Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-11-14
From the New York Tribune.
Improved Business Prospects.

From the New L ofk tribune.
Improved Business Prospects.
Gold remains steady at premium OF
one eighth. and imports from Europe are
now thought not improbable at an early
day. Our grain and provisions have been
going forward freely. The cotton crop
begins to go abroad largely; the exports
last week were 1874 bales. and during
ten weeks since September l the exports
OF the new crop have amounted to 493, 1897
bales, whereas only BALL. bales had, at
the corresponding date, gone abroad from
the crop Of 1877. There is no longer a
doubt that the crop is the largest ever
grown In this country. aud the prospects
10 Great Britain and on the Continent are
decidedly more favorable for large pur
chases than they were month ago.
Mean while, no material increase of i'm
ports has occurred, and the London mar
ket il searched In vain for United States
bonds to send back in settlement of BAL
ances. There is some reason to suppose
that considerable sales OF American shares
formerly held abroad have helped of late
TO meet the merchandise balance in favor
Of this country, but the prices of stocks
chiefly held in Europe are generally SO
low that movement to realize can hard
ly become important. Under all the cir
cumstsnces some remittances of specie
seem not improbable.
Business throughout the country is re-
covering strength. At the South, the long
pr0stration caused in the Valley States by
the yellow fever has nearly passed, though
transactions are still somewhat smaller
than they were last year, and collections
from that quarter are naturally slow and
difficult. At the West, the political cam
paign has interrupted business to some
extent, but greater activity will now be
stimulated by the increased confidence OF
dealers and lenders in the financial future
The crop movement continues larger on
the whole than that of last year, and the
shipments of grain from Western ports
have amounted from Angus: to Novem-
Der 2, to SO, 1897 ,2l9 bushels this year,
against 75,317, JAG bushels during the cor
responding week last year.
With No. 2 Spring wheat at Chicago sell
ing at 81 cents per bushel, the fact that the
movement continues so large at a time
when the farmers have been for several
years reducing their debts. and when no
especial stress for payments is known to
exist, is sufficient proof that the crop still |
10 reserve is extraordinarily large. All
the tidings from Europe appear to favor
IN increase in the demand for American
grain. The supply thus far, since the sea-
son began, has been less than at the same
date last year by about 100000 cwts
scarcely any wheat was being shipped for
Great Britain from South Russia, the ex-
ports of grain from Hungary have almost
wholly ceased because of the inferiori,y Of
the crop; France is importing largely,
having taken in September 292 ,44O quar-
ters, against 80, 1853 quarters in September,
1877 the old crop OF Australia is reported
to have been nearly exhausted, so that only
about 200 900 bushels remain available
for export; and the exports of wheat from
British India, from January to Septem-
Der q. were only l.. 1913, 706 bushels against
10.485. 15S bushels last year. the price be-
ing such as to prevent shipments to Great
Britain, The new crop will not be har-
vested until April. Apparently Great
Britain will in any case be obliged to de-
psnd on this country for supply of grain
materially exceeding the enormous ex-
ports Of last year, and other supplies will
be still further reduced should difficulties
between Great Britain aud Russia become
serious again.
Confidence in the success and ease nj
resumption has been strengthened, not
only by the elections. but by recent state
meats of Secretary Sherman. If he uses
his power. there is no doubt that he has
power enough. Fear of interruption by
Congress is at an end for the present, and
the plan OF substituting silver for small
notes indicates that ii is not intended to
let the silver legislation defeat resumption.
3. y. Mason, who ran for Gov. in PENNSYLVANIA
1ast week on the greenback ticket, has gone into
fnnolven~g flvar Qa0 DO0 in ;,d,,,o,,a -. l. -.