The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-09-03
Col. J. Lewis Peyton on the situa-
ton

Leeets Pegt0R, who has been si,enolrIg q sho
sumner aanasf Outing N New York city, and on I'll
Hudson returned last week with his family
oseephlH. While in New York he mixed niue
WIN business men, snch as Latham, Alexande
y 20, OF wall street. 2. George & Co, Of Sout
street, and others OF prominence in f,nancis
circles, all OF whom seemed much Interested i
1ile ooath, ana lne development gong on ther
-tspechtiiy III virginia. From such sources h
gathered the conclusions that the present duI
ness IN money and the markets is due primaril
TO The einbarrassnents of Barring Brothers q
/ london, and the suspension of the River Plat
Aauk. The troubles OF both grew out of thei
euoSts TO uphold the credit OF the Argentin
inafKer which has caused d Weakening iii price
I III many cases ana extreme ILLNESS in Others #
pg nlin as only teinporaryan ad
| Netse lhhaehce which is offset by the belief tina
the demands OF Europe and America for grail
/ WIN DE- e1tIaprdiIarg, or for all other Aneri
can commodities large, including coal oil fo
/ Whlch there is an increasing demand AS the
harvest Is over and the crop has everywhere
! gufned out fuiy equal 20 expectation and the
Western ana Southern granaries are overflow.
! ing, Gne time VIII soon come, said Col Peytou
| Wneh the distribution OF the grain crop ana Of
the tobacco aud cotton of the South through al
Jhe channels or transportation viii give not on
y ANIMATION but revived PROSPERITY to every In
duStriai interest.
Cur reporter asked - Is wheat already coming
III III large Quantities
Col. Peyton replied The forward movement
IA wheat mas falriy commenced and France has
aireaay ordered from the I,gl6imore market
aH1,JSj bushels, ana New York options matuT-
ms during the next 60 days amount to 50,0GU,000
LUG 1Di1adfG cQIItU5 10 the coast as fdulQlV
as freight accommodate ons are obtainabe. the
effect Of Which VIII be to cause a flow back OF
the gold we nave recently exported to Europe
ana many millions in excess OF what we have
exported
Repr- What is likely to be the extent of the
foreign demand
Col. r. The deficit In Russia is over 10000 COG
bushels Of wheat. A shortage of about % per
cent, in Russia means 50,0GVo00 of bushels, and
shortage Of 10 per cent. in the rye crop aud rye
constitutes the chief support of the Russian
psasantry, or adeliciencg in that Empire alone
OF 2ae,o01.00 bushels. The situation is aggravat-
ca py late .hafVest1n AnSiand and the pros
pect Of a famine III sndia.-Whiie this VIII cause
distress, suffering and death to many III those
Inflated countries, it means prosperity to
American farmers and this is already reflected
IN the booming market iii Chicago foI grain
taken for export
hepr.-What IS the condition of the New York
money mar6etf
Cot Peyton.- Money is abundant in New York
but The business situation as to tha future for
the causes ! have enumerated and others, is
sucn THAI Recommendations or discounts are OBJ
tanned with diIhculty dealers in commercial
paper complain that Notwithstanding the large
bank reserves, paper cannot be sold freely In
the city and the country banks buy little owing
to the home demand for discounts, which alb
serbs their funds During lily weeks sojourn
i'll New York the bank deposits increased over
S6,0G0000- While this was the fact railroad mum
icipai bonds and ouher public securities were
dull-investors holding back for lower prices, or
turning their attention TO oshar 1eids-this, of
course, Is regarded as diScOuraging feature, as
al boarding cfippies trade, but as it cuts Oft
profits also it is not likely to continue long.
Hepr--Was any interest expressed as to the
South and her present condition and future
prospects?
