Savannah morning news. [volume] (Savannah) 1868-1887, 1882-08-31
Northern Business Prospects.
Boston Advertiser.

The dull business of last week has
made most financleTs and merchants
cautious, and quite generally the belief
prevails that the good to be expected
from rich crop has been discounted.
This view is seemingly confirmed by the
tightness of the money market, by the
high price of foreign exchange, and by
the peculiar aspect of the shares market.
The weekly reviews published IN New
York accept this situation, and do not
hold out many announcements. They
point to the slack exports of cotton and
provisions, and one journal intimates
that the wheat exports of the week
were made simply in fulfillment of
old contracts. 1t Is remarked that
neither foreigners nor home investors
rush into Wall street to buy and to raise
the quotations. Again the assertion is
made that we are heavily indebted
abroad, and that there is no visible pros
pect of gold imports. Finally, the
farmers are blamed for not selling their
products at all or at the price offered,
and quite likely we shall hear that the
Chicago spectators prevent the ship
ment of wheat, while Wall street
manipulates the shares market to suit
itself. But in sober truth the situation
is not desperate.
In the first place, the dull days through
which we are passing are an acceptable
benediCtion, however viewed. The
farmers, instead of rushing into the mar
ket, devote themselves to harvesting,
those of the North pushing their wheat
aud oat crops, while those of the South
begin with cotton and corn. This leaves
the merchants and bankers ample free
dom for the preliminaries of their autumn
operations. Incidentally, this has the
most desirable effect upon all strikes, as
the condition of the market just now
precludes the conclusion of those con-
tracts with wage receivers which some
of the latter demand The shares
market has suffered temporary check,
and so has the export trade. But this is
not Objectionable. Europe, it is evident,
will take our whole surplus of fOodstuffs,
and hopes to pay low prices, while our
farmers demand high prices. Who will
win in this struggle remains to be seen.
But the advantage lies very clearly with
us, and we can afford to wait, although
this affects the railroads unfavOrably.
However, what the railroads lose now
they will win later, And quite likely
their business will become highly flour
ishing within the present week, If it
does not, it will be premature to COM
plain, as the crops are abundant and they
must be moved some day. Now it hap
peus that the railroads will charge
higher ties for transportation than
they did year ago, and that their bust
ness will show a similar increase in
bulk. Consequently their prospects
are excellent. Aud the great operators
are probably aware of this. 1t is
proper to remark here that many bust
ness men are too much under the tyr
amy of temporary impressions. When
prices go down and few
heavy operators sell, most peo-
pie like to follow them. When
prices rise and leading men buy, they
always have many followers. The re-
suit is that depreasions depress too much
aud that encouragements encourage too
much. The men who think and wait
quietly reap the profits which the hasty
ones lose.
There is much speculation as to the
prices which our farmers will obtain,
and somewhat ardent interest in heavy
exports. We beg leave to say that this
makes very little difference to the coun-
try at large so long as we do not sell our
surplus too cheaply to foreigners. That
danger does not exist. If we sell our
surplus at high price to foreigners the
country will have imports of gold, Wall
street will be happy, and the
merchants will prosper. If Europe
declines to pay what we ask we
shall have such surplus at home as to
make all foodstuffs cheap. This in turn
will enable the country to save capital
which will seek investments. In either
case this rich crop will be benediCtion,
Just as poor crop is always and abso.
lutely a misfortune, however high the
prices NAV be which the farmers receive
at home or abroad. 1t is highly proba-
BILE that all business, from the beginning
of September to Thanksgiving day, will
be abundant and highly profitable, and
that all apprehensions now expressed or
felt in the commercial centres are strictly
temporary,
One feature of the present situation
deserves special notice. While it would
be foolish to deny the vast power of
strong men, it should be observed that
they have nothing to do with the present
luli. In fact, the great merchants are
not so much the creators Of lull or
boom as they are its obedient observers;
lust as the great physicist observes
and obeys nature so the great merchant
and financier follows the spirit of the
market, he thinks years when most men
in the market think of weeks and days.
When few operators form a real cor
ner or true ring the world is likely to
see it. To day we have no corners.
Some men operate as If the present con-
dition were to last for months; but those
best informed seem to act as if they ex-
pected an early revival of great and
profitable activity.
This e To certify that we bought over