The New York herald., 1874-09-28
FINANCIAL and COMMERCIAL
A Weeks Bull Market on the
Stock Exchange.
TAe Situation Viewed from the Standpoint Of
the Produce Markets.
The Industrial Activity of Forty
Millions Of People.
WALL STREET,


SUNDAY, Sept 81, 1874.
The week which closed on Saturday night wai
An eventlul For the first time since the panic
ss lS73-twelve months ago-has the street wit
messed q "buL" market lasting through entire
nx days operations and leaving OF with the
promise OF continuance. That such should be the
case now after such heightened interval OF un-
easiness, distrusr and dulness, has In It signln-
cance greater than apparent results. The HERALD
IN its daily mission as leading journal, "hoiding
the mirror up to nature has rejected from time
70 time the causes which lead US 0y mere process
of deduction to the position the market presents
to-day We have had occasion TO speak frequently
Of the sleady silent work which was going for
ward strengthening the recuperative forces OF the
country and inducing fresh enterprise. We have
pointed out the fact that 40.o00,0o0 people could
not remain idle all their lives, and that
II would require more than one panic such as that
OF last year to break the spirit ana repress the
energy OF industrious, striving communities that
dot the surface OF this favored land. We simply had
faith. And having held 1t no: as a prejudice put
as a conviction, we are not surprised at finding it
justified. This recovery, too has been OF that
slow conservative growth that gives assurance OF
It's continuance. We are
NOT on THE EVE OF A NEW SPECULATION.
This may be accepted as neither prophecy nor
caution. but simply TACT. The retarded growth OF
the country reasserting its existence, and busi-
ness is revivlng because consumption demands
further supply. The starting point OF this revival
has In it everything OF encouragement. Money Is
abundant. This Is one feature, but as we have
had occasion before to quote shrewd commenta-
tor, money Is like manure, piled up in heaps it
stinks, but distributed over q large extent Of
territory 1t fructifes and does good" This
distribution we are promised by the necessities of
is somewhat retarded by the blind wilrulness Of
the farmers in holding back, the latest reports
give confidence in regard to the ultimate result.
u now appears that
THE EUROPEAN YIELD
has been largely exaggerated. despatch from
Odessa, under date Of August "a, to the Antwerp
PRECURSOR says:-''rhe drought, which has con-
nnued now for over Six weeks, has completely de-
stroyed the Indian corn crop, and the small lots
now offered for sale are held at enormous figures.
The export OF this grain has completely ceased"
Further inquiry on this head gives the following
Information
The firm of Bartnelemy Estrenne, Of Marseiles,
in their usual review Of the crops, which Is
sidered an authority in France, as wen as In Ger
many and England, says:-"The wheat crop Of
France has been very good In 46 departments,
good IN 81. fair in and rather poor IN depart
menI The rye crop was very good in depart.
ment. good In Is, fair In 81 mddllng in Is and bad
N departments. The barley crop was very good
In depsr tments good in "a, lair IN "a and Dad IN
sdepartments. Oats turned out very good IN
departments good In H. air IN 15 middling in II,
rather fair IN 81 and bad in departments. the
prospects for Indian corn are very Hne in depart
In department. AS rye, barley, oats and Indian
corn are not cultivated IN all departments, the
Inn those Sc % arssns ls smaller lei than those Ientioned
IN connection With wheat.
Advices from Russia, furnished TO the Vienna
Ne,Ie Freie Presse Of August 20, state:-
In the government OF Kaluga the winter crop
.nss4 y se co coud
not recover. Thus poor crop Is expected. The
governments Of Kostroma Is little better on
though tue crop Is by no means satisfactory. In
the western governments OF Lithuana, Pskof and
MOnnev the crop looks barely fair with the excep-
fer. In the government OF witepsk the hopes for
good crop had been given up last spring, Things
look better in the adjacent government OF smo-
the summer crop makes up for the deficiency. From
the Baltic provinces the reports are quite IN
suSered BY the cold, aud the winter crop, with
perhaps the districts Of Dorpat and WALK do not
promise much. In Esthonia but middling iair
crop Is expected while in Couriand very bad
crop, ana even total failure Is looked for. From
Poland the news & also oy no means Gs s9od. az da
Piotrkow the frost has nearly killed the entire
crop, while in Lomsha good harvest and around
warsaw satisfactory one are not impossible.
The winter crops were retarded BY the cold ana
the summer crop could only De planted At very
late 0ate. Ia the pdTb VI eAC COi0
has injured the crops in the governments Of
Viatka Ol0netz voOgda, Perm and Novgorod
The crop win therefore be but mlddling II not
bad, except, perhaps, in Perm, where the weather
was somewhat mider. From the caucasus re-
ports are to hand stating that In the governments
Of Stavropo and Terek q good crop is looked ior,
while ior the Kuban country the opinions are al.
vlded. Official reports speak OF rich crop, wmle
private advices state that there ls no hope for a
rood crop. In Georgia the crop suffered from
heat, IN Imgreha and Inertia from the rains. In
tne country OF This the summer crop has been
folu hnr Y 10
vicinity OF Poti, the shores OF the Black Sea- 1t
was damaged in May by the heavy rains.
The Augsburg AEgennetne Zeitsra1 states that,
'by an imperial decree August 2D, the export OF
grain from Abainasa, Turkey, has been interdlcted
on account Of the bad crop"
Later advices add that the reports OF the
Austrian Department corresponding to our Agri.
cultural Bureau, have largely exaggerated the
prospects OF the crop in Hungary, and that in.
stead OF being above average 1t viii iall largely
short These concurrent advIces, coming from
30 many points, give US the assurance that, In
spite OF our errors, we still and will have market
for surplus crop. This is the keynote ofour whole
financial siiuation-the corner stone oil our entire
industrial economic structure. We are producers
The world is customer. The numerous reports o.
extravagant European crops that might crowd us
from market have been during the past month O
deDatabe speculation, the one weak point in the
front Of rehabilitation. IL does not seem 10 stand
the test OF inquiry. and although caution IS ye
tse true word In all departments OF trade, there
n still larger confidence In the knowledge that
WE HAVE SOMETHING TO SELL
and know people who. If they do not want tc
now will want TO buy.
The above is astrictly financial view OF the sit
nation. and, to show how closely related are cause
and eject, we reproduce the following paragraph
from commercial and financial Journal giving
The weeks situation from the standpoint OF th'
Produce Exchange
Good weather and q general feeling that busi
ness matters are IN O sound position have con
iriDuted TO q more active trade Ia merchandise
during the past week. SO much uncertainty
exists respecting the probable demand and sup
ply OF domestic products, and such wide diner
ence prevails between current prices and those
rullng one or two years ago at the beginning o
crop years, that commission houses as we'll o.
dealers and ratOrs feel uncertain Of their posI