Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1891-05-06
WEEKLY FINANCIAL REVIEW.


the week ending May 2, 1901. reports
tho Stock Market In n favorable con-
dillon. Prices were advancing aud
new buying perceptiblc. The crop stu.
alton at home Is strongly In our favor,
while Ia foreign countries 1t Is very
doubtful. This dullnes In general trade
does not affect stocks. The averting
u the min.rs' strike for eight houts,
has produced more confidence. among
cnpitallsts, aud coal and iron stocks
begin 10 look upward. May the First;
40 much dreaded, has passed quietly
over. Railroad earnings ara improv-
ing,and thcre Is n good prospect ahead.
London Ia once more purchasing
American stocks, and the continuance
Of tho Bank Of England rate ut "a per
cont In spite Of expectations TO the
contrary, had = stimulating effect upon
the New York market. Over $1,000.
600 Of gold was shipped abroad during
the week, but the foreign demand for
stocks counteracis the gold movement.
Henry Clews says:
"a good deal u foolish talk about tho
future Of tho money market has been ca
ciicd by probable demands upon the
Treasury resulting from tho extraordl-
nary appropriations Of tho last Congress.
Attention 10 tho matter was emphasized
by so9eiary Fosters action In dl.con.
tinuing tho purchase Of ~ per
cent bonis for tho avowed purpose
Of 'rescrving tho residue of tho ~
per cent loan for adjustment within
tho ilscai year which begins on the ist
day Of July next" Thi. action on his
part was simply precautionary meas
urc, and onc 10 be emphanoaliy endorsed.
In tho present condition Of the money
market, there il no occasion Whatever for
tho Treas ury buying bonds to satisfy
currency demands. During the next
fiscal year sinking fund requirements
will eali for about sIo,O0),ODc. and II Is
certainly prudent on the part Of the Sec.
rotary to sirongthen his resources against
future demands at tins WHOM, like tho
present, such action will be least felt.
Moreover, there arc about sii,0Oo.o0) Of
those ~ per cent bonds outstanding, Of
which over 1000, 00J aro held by nation
al banks ~ a basis for circulation. aud a
number a prominent bans officials have
taken particular pains 10 Impress tho
Secretary with the advantage OF oxtcnd-
ing these bonds, temporarily a, least, At .
por cont; thus saving tho banks the nccos-
-ity Of further contraction In circulation,
and relieving the treasury Of tho obllgA-
tlon Of rcdccming all or part Of thu
ssl, OOo,OOO, should such course DO
deemed convenient To tho government.
These considerations alone arc sufficient
10 Justify tho temporary suspension OF
bond purchases. Tho approhensions.
however, that the treasury will be- unable
TO meet its obligations are altogether
groundless, aud can only be attributed to
Ignorance. olse to rumor circulated for
speculative and political effect. Tho fear
OF any intrcnchment upon tho traditional
500, 100000 gold reserve arises only nom
poh o' kn""lcug" " I" tue ueasu'y =
MAJ condition. Attho present Time more
IN the treasury over sli-'ovO'"Vo go'h
IN exc'~s OF gold certlhcates Outstanding
iho pahh' holu s-s,uVv'VVo OF govern
mont uepoHhsi IN huuitioh 70 whioh IN"
treasury hoiuS anoht s-''uVo.oco ir'e-
uonh shVor ana about s'o'OoV'oOo
against when no cor'ihcaies nave
peen issued, Excluding inc iVo
hllions go'u heln Tor redemption OF
uhled S"les notes, mere arc resources
available OF not less 'hah 100 millions IL
Is qu''e uuo thai mo demands upon mo
treasury VIII Do enormous NJ a unne
when US income VIII DO our1alIed ny tho
anohshmont OF sugar duties. IT'S quite
true also, That those demands VIII
oolige prudent management OF tho ma
uon's hnanccT hu' inc resource. OF our
nscal machinery are varied hnd ample
enough To meet every diihcniiy' u
should not 10 overlooked ihai many OF
tho liabilities Incurred by recent ieglAla-
tion, enormous ~ they are, cannot all