Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1891-07-15
[tot, $peftator.
|NESDAY, JULY 18th. 1891.
ling Prospects for the Farmers.

ling Prospects for the Farmers.
respects for the farmers of this
sem to be of the most encouraging
They have great reason to hope
will receive good and remunera-
les for their abundant crops. The
in Europe must raise the price
stuffs of all kinds. 1t is fortunate
them and us that our farmers are
with such fruitful crops. In the
financial bulletin of July 11tb, is
y the New York Banking House Of
Clews g. Co., tMr. Henry Clews
The very important crop question is
ssuming measurable dimensions. An
mt English authority on grain
tics, while anticipating an almost
sge British crop of wheat, estimates
deficiency in France at 1870 million
els, and some French calculators place
The deficit as high as IT'S millions. The
z total European deficiency to be supplied
J from external sources, the English esti-
mator places at $50 millions of bushels of
wheat; or, if we were to accept the figures
of the French statistician for France, the
total European deficit would be about 430
million bushels. Seemingly, therefore, it
may be assumed that Europe will have to
import about 400, 900, 900 bushels of wheat.
Such demand implies higher price for
that cereal than has prevailed during late
years; and, were the price estimated at the
confessedly low figure of 81 per bushel, it
would follow that Europe will have to pay
$4e9, 900, 900 to other parts of the world for
this cereal; which is an amount almost
thout precedent Our own crop is vari-
!. sly estimated between 500 and $50 mil
ION bushels; and, as prospects now stand,
so millions is perhaps fair estimate
Estimating our domestic requirements for
I ,arious purposes at $50, 900, 900 bushels, we
should have, at this rate, surplus of $780,.
100000 bushels for export, assuming the
home stock to remain at Its present guam
tity, whatever that may be-
according to these estimates, We are in
furnish to Europe close upon,
-. s.,DIy fully,-one.half of its total
required imports of wheat. This means
that this one item of our exports will
amount to something near $500, 900, 0OO.-
To the United States, this is very ex-
hilarating prospect; but to Europe it is
very gloomy one. Even we're the European
nations in prosperous condition, such an
extraordinary necessity to buy bread from
foreign countries would be appalling; but,
coming after an enfeebiing financial crisis,
on the heels of a large drain of gold into
Russia, and at a time when Industry is
contracting and foreign trade is languish-
ing,-what may be the possible result of
these short harvests to Europea 1t is use
less to predict; and it is imperative to wait
for consequences. The present attitude of
expectancy assumed by Wall street is the
only safe and wise ono under such circum-
stances. 1t is not likely that We shall be
permitted to reap this advantage of a great
crop without some sort Of drawback, and it
is wise to wait and see in what form that
drawback is likely to come. Europe will
find it impossible to pay US for our wheat
without making some sacrifice. She will
offer her products to us at low prices, or
consign them for sale at what they will
bring; if we accept them freely, our wheat
will be SO far paid for in goods instead of
gold; if we buy only our usual quantity of
imports: then Europe will DO compelled to
pay us largely in our securities held there;
and, in that case, the settlement will not
be conducive to buoyaDcy in the New York
Stock Market. For these reasons, We ad-
wise moderate expectations, at least until
the future of Europe becomes palmer"