Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1891-03-19
WEEKLY rIyAScIAL REyIEw.

Stock Market la the same Inactive
state that II was the preceding week.
However, there were symptoms TOT
the encouragement Of n hopeful feel.
ing. Railroad earnings showed that a
movement ia transportation IN the
Interior was active. The earlier esti-
mates Of the Bureau Of Agriculture
under.ratel lat years oui-tiirn OF
cereals. especially wheat aud corn.
This was au unexpected loon TO the
corn-cartylng roads, while tho Western
shares at large were benefited by the
siguinc,nt aud unexpected rejection
by the Kansas Legislature OF oil bills
adverse 70 tho interests OF the rail-
roads. London orders foe certain
stocks added also confident tone 10
the market. The report says
"rhc more importance IA attached TO
this latter symptom because It Is accom-
panied with other evidences u an Inn
proving feeling In London. Al the same
time, consols aiyuncodi and the Improve
mont was attributed 10 an expectation
that Mr.. Cos hons proposal to author
lse the bank Of England TO issue notes Of
smaller denominations than five pounds
would be adopici. Thai measure wonld
have very important bearing upon the
London money market, intsmnch ~ u
would draw from the hone circulation o
large amount Of gold into the Bank OF
England aud rcplhc, II by paper money,
thereby Increasing the gold resources Of
Tao Hank Ani strengthening It, TO-
slsiance 10 oscillations In tho In
tarniilonal spncle movement which
have boon increasingly uNpoSing
the London money market to disturbing
fluctuations. aud the possible effects OF
which wcrc Illustrated la the recent
necessity OF the Bank Of England In bor-
row $4,000 900 Of gold from the Bank Of
france. Another favorable indication
from London Is the fact that, while the
Banks rate u discount remains NJ per
cont, IT, reserve show. considerable In
crase, although tho loan from tho Bank
of France has bosn fully paid aud the an
tlclpttod withdrawal Of ej0),OOo Of gold
on account Of Russia has boon met.
Moreover, private cables Indicate that
large portions u the Baring's liabilities
have already boon llquida,ei aud that lit
tie remains on that account TO warrant
distrusi.p
This shows heIondon money market
Is sate, and the fact helps New York.
Argentine affairs are. however,, still n
cause OF di-trus,. The large finan.
clal and commercial houses Of Argcn.
tina have combined In a guarantee TO
virtually take care Of the Bucnos
Ayres end OF the difficulty. This is u
hopeful factor, and II helped 10
strengthen the London end. The
more this Argentine complication Is
looked Into aud Understood, the more
the conviction seems to gain ground
that, while PROFESSIONALLY there has
been vast oyor.ereation Of credit and
speculative enterprise, yet II has been
connected with wonderful growth
OF solid industrial Investment.
"Tho breaking down In Argentine Is
sery much In tho nature Of our own
oras Of oxinvagant over-constTuciion Of
railroad. The wants may DO real and
solidi but they havo boon provided for
largely In excess OF tho measure Of pros.
cnt requirements, and probably enter
prisos have been ovor.capitalized. A
country with such vnst tracts of land OF
unsurpassed fertility, and with a yearly
Influx of 10000 line immigrants, Is
bound To rise from prosiratlon Of tho
kind that has befallon the Argentine Re.
public. II Is probablo there will not be
wanting capitalists who perceive tho
golden opportunity afforded by the pros.
Ont depreciation ot Argentine properties,
aud tho stage may be- nearer than
Is supposed when their purchases
viii como in ~ an nmeliOmtlng
Motor In the now gloomy situation. In
tho meantime, however, II Is quito posi-
bic TINT such variations Ia the course Of
the Argentine readJ ustmenis as occurred
ON Thursday, in tho ease Ola large Paris
banking Institution, may occasionally
cause temporary rcvisals of distrusii but,
so far. thcre has boon In all such cases a
disposition among strong houses to join
hands to protect tho embarrassed"
The currency movement ut the
banks, for the past weel., shows n net
loss Of 81 500, 900 with the interior, and
a net gain with the sub-treasury OF
ssOO,OOO. making total net loss Of
Sl,OO0,OOO.