Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1891-09-04

Norway. Sweden. HollsnA. Belgium,
Switzerland, Russia. SeryiA. Bulgaria.
Turkey, spain, Portugal and Greece, !.
appears tia. the total shortage In the
wheat crop In these countries will
amount 70 25s 600 90 bushels. The
sho wing for rye IL even worse than
it is On the wheat crop, the shortage
bang estimated at fully 40, 600, 600.
Of this enormous shortage 292. oeo,OCo
comes In Russia alone. The only coun~
tries In Europe where crops have been
favorable the present year are Great BIZ
tain, Norway, Sweden, Switzerland and
Servia- No one Of these countries IL
great food producer. In Great Britain
recent rains and floods have caused great
damage TO the crops. which at best
would only have partially
furnished the food required by
the people Of that country
Not only has the American yield Of
whes, been the greatest for some years
but the corn crop bids fair TO be the larg-
est on record Already inquiries are
icing made all over Europe az to the value
Of American maize ~ food product,
and there can be no doubt but such In
vestigation will be followed by large
increase In our export Of corn. When
once this cheap and nutritious cereal
becomes known and appreciated 10
European countries there is snre TO be a
large annual demand for il there. Today
our reserve OF corn amounts TO 400, O00,-
600 bushels. A result Of the foreign
demand for Cur food products the export
Of American gold hss already stopped
The current has turned the other way
During the frat seven months OF 1891
Europe secured s70OO,o00 in gold
from this country. During this
time the balance Of trade was steadily
10 our favor. The export OF gold was
due in the opinion Of one Of our ex
changes. to the fact that Europe was
liqaidating In Wall street her heavy
holdings Of American railroad secur-
tiles. IL this be the case the
re purchase OF these securities by
Europeans will expedite the re-
turn OF gold to this country. The
success Of Wall street in withstanding
Of $50, go, 900 In gold has been the Won
der of European money centers. and
b. trrl "a. ,sfaHit N Tho
nited States. Today gold Is on the
way from England to this country and
before long the golden tide will have set
very strongly in this direction.
The way the American securities sent
over when times were panicky In Lon
don we're taken and paid for gave them
golden reputation. There is mot an
English capitalist who has not got this
in mind, and there are heavy orders for
our stocks,
gu september lst 50 COG, 900 OF [ nited
States bonds matured. AS our readers
uoticed by the treasury circular con
tanned in the telegraph dispatches of our
Issue Of Sept 3. all of these bonds that
are continued will bear interest
at per cent. thus making an
annual saving TO the government OF y
per cent. upon all bonds 50 continued
Considerable doubt has been expressed
AS to the ability Of the secretary to re
new the bonds II the a per cent.
loan at such 4 low rate of inter
est, but prominent iinanciers predict
that about one-half Of them will be con-
tinued at the new rate. The payment
Of p 600, 0o0 Of bonds by the
government-andw we are inclined to be
lieye 1t will be more-will put into circu
lation IA large sum Of money. which, taken
in connection with the increase in cur
rency from grain exports, will have a
wholesome and stimulating effect upon |
the money market. Taken altogether the |
next year promises to be one of the most
Uncle sam has ever known.