Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1888-09-05
SPECTATOR OFFICE,
Staunton Va Sent All

Il
ing. but the general several rains cause, for II
present, a suspens ion Of such work. The.
| therefore. seem to be availing themselves
1 the opportunity 10 tie in town with the
| wagons delivering wheat and other product
l and returning mainly with loads OF fertilizer
There was more wagon-trade and more farm
ers about the grain and fertilizer warehouse
to- day than have been observed for som
time. Everybody was busy, and cheerfulnes
seemed to prevail.
Our wheat-market is in sympathy with tn
trade at the larger commercial centers. With
out advancing quotations. we may say tina
the market is very firm and seems to be SOLID
with upward tendency. Considerable quanti
ties were delivered yesterday. We quote good
at 90 cents. Possibly few small lots OF extra
good were sold a fraction higher, and some in
ferior went OF at lower figures.
The continuing Interest to our farmers as
well as In q large measure with our produce
dealers exists In the wheat and hay markets,
Every species of information. and, 1t is daily
promulgated at the leading exchanges of the
limited States and in Europe concerning the
breadstuff markets. is Of the highest value to
them. We think no better service could be
rendered producers who have not full access to
the sources of intelligence than to furnish all
we can procure, and as rapidly as 1t can be
communicated.
The State of trade at Chicago is decidedly con-
trolling at all times. Whether gliding along
smoothly under the healthy influences OF legit:-
mate buying and selling or controlled by Wild
speculation the interest is unabated and direct
Iy concerns the interior farmer as well as the
trading operator in his product. More than
this. the great interests at New York and
Liverpool and London have their agents 81
Chicago. the center of the wheat interest OF
this country, and specific Information from
tina point, of which we have now last weeks
installment as written for commercial report
is highly interesting.
Wheat recently made a rapid advance and
the needle seems to be settling at an establish
ed point which will permanently maintain
the advance We viewed the advance as part
Iy under the publish" influence, but not
wholly so, and that seems to be true, as will
appear by the following taker from the COM
ments of the Prairie (Chicago) Farmer of the
2Sth uItimo, which is excellent authority
The Farmer says:
"The sensational feature on Change during
the past week was the big bulge In prices IoI
wheat, amounting, as It did, TO over &C. WiIn4 LILY
touched during the previous week 10 Inc nlgn'
est on last Friday, or in ten business Gays.
there was an advance Vc; OF IRON w
has been something OF q reaction que 70 Ine
free realizing sales by longs who mad nano-
some prOfitz In their trades. The advance was
entirely the result of legitimate Influences
There was no manipulation and no coLcefleo
action ON the part of the bulls 10 Doom Inc
market. Indeed. many traders VINO naa pee5
friendly to wheat for long time past, and
who had been predicting Sl@l.25 all along as
the ultimate price on this crop, were as COM
pIetely taken by surprise as the bear crowd Dy
the suddenness and extent of the rise. For tne
same reason the general public were long
comparatively little wheat, and the NUMBER VI
they might have realized, had they possessed
the courage OF their convictions, Is mucn
larger than the number whose BANK ACCOUNT
best of the situation from first to last In the
way of news. Foreign markets advanced
sharply for wheat. and the cables announcing
higher prices. short crops and DAD WeatneI
abroad generally brought buying orders: he
ports from the Northwest. where thrashing is
In progress, only went to confirm tne previous
advices of damage and poor quality. Tnen,
too, there was q free movement in cash grain,
both East and West. Local warehouse STOCKS
of No. Spring wheat were materially reduced
and at the close of bushes ON Saturday there
was but little over 100000 bushels OF con-
tract wheat in store. or about one-half the
quantity held by Chicago elevators on the cor
responding date one year ago."
No wheat in Chicago is about the grade OF
our good led wheat. We direct attention to
the statement respecting the small amount OF
wheat subject to contract and the comparison
between the present time and one year ago.
The day that the comments were written,
quoted above, cash No. 2 wheat In Chicago was
for Winter, "a, and for Spring 921z cents. The
same grade was selling at Chicago at about the
same price 1t was selling IN Staunton.
The crop correspondent of the New York
Journal Of Commerce at Chicago maintains a
bureau of constant and quick Information
from the British possessions including the
Bed River Valley of the North to Texas. The
Spring wheat of the high ATTITUDES and the
growing corn OF the entire stretch of country
named Is engrossing the most of his attention
at this time. His last report leaves the Spring.
wheat now harvesting. which is Immediately
threshed, as 1t was previously, having not met
with further injury from frost. In relation to
the growing corn, he says much of 1t Is In
danger OF damage from frost appearing again
within the coming ten to twenty days. The
corn is maturing very slowly under the effect
of the continued cold nights.
The last issue OF Bradstreefs has a most care
fully prepared statement, entitled the
Worlds Wheat Outlook" which would be
rich reading for every producer and dealer In
brsadstuffs. We regret its length forbids copy
ing at this time. This review modifies not It's
own, but the conclusions which have been an
nounced in other quarters concei ming the
interest above quoted. 1t does not concur In
the reported extent OF shortage either in this
country or Europe. We quote the conclusion
of the article. for that is the kernal of the
whole matter, as 1t concerns our Valley pro-
ducers and dealers in wheat
"The world as a whole has wheat sufficient
for the worlds consumption in 1883. but on
higher plane of prices. The price may become
speculative, may be carried too high, higher
than the situation warrants in which cases
there will be reactions. From the information
in hand 1t appears true that wheat supplies
will be so much smaller than usual and that
the reserves will be SO much depleted as to
warrant an advance in values. The higher
freights ruling will be factor In bringing
about this result"