The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-07-27
BANKERS CLEW's VIEWS.
a Review OF the Financial Conditions
in Money Centers.

IN money O6uL0f6.
NEW YORK, July 25.-Wall street contin-
ues wholly devoid of interest in both the in
vestment and speculative branches of busi-
ness. On the stock exchange. operations
are confined to room traders, who are sat-
istied with fractional changes and follow the
transient variations of tone rather than
seek to give the market bias one way or
the other The truth is there is no imme-
diate material for the formation of vio-
lent upward or a downward movement.
Neither bulls" nor "bears" have contracts
outstanding important enough to invite at
tack from the opposite side; nor is there
anything in outside influences of enough
| immediate interest to invite large opera
tions. Under these circumstances, every
body easily yields to the temptations of the
seasons recreations, and the street" is
virtually partially deserted.
THIS condition of things is natural enough
as a sequence Of the world wide financial
arrangements of last fall. Caution every
where, the contraction of credit in every
direction, critical examination into the con-
dltion of the institutions through which
finance operates, Encouragement toward
| speculative operations and undertakings,
and protrRcted process of liquidation
| these are among the influences to which
| financial interests have been subjected alike
in Europe and the United States for the last
nine or ten months. The condition has been
| that of collapse after CONFUSION: and the
| question Is whether the collapse stage has
run its course, so that we may expect an
early return of general vigor and activity.
It Is the difficulty of answering this
| question satisfactorily that now holds Wall
street in suspense. And that difficulty can
not be fairly laid to anything in our domes-
| tic situation; for we have nowhere any
really unsatisfactory conditions in our
| industries, our commerce, or our finance
whilst We have the promise of the potent
| stimulus that comes from extraordinary
crops, and the clearing house returns show
that the current volume of the nations
business more than equals that Of year
ago. The one thing that prevents the re-
vlval OF financial operations at this center
| appears TO be the uncertainty that still
overhangs European finance. What may
| be the outcome of the unsettled condition
and the new developments of European pol
itics. Have all the weak spots developed
out OF the South American disasters been
taken care OF! What may be the CONNER
cial and political effects abroad of unu-
sually short crops, involving in some
| places almost threaten famine! Will the
| necessity of buying extraordinary supplies
of breadstuffs from this and other countries
| involve an exhaustive drain of gold from
| the great national banks of Europe! And
| if so, what would be the effect upon Eu-
ropean finances at largel Would that effscs
| invC I've Q abarl assment in the foreign TT lde
relations with shich we stand committed;
and woul1 it lead TO a return of American
| securities Of class which we have been
accustomed to regard as safe against dis
turbance under almost any circumstances?
These are the kind Of questions that the
men of Wall street are weighing, in the
- ! III. L..
Of affairs for the next few months. And it
cannot be said that the problems are Chi
merical, nor that it is needless to consider
them.
But, on the other hand, we have on this
side situation distinctly our own and
which is full Of extraordinary promise Our
agricultural crops, upon which nearly one
half of our population are directly depend
emf, afford upon the whole promise of IN
paralleled results. The cotton crop seems
likely to follow close upon the great volume
of that Of last year The corn crop, SO far,
indicates result beyond the average. And
the output of wheat is likely to surpass all
precedent. What quantity of wheat we
shall export, | leave to others to predict;
what quantity we could export, |
leave to be inferred from the
fact that, during the year ending July l,
1891, we exported 1U6 Co., 600 bushels of
wheat and flour with a crop of 400, 900, 600
bushels, which was 100000 bushels less
than the probable crop of the present year;
from which it may be inferred that our
actual capacity for export out of this years
crop will be considerably over 200, 900, 900
bushels, our highest previous export having
been 1856 900, 600 bushels In 1881. The aver
age value of our annual exports Of wheat
and tionr, for the last seven years, has been
Sl0S, 00O,0 600, the average export price ire
during the flour to wheat having been S78I
| re- bY,Sb Should hn &
this crop reach 100000. 900 bushels
and the export price average
81, the value Of our shipments in
1S91-'92 would exceed S92, O0O, 600 the aver
age yearly shipments of the last seven years.
On this basis OF valuation the present crop,
estimated at $40, 600, 600 bushels, would give
to the farmers, mlllerS, carriers and hau-
dlers a total of result $40, 0O0, 900, against
$372, 800 900 as the value of last years crop of
4O0,000O00 bushels, valued at an average
export price of 1872 cents Of per bushel. Re
suits like these, upon our three great crops
mean an invaluable boon to our great agri-
cultural industry and to all other industries
dependent upon it, the effects of which
cannot fail to be soon felt in marked re-
vival of both our internal aud external
commerce.
These prospects enable US to look UPON the
foreign situation above referred to with
much more equanimity than we otherwise
might. AT the same Tune IN estimating
the foreign situation, it is proper to take
into account that, while the feeling abroad
Is anything out hopeful, vet there appears
to be no apprehension abroad of relapse
into a worse condition than now exists, and
it begins to be appreciated that prosperity
in the United States will not be without its
compensations and releis TO European com
merce Still, for the prese Mt, l continue TO
advise conservatism in all business move
ments, so as to avoid plunging heavily into
debt.