Telegram-herald. ([Grand Rapids, Mich.) 18??-1892, 1891-07-15
.CLIW'S HINLNCIlLCIUl
Discussion Of the condition q -
Commercial World-
EUROPEs NEED OF lIGRIciS clurs
The Heavy Dehessnes ss tAs 80 Wornn
saPpsy-Whs tes UatseA oeonao
CAs spare Meaesese kkpoo-
sAtions Csnnse1ed-

INV iokks July tS-A84iTo ~ ~
stock exchange are slsll dali, lnSon1-
ment transactions being llmatel. a.
speculative operations con6nel 9
manoeuvres for the advsatsge ef xan.
sient slight fluctuations IA pr,ce> The
real cause OF the pa<tponemsns of
operations lies IA = beclouded condst<on
of the foreign sltuatlon and ia Tie un-
certainty as to What may h. i. out
come within the remaining half pf The
year. The position Of aftsis a. the
European financial centefs, though a
the moment more settled than II has
been. is sllll far from being a hopeful
one. Ii might te reasonably expec.ed
that the arrangements growing Qua Of
the disasters OF last fail had nos been
80 far adjusted as 10 involve no fnrth<r
danger. were Il not that new dlif,eai,.es
have 10 be faced h<tNeea bow and
December. The Argentine danses has
been reopened by the Congress of thai
Republic suspending for three months
| toe laws relating 10 the coiiectlaa IT
| dei,ts, which, though II may rot s.istfp
affect tho Argentine hanks. i calSu-
lated 10 put
Severe STRATA
upon commercial and financial lonst>
winch have already been rcfszs>s,v
weakened and whose credit 10 suffering
from Their large guarantees 20 Afxesl-
that the balance Of Eus>ia's c.A .sns
upon foreign tanks aud bankers 4
much larger than has been supposed.
During June, about si2, 600 900 III gold
Was sent 10 st. Petersburg, and Il 10
understood that $I5, 600 600 more wall
have a. be withdrawn from the hank
of England for Russia IN July and
August. Beyond THE drain. gold ~ ex-
pected 10 be drawn from London in
considerable amounts 10 Germany aud
Holland, and the stay Law" adopted
| by the Argentine Congress Is likely 10
cause an early outflow of gold ~ tha:
country. The $I4o, 600. 600 of gold
which is now doing sach Important
service IN buttresslng confidence Ia
London and indirectly aieo ~ the conts-
mental centers IL therefore destined %
drafts which will, at = later stage,
| withdraw that much needed support,
and place the gold beyond the reach Of
the wants that will prees heavily upon
the heels OF deficient harvests-
The Crop Qs<ssiea.
This very important crop question 10
now assuming measurable dimenalons.
An eminent English authority on grain
statistics, while Anticipating an almost
average British crop Of wheat. eet,-
mates the deficiency in France at $50
| million k.,sh.f. o.,A I4..~....I.
cusators place the deficit ~ high e rs
millions. The total European deficiency
20 be supplied from external sources.
the English estimator plAcea a $50 mil
lions of bushels of wheat, of il ve are
TO accept the figuree OF the Trench
statistician for France. the total Eu.
ropean deficit would ne about l3e MIL
hon bushels. Seemingly. therefore, Il
may Toe assumed that Europe Will have
10 import about 4o0, ,0oo, coo bushels Of
wheat. Such a demand implies =
higher price for that cereal than hss
prevailed during late years; and, were
the price estimated at the confessedis
low figure of 81 per bushel. IL would
follow that Europe viii have Go Pay
$500 .0o0,o0o 10 other paris Of the world
for the cereal; which ~ an amount AL
most without precedent Our u~n
crop is yarlously estimsfed bctWeen DO
and $50 million bushels: aud. Ne pfoe-
poets no. stand, $50 millions ~ perhaps
n fair estimate. ESTIMATING our do
mestic requirements for various p,sf.
pOses at 800, 100000 bushels, We should
have, ut the rate. a surplus Of 1po. .o'>y.-
oeo bushels for export, assuming the
home stock 10 remain al lfs present
quantity. whatever that may he. Ae-
cording to these estimafcs. We are lfs q
position TO furnish 20 Europe ctose up
on.--or possibly fully bali of IN
toiai required imports OF wheat. Ihis
means that this one item of OUT exports
will amount 20 something nnsf f2oo.-
10000 To the United states this 10
Avery s,shsarssIsx rss~pess.
but 20 Europe Il 10 = very gloomy one.
Even were the Nuropesn nations 10 .
prosperous condAtfoIl. soch ao txfreov.
dlnary necessity 70 tiny bread ffoHa fcs.
e'gn counfries would be appalling: int.
coming after an enfeebIing &panclr1
crisls, on the heels Of a large ofaiu II
gold into Bussia. and st . time xbcn
industry - contfaeting aud foreign
trade - langnIsbing -wnst may be- tise
possible result ef these short bafsest< "
Ear0pcY IL IL useless "a pfediet aud
II is Imperative 10 wat for c9n<e-
auences. The present ntiitude of ~
pectancy assumed by Wal street - f.'e
only sure aud wise one undef The CIR
cumstaDces. IL "a not likely that ~
shall sse permitted 81 reap thss ndsan-
tsge 81 great crop without some sof1
Of drawback. and u u wise ~ visit and
Zee in what form that draw hack - itks.IJ
10 come. Europe viii ind 4 Impoess-
bic 20 pay us fof our siscat ~1tffou|
sorne sacrifice. She wili offer aef PRO-
ducts 20 ga at low prices. OF coneign
them for sale st what they viii s'rIssk
II ~e except fDem freely our xDen|
viii he 30 FAR PAID for M Roode instead
, If gold. II We buy only osif usual q1nu'
tty of imports. then Eurote vii -
! compelled 20 pzy us largely n Cur -
curitses held there: And, - fbst cam
the Settlement viii nos ie eondusl<e -
bBoyancy fn the New York sfosk Mar
. kef. Iof THESE reasons Ne sdsfet mod
. crate expectations, 1T least NATL tl,>
fufure of EUfop< t,e<x,ff>-< f.ineueY.