Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1882-01-27
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AN ENGLISH PROPHESY.
An English Journal Thinks the
Time of Financial lteaction "a nd
Trouble I'm Anne rica has Begun.

The PaH Mall Gazette discusses luguhri-
ously on the shortage in crops, the alleged
decline in American exports, etc, ETC., and
hopefully concludes that this country is
on the eve of troublous times, if not enter
ing directly upon another panic. In re-
cent issue il says:
"The question now being discussed in
financial circles is, will this New York
market endure the pressure of the coming
Winter without breaking? The New York
market is in very precarious condition,
not because this or that has happened, but
because it's resources are very much over
anticipated. A host of enterprises are
drawing upon il for capital at a rate which
only the abnormal prosperity of year ago
could justify, and it has not the where
wiihal to meet these demands. Compared
with year ago the exports of last October
were less by g3,600,000, and that in spite
Of the brisk trade done by San Francisco.
Apart from the effect of the heavier i'm.
ports, therefore, the United States are now
in the position that they held last year.
They cannot command British capital at
will and to the amount they please. IL
they want il they must attract il by selling
the securities of their undertakings here,
and there, again, they find n difficulty.
British investors have been 70 uniformly
injured by their purchases of new Ameri.
can undertakings that they are chary of
parting with their money now, and will
only buy in limited amounts the old and
established American stocks. 1t is thus in
all ways difficult To New York to find
means for the incessant Western drafts mp
on its cash-drafts, that amount, it is said
to over G350,000 week on the average
Nothing that the Treasury could do will
help the market; 1t ia in the dilemma OF
having TO find means to execute far reach
ing and costly projects, which were con
ceived at time when the popular belle
was that abundant home crops and Euro
pean scarcities would in years 10 come in
sure to the States power to drain the OLD
World OF its surplus wealth. These hopes
have proved fallacies to an unlocked fo
extent. The American harvest is poor
exports have declined, and promise to b,
low all next Spring and Summer. Compe
: tition in other directions has preventet
: American farmers, just as il has prevented
English, for exacting higher prices as com
pensation for the reduced yield. The re
sources OF the money market are, there
. fore, drained, with small hope of replen
! ishment, and whether a panic come
Z now or not, there is very aAx ious tim
ahead for all holders OF American secur
y tiles at high prices. We do not look 70
a break In the continuity OF credit aucl
as panic means, just yet, but thinl
4 that the time Of reaction and trouble ha
certainly begun in America. Under ex
u isting conditions money can no more b
q cheap there than here the next twelv
n months, and dear money must imply de
n struction 10 many fair dream OF Il,
speculator and railroad magnate-- tha
. Berserker of modern days, who sometime
0 swallow up as much American wealth o
r we loose here in considerable war.