Col Peyton.-There is a great deal said about
the South, her minerals ana other resourc ,ner
Increasing enterprises and prosperity, ana it is
not all talk There is q strong tendency on part
Of many to come South and in others to invest
here and unless all 81 fall the next u
months will see a considerable 1ow OF Northern
people and capital to this region-more espec-
tally TO Virginia, which is regarded more favor
ably than other Southern points
lst Because she is considered the most back
ward liz development of the Southern States
an almost Guoecupied region
IND. Because her iron ana other ores are
proved &c pa OF a superior character; some of
her iron heing really Bessemer ores, and her
supply of water ample, which makes steam
a motor for raising and washing ores unneces-
Sary.
aid. Because of the healthy climate where
destructive droughts do nos occur-droughts
which devastate annually some of the western
States and have caused some of the copper
mines OF Michigan to close down this season,
and because of her cheap labor aaa moderate
means OF living
4th. Because OF the high character of the Viz
Sinla people for tfuth honor, and conservatism
and the hearty welcome always extended by
them TO strangers, and lastly because OF our
neafness to the great markets Of the North and
OF Europe. It's said that the e. o. Railroad
will soon have Ia operation transatlantic line
of steamers from New Port News to England
a matter OF growing Importance at this time
when France has rsscinded her prohibition of
American pork Portugal has reduced her i'm
port duty on wheat per cent? and other for
eign countries are following suit. In this t'on
AASSoiN@A ONtNfAis,i
mark that the settlement of our State debt is
matter Of growing Importance, As lohg. as it
remains open there is distrusE and an indispoSi-
tion on part of many to invest their money with
us. Our thrifty and entefprisiug neighbOrS of
the North. VINO have made their dollars, know
their value and are determined to keep Them
and are eminently a DEBT paying people.
Repr..-What is the general Northern opinion
of Virginia as a mineral region and the security
of Southern Investments
Col. Peyton.-it is well known in the North
where our ores have been analysed, that our
of our il'an-ures have not come pYt to expecta-
tion, is IS true, bug Others have exceeded them
In other words said Col. feyton the South can
not pc spoken OF as fehoe. When tie condltions
SO widely differ III different sections. In Fir
ginia it understood that we have in the Grip
pie Creek district and near VeSHvins in Angus
ia and Rockbildge, ores Of great purity and
from which steer may be nlanufactur
ed by the Basic proceSS-0res III when there is
a low per cent. OF silicon and sulphur. This
gives them decided superiority over the ores
of the Birmingham district where there is plen
ty of cheap raw material but it is not well
adapted to the Basic nrocess-aud over Chatta
nooga, which has better ore than Birmin ham
for the purpose hut it is dearer The ores of
Cripple Creek and OF the Mine ore banks near
Vesuvius, iii Augusta are so tow in silicon and
sulphur bhat steel OF superior quality Will IN the
near future, be manufactured OF them and this
means that Virginia viii rival western Penn
sylvania in population, prosperity aud wealth,
and give rise TO such n,iiiCMalfes Andrew
Carnegie. the Iron King, WHO Though under 60
years OF age has asnassed & colossal fortune
and has already dispensed in charity nearly
pressed as to the security OF property in the
South.
Repr--I Did you learn of any wealthy North
erners who had invested IN Virginia?
Col. peyton.-I learned that Andrew Carnegie
had this year invested $4,000 00e in s w Virgin
ia, anG that Mr. Norton, late President of the l..
& N. railroad, had purchased 100000 acres of
land in Virginia and the SonCh and that others
were following their example. No one of intel
ligence has q doubt as to our nlinel al wealth
nor of the productive character of our soil--its
yield Of grain, tobacco, cotton, naval stores,
7he,c So iS all
Peytou emphaticaliy. only question OF time
when the South viii be the waalthes5 section in
the Union and in connection with her natural
alIy-the West-onee more the controlling fac
tor in cur national affairs. Lea us, therefore
said he,' boom our towns, open our mines
build up factories. improve our roads and take
no step, or look backwards. but with e.ceeisior
for our motto, go straight ahead.
II we are true 70 ourselves and The State
Virginia will become the morning star~of our
commercial, Industrial, aud financial regener-
alton.