Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1891-12-31
GOOD TIME COMING.
New York Financiers on the
Outlook for go.
THEIR VIEWS ALL DECIDEDLY ROSY

Good Omen From the West in the
Cancellation of Mortgages Western
Bank Reserves UHprccedcntedIy Heavy
-Bountiful Crops and All Europe to
Buy Our Surplus-The Only Danger Too
Much Speculation Prosperity Wen
Distributed and Iron Advancing.
BALTIMORE, Dec 3l.-The Manufacture
ers' Record publishes special letters from
several leading New York Gnanciers as to
the general business and financial outlook
for 1892. President French, of the Man
haitian Trust company, after referring to
the great grain crops aud exports, s.ya
"The real improvement resulting Iom Thu
addition to our wealth is shown in tho p.,.
ment Of the interest and in many inst. noes
the principal on those western farm mort
cages which, asyou are aware, have dur
ing previous years been in a precarious
condition.
The Heavy Bank Reserves
ut is also shown in the increased bank
reserves of the western institutions, which
Tor the first time in the history of the
national bank system have reached and
even exceeded the reserves of the eastern
cities. New York also now begins to feel
this accumulation of money. the bank
statement of the past week showing the
largest deposits on record $3.50 600 OpO
with corresponding reserve (Sc}6, 0O0. OOO( in
excess Of the legal requirement With a
sound financial system nothing can pra-
vent this country from soon taking the
lead in the world in business and finance
aud America will hold the sceptre of COM
mercial supremacy
The Commercial Outlook Excellent
Mr. II. w. Cannon, president of the
Chase National bank, writes: From pres
ent indications the commercial outlook for
1892 is most excellent. The financial dis
turbances Of the past year in Europe ap-
pear to have nearly passed away, and the
money market in London, Paris. and Ber-
lin has assumed nearly normal condition
once more. We haveharvested a bountiful
crop, not of cereals only. but of fruit. vege-
tables, and in fact all the products of the
soil have been most plentiful. Quite the
contrary being the case in Europe. we are
able to supply our neighbors a..rnss the
water with food products at reasonable
prices, and the balance of trade will be in
our favor for some time to come
DePrecates Too Much Speculation.
I'VE may expect to receive money in re-
turn for food products aS well ~ securi-
ties; the money markets in the United
States Will probably be easy and all sorts
Of business in this country will be slim
ulated thereby. 1t j. to be hoped that
speculation viii not become TOO RAMPANT
with us, and that we will not put uD the
prices of our products and securities dur
ing the next six months to nm abnormal
point. We have good government a
sound currency, and this year an abundant
harvest. Our people are yearly growing
richer and the indications point to the year
1892 as one of great prosperity"
A Wen Distributed Prosperity.
Mr.. w. p. st. John, president Of the
Mercantile National bank, writes: "The
business outlook for 1892 appears to be very
bright. Circumstances which, taken to-
gether, are unusual, seem to warrant the
expectation of fully average prosperity,
more than ordinarily well distributed
throughout all sections. Conditions in tho
iron market are usually regarded note
worthy. OF late the reports proclaim a
further demand for bar and manufactured
iron. and a shade higher prices in particu-
lar lines. The New York Stock Exchange
has caught on and Wall street antici-
pates the future in temper that is proni-
tious. Every developing influence toward
improvement will feel IT'S impulse as a
stimulant to progress everywhere
Likes Crisp's House Committees
"'The makeup of the committees of the
new house of representatives is excellent
from bankers point Of view. We are
thereby assured against tariff tinkering
for merely partisan political effect. The
merchant and manufacturer are not, there
fore, to be kept depressingly anxious all
the season. Ordinary currents of business
are not to be disturbed The present low
level of prices for all orr great products,
with single exception, furnishes safety in
the basis of expectation for the future.
Hence, in every prospect and anticipation
] confess myself sanguine of the business
situation during 1892"
REVIEW OF THE WOOL MARKET.