Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1892-06-13
cLEws' LETTER.
Interest in the Uncertain Condition Of
Crops.

Interest in the Uncertain Condition of
Crops.
NEW YORK. June l2.-BuGness at
the stock exchange continues TO drift
without any fixed direction. One day
the "besrs' are IN control; the next the
"buils' turn TO account the "shorts"
contracted by their opponents; and
thus q see saw movement ie kept up
without much change in the general
range of prices. Both sides are wait
ing for something TO turn mp; but that
something proves to be of such small
influence as to barely provide the days
salt of the room operators.
Among the long list of securities rep
resented on the board, there are some
half dozen which are subject to special
transient conditions. such as c., B. 4
Quincy. st. Paul, Rock Island, Louis
VILE & Nashville, Reading and North
Pacific preferred; and these absorb all
the interest OF operators and furnish
nine -tentas of the current transac-
tons.
This lassitude 10 not due to any lack
of confidence, nor Of either means or
disposition to operate. If it weie, the
"bea:s" would not show their present
caution about over-selling the market.
The mildness of the "beay" tactics 10
evidence of the intrinsic strength of
the general eituation and of the re-
served power of the ''bulls."
At the moment, the policy of the
latter seems tC be to give ample rope to
the "bears," with . view to catching
them on short contracts: but their con-
templated victims are willy and on the
alert, and although tho market 10
freely oversold, no "eornering" has
been found possible. There can be no
doubt that the various proceedings in
the courts against the Reading combi-
nation and the strong commercial feel
ing against that corporation and in
dustrial monopolies generally has in
troduced an unsettled feeling respect
ing wide range Of interests which
hsve sought to protect themselves
through neutraiizing natural competi.
ton.
eradicated, for It 10 the echo Of broad
and powerful drift of public opinion,
which is likely to culminate in exciting
political issues aud IN legislation which
may affect many hundreds of millions
vi COI pOi 6tC (8Vit6t ICpt C>CutlO Otl tuO
stock exchange. The present attitude
of Wall street towards this factor of
ths situation is expectAnt rather than
gain in importance rather than de-
cline.
The Rock Island amalgamation, the
large financial operation of Atchieon Il
Topeka, and the still unsettled fate of
ID ~ol ~,
affect quite q wide range of securities
and keep large aggregate Of invest
ments in the dubious position Of "opea
questions" These things help.to keep
Wall street in the waiting posture In
which 1T has now for some time held
itself
The failure of the new Oriental bank
of London, with about $35 900 900 Of
liabilities. though IL has not yet mad any
conspicuous effect on this market,
simply because the supply of our secur-
itles in London happens to be at the
moment exceptionally light, is not
without its indirect significance. The
failure is attributed principally to the
decline in silver. and is therefore very
suggestive ~ TO the extent to which the
position of silver may have affected
other British banks and also the weiehty
Manchester interest. 60 vitality depend
ent upon the great eilver-using coun-
tries of Aeia.
II il should turn out that the fall In
silver is really the cause OF this failure.
the fact must he construed as throw
ing q really startling light upon the ex-
tent to which Eastern trade and finance
has been injured from the great none
tary depreciation in that quarter of the
world: and. coming at the moment
when the international conference 10
about 10 assemble for considering the
question. il is calculated TO bespeak .
much more eerious consideration of
the proposals for international free
coinage than that policy might other
wise receive.
To that extent. THE suspension Of the
Oriental il suggestive of . CLEAN Of
hope for the future of ellver IN this
country; while, as matters now look, II
does not threaten TO Inlurfousiy affect
our securities abroad, for IN London
the western and eastern departments
of investment are very distinctly stps-
rated.
The foregoing must be classed ae sec-
ondary factors influencing the tone of
the market. and that need be sald of
themshat. while they keep . consider
able amount of securities in suspense,
vet their combined effect can hardly
be considered az at all controlling.
The chef interest centers IN the stiil
undetefm prospects OF the crops.
Ii is difficult 10 form any even ap-
prcsimate estimate Of the prot,s bic
outcome OF any one OF the agricultural
or IA.
Thss stage OF uncertainty affords an
opportunity for speculation. and ail
sorss of contradictory reports are fur
nIsbed 20 promote the ends OF the osser-
ssofs. A % cotton. some information
is Forthcoming deserving of consi9ers-
ton.
The report Of the department Of axri-
cuitnre sstssnsses the acreage se ls1
per cert helew that of isst vesf. which !
sagrrsts raere hopeful prospect for |
TIE south than isas been enterasnsd F.
lae xovsrament's weekly ernp bulletin |
reports the condition of this crop - |
stluetls COED 70 essry state bat AT !
ksnsas
as % sss pfoxpeets o. cereals. the |