The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-06-20
BANKER CLEW > VIEWS.
The Financial Outlook az Seen From
Wall street.

wall street,
New YORK, June 1S.-During the past
week much of the business on the stock ex-
change as grown out of the efforts OF the
"bear" operators to get out of t false posi-
tion in which they had placed themselves
by overdiscounting the worst probabilities
connected with the late storms and the
crop situation. Large amounts OF short
con lracts have had to be covered, and that,
in the face of ruyiug orders from London
and also from o ltsiie operators Al
| parently, the ''short" interest has been
mainly covered, excepting 10 one or twu
specialties, such as Rock Island and
| Chicago. Burlington and Quincy; and
the demand thus Induced has caused
general advance in prices. The
rise in values has brought out a moderate
| amount Of long stock, which for the mo-
ment checks the upward mo vement; but the
predominant feeling is one Of increased con-
ideuce.
The report of the department of agricult-
ure on the condition of the growing crops
removes the past misgivings as TO the pros
poets of wheat. The general average con-
dttlon of winter wheat Is reported as SS3
1t is to be remembered, however, that since
the date OF this report the weather has been
stimulating and generally favorable through
the entire wheat belt; so that a report as
| for the present date would, In all probabil-
| ity. present still higher average condition.
| In 1891, the June condition was $685. As
| the acreage OF this year is about tue same
| as that OF 1891, any difference from last
year. extraordinary Drop must arise en-
tlrely from variations OF condition. AS to
spring wheat, the area is about the same as
last year but some doubts have been enter
| tanned respecting it in consequence Of the
storms having delayed the planting. 1t
was therefore a much more welcome exhibit
than had been expected when the official
| report gave the average condition
on June l as 92.3, compared with
996 last year. AS the indications
stand to-day, therefore, it would seem safe
| to estimate the reduction OF the winter and
spring crops from last years. figures as not
exceeding 100, 900 900 bushels. II to this
we're added the usual surplus carried over
from last crop, 1t would appear that the
total available supply for the new year is
likely TO closely approach that OF last
season. In the minor cereals also the show
ing OF the official report is very satisfactory,
as will appear from the following COM
| parison as for June l Rye in 1892, VI, In
1891, 95.4; oats in 1893, SS.5, in 1891, IS;
barley in 1892, 90 L and in 1891, 1913. The.
! corn crop still remains in 80 much IN
certainty that it is out of the question to
| venture upon any approximate estimate in
respect TO it; the most sanguine reports,
| however, do not pretend to compare IL with
that OF last year. The acreage is likely to
fall below that Of 1891, and although it is
| generally reported to be making good
| progress, yet the lateness OF the planting
can hardly fail to expose it to more than
the usual risk from early frost. This fact
holds the stocks Of the corn railroads in
suspense.
The situation of the cotton crop cannot
be regarded as satisfactory. The official
report gives the conditi n about the same
as year ago. S7.9 against S5.7. The same
report places the decrease in the area
planted at To- g per cent, which we take to
| include the distractions OF crops caused by
| the floods; but as this estimate Is based
| upon planters information it probably
| more than states the actual decrease. AS
| the prospect nds at the moment, there
| fore, the decrease in this crop In not likely
to come at all near to what is needed TO put
the cotton trade in a safe and normal posi-
/ tion. 1t must be remembered, however.
that the rate OF yield last year was much
| above that of previous years, being thirty
| two pounds per acre above the average OF
the seven next preceding years. AS plant
ers have not this year had the usual means
for buying fertilizers, it is not at all un-
| likely that some important decrease Of yield
may occur from that cause; which, added
to the decrease of acreage, may cause the
| output TO fall below the figures now in~
| dulged In by premature calculators. At
the moment, this staple stands exposed
| to special injury from the anti
options bill passed by the House Of Repre-
sen atives aud awaiting the decision of the
Senate. 1t is now reported that there is less
certainty of the Senate rejecting the meas
ure than has Teen supposed Co exist, owing
j.. to the armiug and planti & interests hav-
| ing brought sharp party pr ssure to bear
upon leading senators. However this may
be, the possibilities Of the case are causing
serious obstruction to not only the cotton
trade but also to a wide range Of other in
terests. We learn that at Liverpool ar
engagements are in contemplation for taking
up the American option business il 1t by
law becomes prohibited in this juntry.
This would give to England the complete
control OF the cotton markets of the world,
seriously to the cotton growers detriment
in this cnuntry. The question arises
where would the planter stand in the event
Of the American dealers being prevented
from buying for future deliveryl 1t ia inn
possible 10 conceive any thing more fatuously
bliud than this attempt to limit dealings in
our ohIef staples to spot" transactions.
In spite however, Of the uncertainties at
present surrounding our corn and cotton
crops, the country has now the promise of
another year of abundance. which is calcu-
lated to strengthen our investments and to
stimulate the reviviug European demand
for them.