San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1891-07-29

& Co., Bankers.
New YORK, July 29, 1891.
Special
Wall street continues wholly devoid
of interest in both the investment
and speculative branches of business
On the Stock Exchange, operations
are confined TO room traders, who are
satisfied with fractional changes an d.
follow the transient variations of tone
rather than seek to give the market
a bias one way or the other The
truth is there is no immediate msteri-
al for the formation of q violent up
ward or downward movement.
Neither "bulls" nor "bearsn have.
contracts outstanding important
enough TO invite attack from the OPP
posite side; nor is there anything in
outside influence of enough imme-
date interest to invite large opera
tons. Under these circumstances,
everybody easily yields TO the temp
tations Of the seasons recreationsr
and the "Street" is virtually part TALLY;
deserted.
This condition of things is natural
enough as sequel OF the worldwide,
financial arrangements of last fall.
Caution everywhere, the contraction
of credit in every direction, eriticaII
examination into the condition of the,
institutions through which finance
operates, encouragement towards
speculative operations and under
takings, and q protracted process of
liquidation, these are among tn e in
fiuences 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 con-
vulsion; and the question is, whether
the collapse stage has run it's COURSE,
so that we may expect an early returni
of general vigor and activity.
1t is the difficulty of answering
this question satisfactory that now
holds Wall street in suspense. And
that difficulty cannot be fairly laid to
anything in our domestic situation:
for we have nowhere any really unsat-
isfactory conditions in our indust les,
our commerce, or our finance, whilst
we nave the promise of the potent
stimulus that comes from eXtraordin-
airy crops, and the clearing house re-
turns show that the current volume
of the nations business more than
equals that of a year ago. The one o
thing that prevents the revival Of
financial operations at this.centre ap--
pears 10 be the uncertainty that still
overhangs European finance.
Our agricultural crops, upon which
nearly one-half of our population are,
directly dependent, afford upon the
whole a promise of unparalleled re-
suits. The cotton crop seems likely to
follow close upon the great volume of
that last year. The corn crop, so far,
indicates q result beyond the average.
And the output Of wheat is likely to-
surpass all precedent. What quantity
of W heat we shall export, l leave TO,
others to predict.
The average value of our annual ex--
ports of wheat and flour, for the las
seven years, has been Sos, 200, 900 The
average export price reducing The
-four to wheat) having been 81 ga
cents per bushel. ShOuld the exports
out of this crop reach 200 600 000
bushels and the export price average
81, the value of our shipments In
1S9l-92 would exceed by S92 600 900
the average yearly shipments of the
LOST seven years. On this basis
equalization the present crop, esti-
mated at 100000 bushels. would
give to the farmers, millers, carriers
and handlers a TOTAL result OF $40, 600.
600, against 1912 SOC, 900 as the value
of last years crop of 400, 900, 900 bush
els valued at an average export price
of 932 cents per bushel. Results like
these, upon our three great crops,
mean an invaluable boon to our great
agricultural industry and to all other
industries dependent upon it, the
effects of which cannot fail TO be soon
felt in q marked revival of both our
internal and external commerce. At
the same time, in estimating the for.
eign situation, L continue to advise
conservatism in all business move
ments, so as to avoid plunging heavily
into debt.