The morning news., 1897-07-26

protected industries are more or
less directly agricultural. 1t is
not small matter to those
dependent on the cultivation of the
soil that the cattle and sheep raisers, the
fruit growers, the sugar producers and the
flax cultiVators should have the same kind
of announcement as has been given so
generously to the manufacturing and min
ing industries. The direct tendency of
this fostering recognition viii be to divers
ify agricultural production and thereby
diminish the overproduction of cereals
from which the farmers have so acutely
suffered for many years past
There can hardly be any doubt as to
the effect of the change in tariff duties
The importing interest recognize the fact
that 1t is going to be very difficult to bring
into the country an amount of merchan-
disc equal to tnat which found easy ad-
mittance under the Wilson act; not only
because the new duties are higher, but
also because ne Dingley law Is more skill
fully directed toward the exclusion of inn
portant classes of merchandise. The man
ufacturers appreciate this fact and are,
therefore, more confident of their safety
against foreign competition; and having
this confidence they may be expected TO
undertake the resumption of production
upon scale which they would have hesi-
tated to undertake under the lower dutiee
now repealed. On this account, it seems
reasonable to expect that there will be,
from this time forward, n much more vis-
orous movement in our industries than
has been witnessed for the last four years;
which is the one thing up to this point
wanting to a general recovery of conf
dence and a return 10 a normal activity
of business. This fact begins to have Its
effect upon both the investment and spec
Tlative interests in Wall street. and the
stimulus can only be expected to become
more apparent as the recuperative ten
dency in manufactures steadily develops.
Concurrently with this Impulse to the
manufacturing interests, comes very
important Improvement in the farming
prospects OF the country. The general
drift of weather conditions is toward the
harvesting of ample crops in good con-
dition. Winter wheat has been gathered
in excellent condition, and everywhere its
excellent quality is admitted. A trust
worthy Chicago authority reports as to
spring whe9tI that no particular change
is apparent from its hitherto good prom
ise THE weather has continued wholly
favorable. Harvesting will soon begin in
the southern part of the belt, with every
indication pointing to the probability of
phenomenal rate of yield The little COM
plant of rust and other favorable condi-
tions which have been met with recently,
now seem to be lost sight Of and there
Is now little probability of any condition
arising after this date that is likely 10
affect the promised result" The yield of
the winter and spring crops combined is
now estimated at about 50O,0O0,00O bushels.
In respect to the corn crop, one authority
reports that, during the last three weeks
corn has made wonderful growth every
where" and another the Cincinnati Price
CurrenO says: Corn has made good
progress under the influence of favorable
weather, and the crop is spoken of quite
encouragingly in spite of the backward
inc r1rr fe hafp
ly overcome" This, however, is not the
only good feature in the crop outlook.
There is every probability of a large
foreign demand for our surplus of cere-
ais. The worlds reserve stocks of wheat
have fallen to an unprecedented relatively
low condition. Argentina, Australia and
India-usually important contributors to
the European consumption-are threaten
ed with crops so deficient as to necessitate
their becoming importers of wheat or flour
during the next few months. These are
facts having a most important bearing
upon the future price of wheat; the more
so as the present visible supply of that
grain is now 30OOO,0 900 bushels less than
a year ago. The price of wheat at New
York has ranged about S21R cents during
this week, against 6134 cents a year ago;
and yet 1t would seem that considerably
higher figures may be reached as the sea-
son progresses These facts are of the
ricultural sections of the country during
the next twelve months, and therefore to
the business of the railroads; and, coming
concurrently with the stimulating effects
of the new tariff, they assure a measure
of commercial activity such as we have
not experienced since 1892.
The large volume of exports assured by
these agricultural prospects, together with
a falling off in imports consequent on the
advanced tariff duties, can hardly fail to
turn the foreign exchanges in our favor
during the fall months, and ii would not
be surprising should we witness extraor-
dinary imports Of gold between now and
next January.
Heretofore Europe has wanted more
than anything else our gold, and taken it
from US frequently at inconvenient periods
without hesitation or stint. Our safety
now is through their actual necessities;
they are compelled to take our wheat
in such large quantities as to enable us
to keep our gold this is especially desra-
BILE for us, while it Is equally desirable to
send out of the country as much wheat
as we can at anything like the present re-
muneratve price to the farmers, thereby
showing necessity knows no law Hence
while Europe would very much prefer. our
gold, necessity compeis them to take our
wheat instead. This Is the most whole
some feature of the present situation, and
adds more than anything else to the buoy
ancy in the stock market as well as the
grain market, and is the chief cornerstone
to the structure of prosperity which Is
now building up throughout the entire
country.
European aid TO the stock market has
not come this time from their buying our |
securities, but II has come from
their buying our products, which !
IS the most substantial assistance |
they could possibly have given
this country. Our wheat goes forward for
consumption never 10 return; whereas. II |
our stocks had gone forward instead they |
would have been sure 70 have come back |
again upon US at an inconvenient time.
IN all probability at higher range of |
prices than they had been purchased az.
and the benefit would have accrued to this |
country's detriment as measured by the |
profits In connection Herewith