The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1891-09-10
Gram BEINGS TIE GOLD.
Over 81. 900, 600 a Day Coming from
Europe to Our Farmers All Things
Eisa Writ-f3 Wheat

Over 81. 900, 600 a Day Coming from
Europe to Our armers I'll Things
Rise WITH Wheat.
Golden, indeed, is the Anerican grain
now finding It's way il mighty sliip-loads
every day from New York towards hun
cry Europe. At its present rate of ex>
! port this wheat and rye and corn must
4 bring back to American farmers not less
! than 81 ,000, 900 2 day The grain is go>
/ ing at the rate OF 100000 bushels daily.
American wheat is now selling at about
/ Sl.l0 u busliei, and the crop yet. to be
I drawn from is enormous II has iD past
! years sold for sixty cents q bushel with
smaller crops.
4 All this is independent of the specula-
/ tive influences that are unquestionabiy
at work already on this side OF the At
lantic to boom grain prices. 1t simply
means that, with nothing but the law
of supply and demand 1T work, the mil
| lion a day which must come to American
farmers comes not as a drain upon their
/ countrymen VINO invest or speculate,
| but from consumers in the old world. 1t
! is European gold that pays for the grain.
But his reward is to be enormous this
1 year, any way
Last week England became also a
| heavy purchaser of American stocks and
/ bonds. The extent of this purchasing
tor investment may prove the most i'm
/ portant financial fact OF the year
The experience of the week indicates
| that the foreigners see that the securities
OF this country are bound to rise in view
of the big crops and the big European
demand for them. The sanguine feel
ings and acts, especially of London, in-
sure Il larger importation Of precious
metal between this and the close of the
year than anybody has supposed
Already, indeed, the turn of the tide
in gold has begun. Heidelbach Ickel-
heifner & Co. are advised that $G50,000
! gold has been shipped to them from Eu-
rope The firm state the gold will come
from both France and Germany. They
expect other shipments to follow.
An enormous wheat deficiency is to be
/ supplied, with America as the only great
4 surplus producer to draw from. Ordi-
narily this countrys exports of cereals
to Europe are very large; but the fol
lowing estimates as to the worlds grain
products this year indicate how much
larger they may be- The yield OF wheat
is placed at about 2, 100, 900, GOO bushels
of which America has produced 585, 000,-
900, and rye about 1000, 900 000, Of which
| %. UUU,UUU DuSUSlS are nOluG>gfOWD, OG1uG
about 1870, 900, 600 bushels below the aver
age for wheat in the world, and abont
260 000, 600 bushels below the average for
rye.
In Russia the wheat surplus amounts
to about 4G, 900, 900 bushels, and the rye
deficit, offsetting it more than two fold
amounts to about lis, 900, 900 bushels.
From Chicago the movement of grain
eastward is reported to be enormous.
About 5000 cars of it shipped Saturday
passed east and possibly 5000 cars
4 fer Monday and Tuesday, the largest
eyer known. will be recorded. Con
wheat 2! cents per bushel before noon,
and corn Il cents. An effort to corner
corn in Chicago is reported
In sympathy with all this upward
| movement it was expected that syndi>
cate of bankers would be organized by
! the lst for the purpose OF taking from
$1,000, COG to $4,000, 900 Of the Al per cent.
Government bonds at the extended rate
of 2 per cent. after. TO morrow. But be-
fore the close of the business day it was
/ clearly indicated that the movement
would not succeed as less than 81, 1000
600 of the necessary $4,000 600 had been
subscribed. BY 4 O'Clock y. m, the
scheme had fallen through, although
1 President z. D. Tappan, Of the Gallatin
/ National Bank, said it wouid have sue
4 ceeded If the Government had extended
! the bonds at = instead eff 3 per cent.
ia london the excitement on the
Stock Exchange continues with an in
creased intensity, and there was q gen
4 eral advance in the prices asked and Of
\ fered fer American railway secufities
At Vienna the international Grain
! Market fer 1891 was opened with large
attendance but with limited dealings for
| the 0ay