Telegram-herald., 1891-07-27
WALLSIREET DESERTED
Tho Bulls and the Bears on on q
Vacation.
PROBLEMS DIFFICULT OF SOLUTION
figsrss on the Crop Possibilities Of This
Cosatry-Jhsy Present . fieasang
Aspset-Sst Conservation
is Advised.

branches of business. On the Stock
Exchange operations are confined 10
room traders. who are satisfied with
fractional changes aud follow the tran
sient variations OF tone rather than
aeek 10 give the market bias one way
or the other. The truth is there is no
immediate material for the formation
Of violent upward or q downward
movement. Neither ''bulls" nor
"bears' have contracts outstanding
important enough to invite attack
from the opposite SHE; nor IS there
anything IN outside influences OF
enough immediate interest TO invite
large operations. Under these cIrcum-
stances everybody easily yields to the
temptations of the seasons recreatione.
and the "Street" is virtually partially
deserted. This condition of things is
natural enough as \ sequence OF the
worldwide financial derangements of
last fall. Caution everywhere, the
contraction of credit In every direction,
critical examination INTO the condition
of the institutions through which
finance operates, encouragement to-
wards speculative operations sand under
takngs. and q protracted process OF
liquication-these are among the lnfiu-
ences 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 convulsion; and the
question Is. whether the collapse stage
has run its course, so that We may eX-
pect an early return OF general vigor
and activity. 1t is the difficulty of an
swering this question satisfactorily that
now holds Wall-st in suspense. And
that q ifficulty cannot be fairly laid to
anything in our domestic situation; for
we have nowhere any really unsatisfac-
tory conditions IN our Industries, our
commerce. or our finance, whilst We
have ths promise of the potent stimu-
lus that comes from. extraordinary
crops, and the Clearing House returns
shows that the current volume of the
nations business more than equals that
OF year ago. The one thing that pre-
vents the revival of financial operations
at this centre appears TO be the uncer-
talnty that still overhangs European
finance. What may be the outcome of
the unsettled condition and the new
developments Of Euopean politics?
Have all the weak spots developed out
of the South American disasters been
taken care of? What may be the COM
mercial and politician effects abroad Of
unusually short crops, involving in
some places almost threatened famine?
Will the necessity of buying extranrdi-
nary supplies of hreadstutfs from this
and other countries involve an ex-
haustive drain of gold from the great
National banks of Europe? And, if so,
what would be the effect upon European
finances Mt large? Would that effect
involve emba arrassment in the foreign
trade relations with which We stand
committed; and would it lead TO re-
turn of American securities of class
which we have been accustomed to
regard az safe against disturbance I'M
der almost any circumstances? These
arc the kind of questions that the men
of Wall-st. are weighing, III the forma-
ton of their estimates of tine course OF
affairs for the next few menths. And
it cannot he said that the problems are
consider them.
Crop Conditions.
But, on the other hand. we have on
this side a situation distinctly our own.
and which is full of extraordinary
promise. Our agricultural crops. uron
which nearly one half of our populs-
ton are directly dependent. afford upon
the whole promise of unparalleled re-
suits. The cotton crop seems likely to
follow close upon tho great volume of
that of last year. The corn crop. so
far, Indicates result beyond the aver
age. And the output Of wheat IS likely
IN surpass I'll precedent. What guam
tty of what we shall export leave TO
others 10 predict: what quantity we
could export leave to be inferred from
the fact that. during the year ending
July |. 1891. we exported LOG. 900 600
bushels OF wheat and -four. with n crop
OF 400 600 600 bushels. which was lis.-
600 600 bushels less than the probable
crop of the present year: from which
IL msv be inferred that our actual
capscltv for export out of this wears
CROP will be considerably over 20o, ,00o,-
600 bushels. our highest previous ex-
port having heen 1s6. .o0G. 900 bushels in
1881. The average value OF our annual
exports of wheat and -four for the last
seven wears has heen sos 0O0, 600. the
average export price ireducing the -four
TO wheat having been s72 cents per
bushel. Should the exports out of th,s
crop reach goo 000. 600 hnshels and the
export price average 81. the value of
our shiomenss IN 1921 92 would exceed
by $92 .000 600 the average yearly ship
ments of the last seven years On this
lass Of valuation. the present crnp,
estimated at $4,000 bushels, would
gve tn tho farmers. nlillers. carriers
and handlers total result of $50 .nn0-
600, against 1912 500 .000 ss The vaine of
last years crop of 400. 600 GOO bushels
valued st an average export price Of
o32 cents per tushel. Result. like
these. upon our three great crops,
mean
An Invsisshie Room
IN our great agricultural indusirv and
10 all other industries. .dependent upon
it. tho effects OF which csnnot fail 20 he
soon felt in marked revlyel Of both
our internal and external commerce
These prospects enable Us 20 lock
rp IN the foreign situation alsove re-
f@rred 70 with much more eqnaninity
than re otherwise might A. the ssme
time. In estimating TIRE foreign stus.
ton, u is proper 90 take INTO accoBnt
that. While Tie feeling ahrosd "a ANY.
thing bot horefai. vet there arpsars 10
lse no apprehension abroad Of relspse
iata sofse condition tbsn no~ exists
and 4 leFiBs 20 20 appreciated that
prosperity = TIE United state. wiii nas
ee = fhaat - cefnrensefFcns sfa rs-
lets - furonean e~afnaasree stsli. for
tae efesrn' I eaafsaue e. sdefxe con.
s@fvstssni ~ 40 hsssfness fsos esHsnts, 80
as g. AVOID Flanglng Hrsxlls intu asia