The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-08-07

NEW YORK, Aug. 6.-Henry Clews'
weekly stock letter says: The week
has been more or less a quiet one in
Wall street. Men influential in financial
afTairs are abroad, at the seashore or in
the mountains. enjoying their prosperity
and calculating upon returning to a
season of greater activity during the fall
months. Let lis consider how far such
expectations are justified.
BY common consent the course of the
market has for years been mainly jnf1u-
enced at this season by crop conditions.
1t is altogether too early yet to form
any positive opinions as to the final yield
OF the principal crops; but of wheat, corn
and cotton there is every prospect of a
sufficiency to meet our own and foreign
requirements. Wheat has been the chief
subject Of anxiety, because of early in
JurieS both at home and abroad The
most conservative estimates indicate a
yield this year of not less than 81. 0G0.-
600 bushels, possibly mere, compared with
600 last year. In view, however,
of the surplus left over from the previ-
Gus crop, it is expected that We shall
have available for export at least 20O,-
100000 bushels, against 222,0O0,00O bush
els last year. which was next
to the largest year of wheat exports in
our history. 1t is questionab BILE, therefore,
If larger wheat crop would be an adj
vantage; for there is no prospect OF
serious scarcity In the worlds supply
and a second bumper crop might be dis
astrous to farmers if low prices followed.
AS to corn, much depends upon the next
few weeks; the present outlook being for
a crop of over 1000, 900. 600 bushels COM
pared with 1924. 0G0, 900 bushels in 1898.
Cotton, according to an average estimate,
promises crop of u,225,000 bales, OF
about the same as last year Thus, while
the crop situation affords no basis for
extravagant expectations, 1t certainly
promises the farmers over a large sec
ton of the country results above the
average, particularly when the better
prices now realized are taken into con-
sideration We are at least sure of a
good foreign demand for our wheat for
the second year in succession. This Is
all that can be said of the agricultural
situation
Now let us look at industrial condi
tons. Sufficient consideration has not
been accorded the fact that the United
States is more under the influence of in
dustrial affairs than ever before. For
years 1it-has- been the custom of mer-
chants. and bankers to formulate their
plans upon the prospects and results of
agriculture. Without in any degree wish
ing to underrdte the Importance of the
latter, it is necessary to keep in sight
the wonderful march of industry. We
are rapidly passing from an agricultural
into a manufacturing population. In 1880
there were 100000 persons employed in
agriculture and 400, 900 in manufacturing
In 1880 the totals were 100000 and $780,
900 respectively. During this ten years
the increase in entire population, accord
ing to the census was Is per cent; the in
crease in agricultural employments being
only e YR cent, while that in manu-
featuring wa2 nearly SO per cent The
next census will certainly show a very
much larger development of industry
Figures could be added showing that
agriculture has little more than held its
own during the past ten or twenty years,