The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-08-11
Spirit Of the New York Press.

OF ''The Crops and the Fall Trade The
Evening Post says:
We have taken some pains, from time to
time, TO ascertain and report the condition o.
tne crops throughout the country. Business
In general depends pom the crops, and an
early indication of the prospect greatly as.
slsts in making up the estimate of the de-
mands upon the mercantile and mauufac-
turing community for the coming season.
Inese reports have been necessarily imperfect
and uncertain, sometimes differing with the
changing weather and the approach of the
harvest. Now, however, the time seems to
have arrived when we may confidently speak
OF the prospect of most of the crops, and our
Information is very encouraging, marked
improvement having taken place in the last
two or three weeks.
Contrary to all expectations month ago,
the cotton crop is very promising Good
judges estimate that it will exceed four a il
lions OF bales The grain crop, too, all over
the country, OF course always excepting a
few remote points affected by local causes
will be large. In view of the rapidly increas-
ing facilities for moving the crops, it seems
reasonable to expect very large increase on
the amount brought to market last year
The apprehensions in relation to corn may
also be set at rest; for the most part the yield
will be heavy, if no extraordinary event shall
interfere, and the cases of failure will be very
iare. The tobacco crop is promising heavily
everywhere except in Maryland, where the
drought severely affected it. The potato
crop will be largely increased. Hay and
vegetables are generally good. The IN
ly failures1 are in fruit, and it is prob
able that these are locally limited, many sec
tiOns reporting more than the average re-
turns. On the whole, we believe that the
crops of the country will be increased this
year even in greater proportion than the
increase of population and wealth.
With this prospect in view the retail trade
is already beginning to look up, and a lively
fall business is anticipated. Reports from all
parts of the country show that the retail
stocks are much lower than usual, ami, there
fore, no panics or disturbances can probably
arise from false calculations on that account.
Indeed, business has been reduced to a hand
tO-mouth system under the late prevailing
uncertainties. There is no account of gener-
al failures, aud the prospect is OF steady bust.
ness. The only irregularity any where re-
ported is in New Orleans, where few COM
mission merchants have become embarrassed
on account of too large advances to the
planters. They are not failures, however,
With this prospect in view, the retail trade
is already beginning to look up, and lively
fall business is anticipated. Reports from all
parts of the country show that the retail
socks are much lower than usual, and, there
fore, no pancs or disturbances can possibly
arise from false calculations on that account.
Indeed, business has been reduced to hand
to- mouth system under the late prevailing un-
certainties. There is no account of general
failures, and the prospect is of steady business.
The only irregularity anywhere reported is in
New Orleans. where few commission mer-
chants have become embarrassed on account
nf fnO largo advances n IN 1,Ia ,b..,,
are not failures, however, and it is likely that
when the crop is in the market, things will be
restored to their former condition. 1t may be
remarked here that this temporary embarrass-
ment is the result OF a return in part to the
old system which held in the cotton states be-
fore the war, when almost the entire cotton
crop was pledged to the factors for advances.
1t is pity that the system was ever adopted,
for it opens the door very wide to fraud and
gambling.
Under the head of ''The Public Sence," the
Times notices the attempt of the stockholders
of the Brooklyn Trust Company to re-organize
and continue business. 1t thinks that in the
view of the past the public cannot have great
confidence in it and continues:
Nor were the opinions expressed BIZ some
of the more active stockholders, at the re-
cent meeting, calculated to make the future
of the company any brighter. i will be re-
membe,ed that the company fell into its
present plight through losses caused in three
ways: Firsf, by loans made on bonds that
rroved TO be worthless; second, by the an
monriation of the money of the depositors by
fhe President; and third, by a loan-iIlepaj
and in violation of the charter-made To fbf
Secretary, or Cashier. These 10. ses the al,
rectGrs did not prevent. When asked wbv
they say they could not, and Mr.. S. b. Cbitten.
den, stockholder, an experienced director
in financial institutions, and highly reputa-
BILE merchant, assents to this view. Directors,
he declares, cannot protect a bank or trus'
company, when its president and secretary OF
cashier, both combine to commit wong u
This is certainly not an attractive doctrine
for those who are invited to put their moDey
in the hands of this Trust Company II
shows only too plainly, what we pointed oui
with great regret when this disgraceful de.
fault was discovered, that the popular idea
that reputable directors strengthen such insti-
tutions, had very little support in fact. The
people do trust directors. If directors are
helpless in the hands of couple Of subordi-