Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-10-12
NO CAUSE TO GR0WL.
This Country Is Favored Far Beyond
the Nations Of Europe.
OUR BIG AGRICULTURAL INCOME.
We Should Be Ashamed to Grumble When
Taking a Look Abroad,
WHERE ONLY DIRE DISTRESS PREVAILS
rsrFcrAL TELEGRAM TO THE p,sp.rcr,

tlon for tomorrow SIN as follows: BE
cause there is halt in the upward move
ment Of prices on the Stock Exchange
which began so Promisingly few week
ago, great dissatisfaction prevails will
those who bought near the top of the mar
Eet and have failed as vet to reap III,
profits they counted upon. They thinl
somebody is 10 blame for their disappoint
meut, and as JAY Gould is the most con
spicuous body in sight they accuse hin
loudly as the cause of it.
svmpathize with them in their suffer
ings, but 1 do not share their belief They
go TOO far afield in their search for an cx.
PLANTATION of the phenomenon that troubles
them. They have simply been hasty and
premature in acting upon undoubtedly
good grounds for expecting rise in stocks,
and have discounted the future at rate not
justified by reason. Never in nv expe-
rience was there known at this season ofthe
year such thing as a long and we'll sus-
tanned bull movement The public, outside
of Wall street, Is always, during the fall
months, fully occupied, as it is now. with
legitimate business, and has neither leisure
nor inclination for anything else.
MONEY GOING WESTWARD.
Currency goes away from Eastern inan-
eial centers to Western points of distribu-
ton for purchases Of produce, and our finan-
cial institutions have been commanded by
their merchant customers TO employ all their
loanable funds without encouraging stock
gambling. Toward February, when the
money which has been paid out for wheat
corn and cotton comes back in liquidation
Of mercantile debts and begins to accumulate
here, and when merchants have nothing to
do but to reckon up their profits and think
about investing them. they go into Wall
street and give their orders.
1t is true that the crop prospects are not
quite SO perfectly good as they were six
weeks ago. Corn, indeed has turned out
rather better than was expected, owing TO
the extraordinary hot weather, but wheat
has been doomed in some sections bv ex-
cess!ve rains and the cotton crop is rather
smaller than it was last wear. But there is
no dispating the general magnifcence of
the agricultural product of the country. nor
the high prices that breadstuffs and pro-
visions at least, owing to the bad harvests
OF Europe, are bringing.
AN INCREASE OF MILLIONS.
Making every allowance for possible ex-
aggeratiOn, the increase of our agricultural
income this year over that of last year will
easily mount INTO the hundreds of millions
Of dollars. Grumbling at a delay in reap
ing this beneficial result is, therefore, the
height of ingratitude to Providence.
The severity of the financial depression
in Great Britain, ever since the Barring fail
ure Of last November, few Americans who
have not immediate relations with that
country can adequately estimate. Some no.
JiOn of the immensity of the disaster with
which the Barring collapse threatened the
whole fabric of British credit may be gained
from the fact that the sum which the Bank
of England advanced for the purpose
Of avertlng 1t was eos, 900, 600, or
nearly $4,000, 600, and that of
this amount the b INK has still owing to it,
&, 200, 900, or nearly $50, 600, 600. Added
10 this, a multitude of smaller institutions
and private capitalists have also a large
portion of their means invested, not only in
Argentines, but in numerous other un-
profitable ventures, and are, therefore, in
no position TO undertake new enterprises.
INVESTMENTS FALLING OFF
Those who have not suffered in this wav
are intimidated by the misfortunes which
happened to their neighbors, and thus it
comes to pass that, whereas for the first nine
months Of 1880 the new issues of bonds and
stocks subscribed for in London, amounted
TO El2S, Sj6. O47, they have been for the
corresponding period of this year, only
E72 292, 7SS and for the three months end
ING the first of this month, only e17, ,000, 600,
against e39, 1O3, ,0G0 for the corresponding
quarter Of 1890
Now comes, in addition to this discourag-
ing element a very bad harvest in Great
Britain, which, though not so utterly bad
as that Of parts of Russia, is still bad
enough to make the quantity of food which
must be imported from foreign countries,
always large enough, much larger than u.s.
Ual. Americans can hardly be expected to
shed MANY tears over the mi fortunes of the
British, but they ought at least to learn
from them contentment with a lot which is
marred by nothing worse than check to
speculation on the stock exchange.
THE CONDITION OF FRANCE.
Crossing the channel to the Cont nent, we
find France not suffering, indeed, from a
financial stagnation like that which pre-
walls in London, but still afflicted with a
failure of the wheat harvest and the conse.
quent prospect of having to buy abroad
much more than its customary quantity of
the cereal Financially, France is very
strong, owing to the frugal and thrifty
habits of her people and TO their disinclina-
ton to invest their money away from home,
except where, as in the case OF the Panama
Canal, the enterprise for which their money
Is solicited, is managed by their own coun-
trYmen.
The hundreds of millions of dollars which
were sunk in the Panama scheme pro-
duced no financial collapse in Paris, though,
IN its way, the loss was relatively as great
there as was that by the Argentine bubbles
in London. Still, France is burdened with
excessive taxation and with a great and
growing national debt, in striking contrast
with us in these respects.
cEpNFAN-v TC IUOPcr or,r
Germany is much worse off than France,
financially. All the accounts from Berlin |
represent dullness and discouragement as
having had full sway there for nearly a |
year past. Two years ago, when l went |
over to the Paris Exposition, made brief |
trip to Berlin, passing through, on going |
and returning, sections of the country |
which had not visited for nearly 40 years. |
/ was deeply impressed with the indications |
of industrial activity which 1 saw all along
my route.
All the signs indicated that Germany had |
awakened as if from a sleep and was getting
rich very fast. Berlin, especially, found
transformed from a slow, ill-built country
town into a metropolis not unlike Paris.
Magnificent edifces lined the principal
streets and were going up by the hundreds
The shops were handsome and their win
dows were filled with rich and costly goods
This is a state of things remarked in
Bremel, Havre, Frankfort and other
smaller cities. 1t now turns out that Ger
many was at that time in the hot fit of a
speculative fever, TO which succeeded a
chill which still continues. a bad harvest
has depressed all agricultural interests, so
that the entire population is more or less
of the future.
RT-SSTA N san STPATTS