The Argus. (Rock Island, Ill.) 1885-1886, 1886-08-18

prophets the country is on the eve OF an
interval of commercial and industrial pros
perity, such as has not been known for
wears The great majority admit that
there are signs of Improvements i'll the
business world. and the number Of those
who take a gloomy vleW-ot the future has
percepliJIy dJcTeastd The country is
certainly il a better condition financially
than It was this time 1. year ago. The
foreign demand for agricultural products
has blr.ciY exceeded The expectations ri
the trade, even at So recent a date as the
1st of June Up 10 that time the exports
of whcaG and cotton had been sumr,~hat
in excess Of those Of s. year ago, com-
pairing he tirst tiy" months at beth. Since
that tim, the demand from ahr"ad has
been sustained viii amazing iirmae~s, aud
at present it undoubtedly gives indica-
ton, of still greater activity In s"me
respects this looks ike a natural reaction
from lhr law prices Of those products
early ~ Tie year, ami IT IS s. well establish
ed fact that foreign consumers bay more
readily upon 8 rising rhan upon ir.ang
market. The rednctiou Of stocks abroad
especially 81 wheel, has also stimulated
increased buying D,sre2Ardiug the fact
that the American crop nf HAea. prom>
fSes to be from $1,000 oeU To GuecU,o0
p bushels larger than last gear which has
been depressing feature in American
speculative markets during Tie past two
months Foreigners have bought with
notable readiness. The large crop here.
it is now becoming evident, has been Off
set BY partial failure in Eurone and 10
dia. where thc reserve for export is much
smaller than ii was year ago Then too,
it Is 10 be remembered TINT ii the pTest Mt
time American exporters have not to CON
tend against heavy shipments Of foreign
wheat to English markets, as they had
last year when the anticipation oi q war
in the east. Effected both Russian ard
Indian products, forced a much larger
amount of grain on The foreign markets
than they could absorb at current prices.
The figures show that for the months of
April, MAY and June the amount Of Amer
lean wheat exported reached $1,000, 900
bushels, or larger export thtn in any
enc quarter for the past live years and
tia; The cotton exports during The same
period were double the average o. recent
years.
There are other indications, however,
of fcvviDs internal prosperity, one Of
the principal Of them, and it may be
traced directly to the improvement in
foreign trade, is lhe increase in railroad
earnings during the last quarter. L. is al
ways reliable index of Tevivng con
fdence, and the stock market has already
begun to show its Influence in advancing
prices aud "a wider range of speculation,
the effect OF which has vet by uo means
expended itself.
The decrease it, the bank reserve during
the past month Is another decidedly en-
couraging feature, as it implies that cap
ital is again beginning 10 move freely and
that the greater confidence felt by ins
vestors in spite Of existing Labor troubles
has induced ihem to put their capital To
active employment. A ridiculous state
ment has been made that the decrease in
the New York bann reserves has heen
Offset By greater increase in the United
States Treasury reserve and that il is the
nancial policy on the part of the admins
tIation. Such an ayerrBeGt is hardly
ularly since it is made by Il jaundiced con
temporary. \ large portion of this cap
distribution in the west for the purpose
OF moving the abundant grain crops, and
much of it has also gone to sustain other
industries which have given similar in
dications of renewed activity. just now
this fact is being used as a ground fol
advancing the rates Of interest on time
and call loans for the purpose of depress
ing the stock market. 1t is safe, however
to predict that such an Influence, based
merely upon speculative manipulation,
will have but temporary effect at the
most upon the money market. Not less