Smyrna times., 1894-04-11
Financial Outlook.

Inc latest circular OF CIapp Il Com.
pany, New York. has the following:
PRODUCTIONS AND WAGEs.-America
produces through natural resources
about $8,000,000 each year and adds
to natural values an equal amount.
Eight manufacturing industries support
l,62l, ,467 employees, and pay out more
money each year for wages than the
combined cotton, wheat, corn and other
grain crops of the country are valued
at.
BoNDs.-The general market shows
much improvement. Transactions in
March were $40, ,23O, ,227, against $50.
665, 900 for March 1898. Foreign buy
ing has been especially noticeable and
important. Public sentiment seems to
favor an advance.
COTToN.-The cold weather in the
cotton States is conceded to have done
much damage to fruit and early vege-
tables. Cotton has not been planted
freely. The guano trade has been
small. Many planters will plant more
corn and food products and less cot
ton. Stocks of old cotton are reported
very small in planters hands. 1t is
conceded cotton seed now gives plant
ers an extra profit. The amount of
cotton brought into sight since Sept. l
when the crop year began)is 6,7S5, 900
bales Ito March 30), against 6,O13,O0O
bales, exceeds the estimates of MANY
conservative people for the whole crop.
Exports to date exceed those for the
same time last year by nearly 1,O5O,OOO
bales. Our visible is about 100000
bales more than ago. Liverpool had
10000 more bales American cotton
March 80, than March 81 1898.
WHEAT.-The primary movement
since January l, averages very small
as compared with previous wears.
Primary receipts since July l, have
been about IA 100000, against about
234 ,OOO,OO0 last year, and since Jan. l.
only about 40 or As per cent. as large
as last year, and recently less than half
as large. Export averages are above
the average same time in previous
years. The American exports average
near the maximum point. The visible
Is now about 10 per cent. less than last
year. We believe consumers cup-
boards the world over are comparative.
ly empty. 1t is usually the case after
a long decline in values; reverse con-
ditions often prevail after a long and
steady advance. If consumers invisi.
BILE supplies were increased to average
supplies, the visible would likely be re-
duced below average visibles, or re-
duced below 100000 bushels.
We understand many jobbers of
flour and country millers are running
on the hand-to-mouth plan. Flour
throughout the world is now sold in
paper sacks or other small packages,
and not in barrel lots as formerly.
While the visible is large and con-
sidered to be in the wrong place, flour
stocks are generally small. Looking
back,w recall many Aprils that scored
liberal advances, and prices frequently
ranged around the highest point on the
crop about the time spring seeding or
spring elections took place. The un-
natural winter may produce an un.
natural harvest. Nature ALWAYS about
equalizes heat, cold, rain or drought
each season. We Lelieve these various
conditions and averages are against a
big crop of heat for 1894. 1t is ma.
tural to expect three big crops Ofwheat
may be followed by one or two small
crops.
CORN.-The visible is unusually large
at this season of the year. Sentiment
seems to be bearish, based on liberal
movements from interior towns. The
consumption has been possibly cut off
by mild weather equal to the shortage
in production. Feeders of live stock
claim great saving has occurred by
feeding of small grain in the place of
corn. The New England demand is
fair and export demand good. Values
are low and likely to be advanced on
crop scare advices before planting is
completed.
PROVISIONS. - Chicago packing to
March 81, was 365,O0O hogs, against
2l1, 900 hogs last year. Total packing
to March 20 was 100000 hogs, against
100000 hogs, and 7O5,OOO hogs two
years ago. The export movement con-
tinues large. The export demand is
good and generally well distributed.
The Chicago lard supply has seldom, if
ever, been so small in April. Other
contract provisions are very small for
this season of the year or so soon after
winter packing. Chicago receipts of
live stock in March were 23,539 cars.
against 26,75S cars for March, 1898.
The average weight of the hogs was
twelve pounds more than March, 1898.
Cordially,
CLAPP & COMPANY.