Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1898-03-07

UuNtJ anu olUthS UHutT ult WM OItut'
Saturdays steamers out Of New York
! carried, 1t Is estimated, some Sl0.00000J
| worth OF stocks for Europe, which had
| been bought during the week. Domes-
tic interests IN the market have been
| in panic over the uncertainties Of
the Mainc explosion and the deafening
war howls of a lying yellow Journal
| ism, but tho London View has been Of
Il more peaceful cast, and London has
| bought American stocks as not before
| In two years. Having avoided the
market throughout the whole of the
great speculation beginning last sum
| mer. London now comes In at one OF
| the critical moments In the republics
history.Is this another example Of Brit
ish stupidity and capacity Of buying
| Americans at exactly the wrong time,
or Is London right in its evident belief
that there win be no war;
| We shall see. Meanwhile the Lon
| don buying in Wall street has had two
| important effects. Ii has greatly re-
assured n frightened domestic interest,
| and IL has started gold movement to
| the United States-the engagements for
| import last week amountin TO s2,200,O00.
| Stocks sumped badly on Monday and
| Wednesday, and the market nearly
went to pieces on Thursday. but recov-
cred its equilibrium on Friday and un.
| derwent little change ON Saturday. AL
together the active list declined about
| 1926 n share during the week. The
| trust stocks have lost all the gain since
the last upward movement began in
/ Novernber,and the railroad shares have
lost two-thirds of the gain.
Closer money has been a factor both
in the securities liquidation and the
drop in foreign exchange to the gold
Import point Call rates toward the
end of the week ruled at per cent.
and the market Is more likely to be-
come firmer than weaker in the i'm
mediate future. II reflects the strain
the political situation. The interior
movement OF money ordinarily turns
against New York at later date than
this, but the interior banks, in some
evident alarm over the situation. are
gathering in their funds on deposits in
New York for use In emergencies The
net loss to the metropolitan institu-
lions last week from this cause was
over SfOOO.OOO and net payments into
the United states sub-treasury equaled
%.00O,OO0 more. Notwithstanding, there
fore II shrinkage in average loans of
SJ,0OO.OOO for the week, the cash re-
serves of the clearinghouse institu-
lions were reduced over $1,000, 000 and
the surplus reserve fell S2729, 900. while
deposits dropped s9.3iG, 300.
This tendency of the money market
VIII clip the wings of speculation, and
the apparent certainty of II continual
ton of the Cuban crisis for some time,
even in the event of verdict of acct
dent in the Maine aairff, gives little
promise ia renewd rise in stocks to
the jaunty heights lately attained. But
close money will dislodge much of the
recent investment in sterling exchange
or loans to Europe of the proceeds of
grain exports, and II that credit ac-
count rises to the sum of $500 900 to
SlOO,OOO,OOO, as many authorities believe,
heavy and long continued gold imports
would seem to be the order. Such n
movement is not probable. however.
The first considerable shipments of gold
will tighten the foreign money markets
to the point of forcing payments to
American In goods and securities in
stead OF gold, and the stocks bought
last week would not be long in coming
back here again.
The wheat speculation has also been
weakened somewhat by the political
events of the time, though the Letter
clique manages to hold the May de-
livery well above 81. Argentine ship
mentsmeanwhlle are considerable, aver
aging over million bushels n week,
and Australia, 1t appears, will have
some little wheat to spare, where last
year imports had to be made. Then
comes India with promise of pretty
liberal exports on the gathering of the
new harvest. Whether the Letter gang
can dictate terms under these condi-
tons is question. The only use ever
known for our tariff on wheat would
be to enable him to squeeze the home
market after shipping abroad the bulk
of contract wheat in sight.
Three woollen mills and n large wool
en- commission house have been in
volved in the recent business failures,
and II growing dullness in the wool
market and slackening demand on the
wool mills, all go to show that the high
tariff stimulus lately applied to this In
dustry has nearly spent It's force for the
time being at least Otherwise trade
and manufacturing show no particular
change. The cotton strike is evidently
to come to nothing, and the industry in
New England will proceed on the lower
wage level established. Bank clearings
continue very large, and railway earn
ings likewise reflect large volume of
business doing.-Springfeld Republican.