Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1892-01-27
COMMERCIAL And FINANCIAL
PRODUCTION AND CONSUMPTION.

] The New York Sun calls attention to tie
shrinkage in recent years in the volume and
a still greater shrinkage in the value of the
grain which we ship to foreign countries, and
declares that the food products of the United
States will in few years become insufficient
for the support OF our own people. According
to its estimate, says the Richmond Times we
are adding some 100000 to our population
annually, and therefore it is necessary in order
to maintain our present standard of living that
we should add about 4, 800, 900 acres yearly to
the fields now planted in grain, hay, potatoes
and cotton for domestic consumption
| The reports of the Agricultural Department
show that the additions ten years ago, which
averaged more than 100000 acres per year,
have in later years fallen to less than 1000, 900
acres, and that a very large proportion of
these insufficient additions have been absorb
ed by meadows and cotton-fields The result
| OF all these influences pointed out by the Sun
is that we are now yearly absorbing in domes-
tic consumption the product of from two to
| three million acres that heretofore has gone to
swell the volume of exports.
In predicting the early arrival of the day
when the American people will consume the
full volume of our American products, the
Sun does not take into consideration as care
fully as it should the extent to which the area
of production can be enlarged even in the
long-settled portions of the United States.
The supply is destined to equal the demand
for practically indefinite time, in spite of the
increase of our population by the operation of
natural law and additions from immigration.
Any permanent advance in the price of
wheat or corn would signify proportionate
enlargement of the present area devoted to the
production of these crops. The amount ex-
ported will show marked decline long before
there will be any equality between the volume
of consumption on the part of the American
people and the volume of production as in
creased by utilizing the whole of the area in
the United States which is adapted to grain.
FINANCIAL.
From the Financial review of Henry Clews
OF Saturday last, we make the following ex-
tracts
During the past week, there has been what
may be considered healthy break in the
Stock Market. A combination of influences
has favored the disposition of the sbears'' to
make demonstration in force against the
''bulr' side. The situation of our relations
with Chill has been made lurid with war
paint, and the pens of rumor-mongers have
been dipt in ensanguined ink, as accompani-
ments of sensational assaults on the "bull'i
position. simultaneously, the disagreement
between Mr.. Gould and the Western Traffic
Association was distorted and exaggerated in
to shapes calculated to excite apprehensions of
widespread freight war; and what seemed
to give color to these distortions was the fact
that Mr. Gould himself had nothing to say
calculated to allay such fears.
vigorous demonstration made ON Tuesday
resulted in a decline of II to points through
out the list. This success however developed
an excess of short sales, and the discovery
of the dangerously oversold condition of the
market caused, on the following day. rally
to about the range of prices from which the
decline started.
As conditions now stand, there is nothing to
warrant extreme advances, and attempts to
forces prices largely beyond intrinsic values
are not likely to pay those who participate in
them, but may easily have the effect of bring
ing about collapse and disappointment which
would set the market back to the condition of
stagnancy from which it has just emerged
The situation however, has all the elements
TO healthful tone and frequent
fluctuations and if not spoiled by the excuses
of over-sanguine bulls" it affords promise of
the sustained activity which is most profitable |
to all parties.
So far as respects infuences.acting from out !
side the market, there has been no important
change during the week. The foreign markets |
have afforded no support to New York. On
the contrary, they have unloaded on this CEN
tire; but, with the present abundant means |
here for carrying stocks, these realizings have
had no serious effect. 1t now appears that |
London's long waiting for ''the moving of the
waters at New York was not with view to
the resumption Of speculation but to the get
ting rid Of its stocks twill not be surprising
II they are bought back at higher prices at a
later date. Wall Street is perhaps about even
ly divided as to the probability of the Chill
developing into war. In Tuesday
"bear" performance, it was assumed not only
that war is probable but also that the war
would be great national disaster To the lat
ter supposition, Wall Street at least sees an
other side War could have no bad effect on
the national credit; for the losses and costs
would have to be paid by Chill, and if they
proved larger than our fractions little neigh
Dor was able to pay, they would still
be SO small in proportion to our
resources as to produce no effect
upon the financial status of the Government,
the power and greatness of the Republic.
The national exhilaration and the large naval
and military expenditures would, however,
have direct tendency to develop activity in
certain branches of business, and the effect on
Wall Street would be to stimulate speculation.
Some surprise is felt that, in view of the I'M
precedented amount of our current exports
and the relative moderation Of our imports,
gold should not be coming in from Europe.
1t is not sufficiently considered that this is a
season Of the year when a great deal of liquid
alton of our foreign obligations.is always in
process, which almost invariably turns the
foreign exchanges against US and is liable to
produce exports Of gold. Currency is still &C
cumulating in large amounts in the New York
banks, and no doubt is entertained anywhere
of money remaining abundant here until next
harvest. The distresses of Russia are so tenn
pering the ambitions Of that power that, for
the time being, there is a complete cessation
of war symptoms in Europe; and as the weak
ening effect On Russia of her great famine is
likely to keep her pacific for the next two or
three years, it is not improbable that we may
soon witness a revival of confidence across the
Atlantic.