San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1891-07-15
OUR FINANCES.
Stock Exchange Dull-ShOrt Crops
in Europe TO the Advantage of
the United States.

Iculg views N W.
NEW YORK, July Is, 1891.
Affairs at the stock exchange are
still dull, investment transactions
being limited, and speculative opera
lions confined to man9uvres for the
advantage of transient slight tiuctua-
tious in prices. The hesitancy is not
due to anything unsatisfactory in the
conditions intrinsically affecting the
current value of securities; on the con-
trary, those conditions seem to be re-
garded as warranting a better range
of prices than now exists, providing
all other influences were equally sat.
isfactory.
The real cause of the postponement
of operations lies in beclOuded con.
dition of the foreign situation and in
the uncertainty as to what may be
its outcome within the remaining
halt of the year. The position of
affairs at the European financial GEN.
tres, though at the moment more set
tied than it has been. Is still far from
being hopeful one, 1t might be
reasonably expected that the deran-
gements growing out of the disasters
of last fall had now been so far adj
justed as to involve no further danger,
were it not that new difficulties have
to be faced between now and Deem
Der. The Argentine danger has been
reopened by the Congress of that Re
public suspending for three mouths
the laws relating to the collection of
debts; which, though it may not vi
tally affect the Argentine banks, is
calculated to put severe strain upon
commercial and financial houses
which have already been seriously
weakened and whose credit is suffer-
ing from their large guarantees to
Argentine undertakings.
1t turns out also that the balance of
Russia's claims upon foreign banks
and bankers Is much larger than has
been supposed. During June, about
ST., ZOO, 900 of gold was sent to st.
Petersb burg, and it is understood that
SIS 900, 900 more will have to be with
drawn from the Bank of England for
Russia in July and August. Beyond
this drain, gold is expected to be
drawn from London in considerable
amounts to Germany and Holland;
aud the "stay law" adopted by the
Argentine Congress is likely to cause
an early outflow of gold to that
country. The Sl4O,00O,0jO of gold
which is now doing such important
service in buttresslDg confidence in
London and indirectly also at the
Continental centres is therefore des-
tined TO drafts which will, at a later
stage, withdraw that much needed
support, and place the gold beyond
the reach of the wants that will press
heavily upon the heels of deficient
| harvests.
This very important crop question
| is now assuming measurable dimen-
siOns. An eminent. English author
| lty on grain statistics, while antici-
pating an almost average British crop
of wheat estimates, the deficiency
in France at 100 million bushels, and
some French calculators place the
deficit as high as It's millions. Tt e
total European deficiency to be sup
| piled from external sources, the
English estimator places at $50 mil
lions of bushels of wheat; or, il we
were to accept the figures of the
! French statistieian for France, the
total European deficit would be about
430 million bushels. Seemingly
therefore, it may be assumed that
Europe will have to import about
400, 900, 600 bushels of wheat
such demand implies s
CHER prices for that cereal than has
prevailed during late years; and, were
the prices estimated at 1h9 confessed
lyoIow figure of 81 per bushel, it woulC
follow that Europe would have to pay
$500, 0G0, 900 to other parts OF the wOrlC
for this cereal; which is an amour
almost without precedent. Our owl
crop is variously estimated between
500 and $50 million bushels; and, q
prospects now stand, $50 million
is perhaps fair estimate. Estimat
ing our domestic requirements TO
various purposes at 800, 900 900 bushel
we should have, at this rate, SUI
plus of 1870 900, 600 bushels for export
assuming the home stock to remain q
, its present quantity, whatever tina
l may be.
According to these estimates, W
are in position to furnish to Europ
close upon,-or possibly fully,-on,
- half of its total required imports
wheat. This means that this on
item Of our exports will amount I
something like 5000, 100000 To tn
United. States, this is a very exhilara
. inprospectg; but to, Europeit is a yer
gloomy one.