The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-10-05


Locally there is but little change in the inan-
cisI situation, but farm produce is moving more
freely, and II IL evident that prices have reached
bottom. shipments of merchandise from the
city have been much heavier than usual the past
Week, aud, though money seems TO be rather
clnse as yet, business men generally feel quite
confident OF sharing IA the great revival that
set IL through the East
Referring to the recent movement on the
STOCK exchange, on Wall street, Henry Clews, of
the banking house of Henry CIews d Co., of
New York, IN his last review, sums the situation
up as follows
Based On the soundest of all foundations, the
profuse generosity OF nature and healthy ma
tionai prosperity, IL Is evidently Impossible to
seriously check the spirit of buoyaucy thus i'm
parted. In the course OF time iL viii undouDt-
suly run to excess; IL will also be accompanied
Dy fluctuations OF varying severity; 1t may be
that IN some instances the advance 10 already
Beyond reason; but the Que great TACT remains,
that OF all nations on the earth we are this year
most wonderfully favored in respect 10 the
products OF the soil. With assured plenty at
nome anu scarcity abroad, the farming classes
OF the United states have before them period of
prosperity TO which they have long oeen strang
ers. Not only the railroads and business interests
generally will benefit directly from large and
paying crops; but in another respect, SO lar not
Iuliy appreciated, will they receive advantage.
The farmers OF the Northwest have ior years
been oveTridden with debt; and the discomfort
mus promoted has been at the bottom of all the
injurious currency aud aniraiiroad agitations.
Ii the estimate that our wheat, corn, cat aud
cotton crops viii prove worth 900 coo 900, and
there is no reason to doubt these figures, it is
saie TO assert that hundreds of mil
lions OF farm MORTGAGES will be paid off, in part
or full. Lenders have had such unpleasant ex-
periences with this sort of security that they
will be glad to regain their money; aud borrow
ers VIII be equally eager to escape the heavy In
terest charges which swamped haru-earned saw
lngs. The capital thus realized must find invest
ment somewhere, aud this is point often over
looked in making estimates for the future.
Another feature OF strength is the desirabiity
OF American securities among foreign buyers.
England has usually been our greatest buyer;
but French purchases have lately been q feat
ure, ana even Germans are reported to be in
creasfng their holdings.
This means still larger imports OF gold than
would have been sent simply in payment of our
grain and cotton. We may look Tor some re-
sistance, especially from the Bank of Englan
TO our importing gold, but that tine precious
metal viii have TO come in large sums is newt
able. Our wheat and other exports will demand
gold in settlement, and Ii 1t pays the foreigners
better 10 hold our stocks than gold, they will
take the former and return the latter, as indeed
they are already freely doing. All the best
authorities in Europe unite ia say ing that the
United States will draw heavy sums of gold
from Europe, and nearly $500, 900 will shortly
arrive. This is important in view OF the firmer
tendency of the local money market Call
loans have been steadily advancing, and the in
cheeh the rise IN stocks. should gold continue
to arrive as freely as at present expected, the
chances OF any protracted stringsncy in money
will be greatly lessened
Six failures in the state during the week were
lat rapffs al<Nff; Na G1ll