Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1889-08-28
FINANCIAL AND COMMERCIAL.
TRADE NOTEs-CROP REPORTS.

diLion in several States of the Mississippi
Valley.
The northwest and the southwest have fol-
he last week enjoyed an uninterrupted season
Of dry weather. with temperature below an
average, Tor the season, but at the present time
| tending to higher record. All these condi-
| lions are timely and are of inestimable benefit
to the grain which is yet to mature and for
| thrashing and stacking both the winter and
! the spring wheat.
The large estimates which have been made
for the winter wheat crop seem to be still hold
ing out well. and in fact tho late furnishings
l have given better returns per acre than those
which were thrashed early in the season.
l There still is also considerable damp wheat,
but the percentage is not as large as it was
| thirty days ago. The demand from millers for
| wheat for grinding purposes still keeps up.
| This, no doubt, is the main reason why receipts
| at grain centres are, comparatively speaking.
| still small. The quality of this winter wheat
crop Is so good and prices are so low at present
| that millers seem very much inclined to stock
up not only for present but for future wants
with all the merchantsble wheat they can get
hold of at the present time.
The northwest could not have had fin err wea-
| ther for cutting and securing the spring wheat
| crop, and even in the most northern portions
| of the spring wheat belt harvest is~now COM
pleted and the grain going into stock grown by
the small farmers, but the large farmers, as u.s.
ual are thrashing from the fields. The move
meut of the new crop of spring wheat promises
| to be early and large. The spring wheat mill
ers want 1t. and they do not believe that they
will get 1t much cheaper than it Is now being
offered,
All things considered, the weather is better
for corn at this date than at any time during
the month of August. Even with the most
favorable weather two-thirds of the crop will
need until September Is to save 1t from dam
age by frost.
The receipts of corn are large, just as l ex-
pected to see. owing to the fact that the mild
winter helped us carry over a very large sur
plus, and the oat crop OF last season was anoth-
er saving to the corn, and the present oat crop
| now being thrashed enables farmers to sell
| their old corn and take their chance on the
coming crop.
THE SUGAR SITUATIoN.-The Cincinnati
Price Current of the 22nd instant, thus re-
fers to the situation in sugar:
The Sugar Trust has popularity been given
the credit of causing the advance in price OF
raw refined sugar. which took place during the
spring and early summer, and was about 215c
per pound from the middle CT March untiLt
middle of July during which time the course
was steadily upward with only slight and tenn
porary reactions at any time. Doubtless the
influence of the Trust was exerted in favor Of
higher prices for refined sugar, for the foreign
markets Tor raw sugar, over which the Trust
had little If any control, were constantly on
the advance, and there was SO much confidence
felt in the statistical position that holders
could be induced to sell only at higher prices
with each recurring transaction. While prices
were then going up dealers bought freely, and
thus added fuel to the flames and the higher
prices went the more urgency there was to
buy. syndicate in Europe endeavored to
control the supply of beet sugar, and this cna-
bled the holders of cane sugar to obtain almost
| any price they asked. The Trust in this coun-
try bought freely, and turned out more refined
than it could sell, that it was Obliged to store
large quantities. There was overtrading every
where. dealers carrying unusually large stocks,
but as long as there was no impairment of
confidence there was free movement, and
| everything was serene. But at last the Eu-
ropean syndicate found its load too heavy to
longer carry, and the strained condition ofthe
market became manifest, confidence was
quirements ceased and distributive channels
became ciogged with supplies, which specula-
tive holders were anxious to sell. Liquidation
| has been going on for more than month, and
prices have.declined cent per pound. Prob
ably the available supply of sugar was UNDER
| estimated while the demand was increased by
speculation, and these speculative holdings be.
| ing on the market have turned the tide, and
also the sentiment of the trade. Had the de-
| mand been confined to the consumptive re-
| quirements there would doubtless have been
| some advance. but not such radical one. and
| the market would have kept in O healthful
| condition. That refners entertained the pre-
vailing degree of confidence is evident from
| their liberal purchases of raw sugar, and their
accumulation of stocks OF refined, and the
| Trust must have suffered by the general de-
cline. The fact that the beet crop of Europe
promises to give the heaviest yield on record.
and to mature early, will have much influence
upon tho market from now until the eni of
the season, and unless Invisible supplies are
much less thon they are supposed to be the
| liquidation now in progress will prevent any
recuperation in value except such temporary
rallies as may result from speculative manip.
ula ion of the markets. Overtradlng is sure
to be followed sooner or later By areaction to
restore the disturbed equilibrium. and. this
restoration is now In progress.
THE Wool GROWING INTEREsT.-In
commenting on the determination of the
wool-growing to obtain higher protection
than was given by the Act of 1888, the
New York Commercial Bulletm observes.
1.-THE position OF the growers may be uurea-
sonable. but 1t is the logical outcome OF this
| extreme protectionism, against which our In
dustrial interests ought to set their faces. So
| long as 1t obtains and Is encouraged there
must always be a clashing of interests, which
! unsettles business and produces more or less
distress. The great need of the wool manu-
featuring industry is stability, and that stabil-
ity will never come while rival interests
| contend with each other at Washington every
4 winter over the amount OF duty which shall be
| assessed on the raw material The quicke
they come to an understanding the better, and
no understanding can be complete which does
not recognize the fallacy of trying to build UP
an industry by heavily taxing the raw mater.
ials. That is a false kind of protection"
THE WHEAT PRODUCING ARKA.-It is stated
by the u s. Consul General at st. Petersburg
that the grain producing lands OF Russia cover
some 10000 square miles of area-about $780,
0O0 900 acres. This Is represented In divisions
of about 26O 900 square miles of the arabic step.
pes and 100 900 of the black lands. The area
under wheat culture in Russia ID about 10000. :
600 res, including rye and other cereals the
total area probably is close to 100 900. 600 acres
or approximately one third the grain produc
ing territory.
1t is alleged that the larger part of the wheat
belt of the American continent lies north o.
n he, flor linz of Unit cd In 6
Canadian Northwest, where it is estimated
that an area equivalent to SOC. 100000 acres OF
more is suitable to wheat production, and the
soil especially rich
These figures suggest the possibilities of ex-
tension of wheat culture in Russia and Amer
lea, the latter being exclusive of the margin
for extension within the limits of the United
States. In this country grain culture now
covers about $50, 1000 900 acres of which about 81
yer cent is in maize, 26 per cent wheat, Is per
cent oats, per cent barley, rye. etc.