various grain ports
than has ever been known before. The
wheat market made heavy break recently,
and it is to be hoped, in the general interests
of the country, that the corner will be brok-
en- and the obstacle to heavy export trade
be reno ed.
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