South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1882-10-06

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lugubTiOus propbecies. He 10 q use.
fnl member Of society perhaps, not
wrhstoDdiug his appropriately. II
may with justice be claimed for him
that but for his wayniDgs the opsiMist
would run away with the globe, and.
1t must DO admitted that the safer
plan - 10 listen 10 both sides. There
are at present some bad omens worth
attending to. The tightening Of mo.
ney Ne q s.mptom " hich may admit of
various differences, but it will certain
y Justify AN examination of the pre-
sent situation in comparison with that
OF 1873. Ii will be found that there
isa certain amount Of correspondence.
The cardinal fact Of 1873, that the
country had not yet recovered from
arrangements consequent upon the
war, Is OF course wanting, but in 9TH
er respects parallel may be traced.
In 1873 the building Of railroads far
III advance OF the immediate needs of
the country, and without prospect
OF profits, was thought by many OBJ
servant persons to have precipitateG
the financial crisis Of that year. There
were 1858 miles of railroad built in
1881, which is about two thousand
miles in excess OF 1871, the greatest
year for railroad building before the
panic OF 1873. The capital consumed
last year in this way, together
with outlay on old lines, was about
three hundred and fifty million, and
tor the present year the constr uction
account Is expected to be fully as large.
We are building many of these miles
OF railroad for the tuture-some of
them for the remote future. Divi.
dends cannot reasonably be expected
on many lines within the United States
Tor number of years, and from the
thousands OF miles built or to be built
IN Mexico with American capital, it is
doubtful, las was recently shown in The
Sun, whether there will be profits OBJ
tanned within the present century -
The capitol with which we have work.
ed has been borrowed in large mea.
sure abroad. But this, according to
the Pail Mall Gazette, cannot con-
tiDue indefinitely:
Americans are i'm debt abroad.
ana have moltgaged all available
means at home yet they expect to
go on sinking capitol in improbable
railroads next year and the next, as
they have done last year and this with
out Inconvenience to their credit
We do not think this possible, and
the growing anxiety manifested to
place the bonds of new roads i'm this |
market is additional proof that it is
not possible. a statement has lately |
been made to the effect that sales of |
securities here have helped to turn the |
exchanges, but that is not the truth. |
In order to hold the unstable new |
securities at home the old good secu.
rites are being pawned here in con.
siderable amounts, and command is
i'll this way obtained of our money.
But Notwithstanding that, the situa.
ton is essentially the same. Some
day the new securities must be sold,
or the Americans will find themselves
short OF the necessary capitol for their
ordinary everyday business require.
ments; and If the sale cannot be eff
fected on paying terms crisis will
develop ITSELF
Foreigners are not so much dispos.
ed as formerly to put money in Ameri-
can railroads. But if we cannot Dor.
row In order to go on with our work,
we must sell something. What shall
it be? Last year we sold little corn or
wheat abroad, despite the scarcity
there, on account of our comparative.
ly small crops and the high prices Oh,
tanned for grain at home. Neverthe-
less our imports increased, and the
balance OF trade got the wrong way.
EARLY in October, 1881. No. 2 wheat
sold for 81 so per bushel at present
it sells for about 81 05. Our harvests
are better than last year, but the price
to be obtained for grain is evidently
to be less. since England and other
European countries have produced
fair crops and India aud Egypt are
reported 10 be increasing the compe-
tition to which American wheat is to
be subjected. Our consul at Glbral.
tar calls attention to the increased i'm.
portations from India. In December
1881, corn sold for prompt delivery
at 81 cents per bushel ut present
sales are made for delivery in Decem-
Der at 81 cents. so that SAYS the
Philadelphia American, when the
corn crop is all available, a little o.
yer sixty days hence, it is expected to
be worth just little more than two.
thirds what it brought last year. For
those who think the facts cited worth
attention tile following further quota
ton from the Gazette will be inter
esting reading:
The States are so deeply in our
debt that il takes the profits OF a We.
ry large part OF their sales to US To-
Il Ill =.