The Big Stone post. (Big Stone Gap, Va.) 1890-1892, 1891-07-17
FINANCIAL SITUATION
REVIEWS OF STOCK OPERATIONS
AND THE SITUATION ABROAD.
The Crop Prospect I'll that can BIO Desir-
cd and we Shall Get $500, 00O,o00
fuf our Surplus Wheat while
Corn and Oats will
also Advance.


stock exchange are stiil dull. investment
transactions being limited, and specula-
tive operations confined to manGuvers
for the advantage of transient slight
fluctuations in prices. The hesitancy is
not due to anything unsatisfactory insthe
conditions ntrinsically affecting the cur
rent value of securities; on the contrary,
those conditions seem to he regarded as
warranting better range of prices than
now exists, providing all other influences
were equally satisfactory.
The real cause Of the postponement Of
operations lies in bcconded demolition
of the foreign situation and in the uncer-
tainty rs t6 what maj be its outcome with
in the remaining half of the year. The
position of affairs at The European 6nan-
cial centres, though at the moment more
settled than it has been, is still far from
being hopeful one. 1t might lie reason
ably expected that the arrangements
growing out Of the disasters of last fall
had now been SO fur adjusted as to inuolve
no further danger, we're it not that new
difficulties have to he faced between now
and uDecember. The Argentine danger
has been rcopened by the congress of the
republic suspcnding for three months the
laws relating to the collection of debts;
which, though it may not vitality effec.
the Argentine banks, is calculated to put
q severe strain upon commercial and
financial houses which have already been
seriously weakened and whose credit is
euffering from their large guarantees to
Argentine undertakings.
It turns out also that the balance of
Russia's claims upon foreign banks and
bankers is much larger than has been
During June, about $l2,00O,-
900 of gold was sent to st. Petersburg;
and it is understood that SIS 100000 more
will have to be withdrawn from the Bank
of England for Russia in July and Aug
ust. Bevond this drain gold is expected
to be drawn from London in considerable
amounts to Germany and Holland; and
the .sstay law" adopted by Argentine
congress is likely to cause an early out
flow of gold to that country. The $780,
900 600 Of gold which. is now doing such
service in: huttressing conf
lencc In London, and indirectly also at
the continental centres, Is therefore des-
tined to drafts which will, at later stage,
withdraw that much needed support, and
Mace the gold beyond the reach of the
wants that will press heavily upon the
l.S,(o,f horva IA
This very Important crop question IS
now assuming measurable dimensions.
An eminent English authority on grain
staf;sfics iii ID spatisg szssiaioss
sv,erare British crop oil wheat, estimates
he deiiciency in France at ! 80 million
hnsI,efs. and some French calculafoss
nIaces the deficit as highaas It's millions.
The total European deficiency to be sup
pled from external sources the English
estimator places $50 millions of bushels
Of wheat; or, if we we're to accept the
figures of the French statistician Tor
France, the total European deficit would
be about 43O million bushels. Seeming
". therefore, it may be assumed that
Enrooe will have to import about 40O,O 0O,-
mo bushels Of Wheat. Now such de-
mand implies higher price for that
cereal than has prevailed during late
Years. and. we're the price estimated at
The confessedlv low figure of 81 per
bushel. it would follow that Europe will
have to pay $4OO, 100000 to other parts OF
the world for this cereal; which Is an
amount almost without precedent. Our
own crop is variously estimated between
200 and $50 million bushels; and, as pros
meets now stand, $50 million is perhaps.
fair estimate. Estimating our domestic
requirements for various purposes at
400 ono GOO bushels, we should have, at
this rate. surplus of l90,O00,OOO bushels
for export, assuming the home stock to
remain at its present quantity Whatever
that may be. :.
According to these estimates, We arc in
a position to furnish to Europe close upon
or nossibly fully-one-half of its total
imports of wheat. This means
that this one item Of our exports Wilt
mount to something near $2OO,OOO,OOo.
To the limited States, this is very ex-
prospect; but to Europe 1t IS
very gloomy one. Even were the Euro
mean nations in a prosperous condition,
such an extraordinary necessity to buy
bread from foreign countries would be
appalling; but coming after ar enfeeDilng
financial crisis on the heels of large
drain of gold into Russia, and at time
when industry is contracting and foreign
trade is languishing-what may DC the
nossible result Of these short harvests to
kEnrono9 Itis useless to predict; and it
ia ;mneratiye to wait for consequences.
The present attitude of expectancy as,
sumed by Wall street is the ohly safe ana
wise one under such circumstances. 1t is
mt likely that we shall be permitted TO
rean this advantage of great crop with
ont some sort of drawback, and il is wise
TO whit and see in what form that draw.
hack is likely to come. Europe will lind
it impossible to pay us for our whe :,,
without making some sacrifice. ohe Will
offer her products to us at low prices, or OF,
consien them for sale at what they will
bring if We accept them freely, our wheat
will be so far paid for in goods instead OF
rold. if we buy only sour.usual quantity OF
imports then Europe will be compelled TO
nav us largefyin our securities held there;
and. in that case, the settlement will not
be conducive to buoyancy IN the rev
York stock market. For these reasons
we advise moderate expectations, at least
until the future Of Europe becomes
n,a;nor Henry CLEws.
THE COTTON CROP.