Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1893-09-15
OUR FINANCIAL LETTER.
Frightening Skies and Returning Con-
fldence.
Disastrous August for Wheat and
COrn---"POOr Old Kansas"---the Sem
ate Talking MachInes---what Fall
WINS there. NV Countrvmen
"a BROAD STREET,
NJ

New YORK, Sept. 13, 1893. {
Two weeks have elapsed since the writer
sat down to have little financial ch at with
the readers of The Phoenix. During this
time the financial, commercial and mental
atmosphere has cleared up to a marked de-
gree. Many mills throughout the country
have resumed; New York banks are prac-
tically giving money over their counters in
lieu of certified checks; and hoarders of
money are beginning to want little rest
from watching old chimneys, stove pipes,
feather ticks, and other places of hiding
for their savings. The savings banks,
also, will no doubt soon let 90 of their
emergency reserve" and thereby put Just
so much money in circulation.
The month of August proved a very dis
astrous one for wheat and corn. The fig
ures recently issued show a crop of $685.
100000 bushels of wheat and 900, 600, 900
bushels of corn. Last year the wheat crop
was over 500, 1000, 900 bushels and the corn
crop 1,650, 100000 bushels. To add fur
ther misfortune, the farmer must sell his
wheat and corn at very low price, and it
is fair to assume loss to the agricultural
interests of over $20O, 900, 900, as compared
with last year. This loss means a proper
tionate curtailment of purchasing power,
and the people will lack the above $780,
100000 with which to buy merchandise.
Poor old Kansas seems to have suffered
the most serious crop shrinkage of any
state. Kansas with bad crops, and the
abiding place of the biggest cranks in the
world, will bear watching from a financial
standpoint. In 1883 Kansas had 1904
miles of railroad, and the value of all agri-
cultural products was approx imately $267,-
100000. In 1892 Kansas had 1894 miles
of railroad, and the value of all agricultural
products was only $274, 600, ,0O0 In other
words, in 1888 the value of agricultural
products per mile of railroad was about
$67, 1000, and in 1892 only a little over $780,
600. You will note that the railroad mile
age has more than doubled, and that the
farming interest has but little more than
held its own. There is only one inference
from these facts, and that is that the pres
ent railroad mileage of Kansas is uudoubt-
edly sufficient for several years to come.
The Lehigh Valley railroad has passed
its first dividend in 35 years. It's alliance
with the Reading and the recent general
shrinkage of railroad traffic seems to have
been the cause.
The Western Union Telegraph company
have recommended the regular quarterly
dividend of l Ia per cent, and the Man
haitian Elevated have declared the usual
quarterly dividend of l 1-2 per cent.
The situation in the Senate has not
changed much in two weeks, as regards
the repeal of the Sherman silver law. To
be sure the talking-machines are two
weeks nearer exhaustion, and it now
seems only matter of physical endurance.
In this connection, it startles one a bit
when he compares the United States Sen
ate of ten years ago to the United States
| Senate of to-day. Even Tammany bushes
when it thinks of Evarts and Conkling of
the past, and of Hill and Murphy of the
present.
W. p. EAGER,
Banker and Broker.