The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-01-15

be reduced. and goods could be sent
to the Argentine more quickly from
New York than from Europe. At pres
ent we import about SS0000,0G0 worth
Of coffee, hides and other things from
the Atlantic coast of South America,
and we export about $4,000, 900 worth
of goods in return. Such a steamship
line would materially aid in evening
up the trade and would In the end
put balance in our favor.
SPECULATION. IN ARGENTINE.
A general idea prevails that the Ar
gentine republic is a very unsafe place
for investments. This is not SO. Prop
erty is now as stable in the Argentine
as elsewhere. But the country went
wild about nine years ago. 1t then
had boom in which both the Argen-
tines and foreigners took part This
boom almost ruined it, and during 1t
there was undoubtedly a great deal of
fraud upon the part of the government
officials as to their handling Of the
government finances and funds.
Today this craze has passed. The
people have learned a lesson from 1t
and property is now stable. The big
Sest Things are now managed by for
elSners, and from year to year the gov
eminent holdings grow less A for
eigner's property is perfectly safe He
has, IN fact, equal rights with the
naturalzed Argentine, and he is sub
Ject to no heavier taxes.
All businesses, however have to pay
license ranging from S. to $4,000 a
year, according to the amount of bust
ness done. Banking firms pay more.
the highest tax on such firms amount
ing to 100000. Foreign firms who do
business, with or without a house in
to 3o0O, and those who are only com
mercial travellers pay a fixed License
OF s9o. This sum permits them to sell
only In Buenos Ayres and the national
territories. If they go outside of Bue-
nos AyreS there is usually a state tax.
which is paid in addition, and this
ranges from 500 to $500 a, wear. ac-
cording to the laws Of the state. There
are, of course, other taxes on business
such as stamps, ETC.. but these are
somewhat the same all the world over
IN THE STOCK EXCHANGE.
AS to stock gamblers Buenos Ayres
has as great a number of financial
ouils and bears as any other country
OF the world. It's stock exchange or
ocisa, IS the financial center of the
ArSenune. In 1t you can feel the pulse
OIL The money market and can see "a
crazy exhibitions of financial specula-
ton as In Paris, London or New York.
Inc great boom which burst in 1890
came from the rapid growth of the
country after 1881. It's growth was
discounted over and over again and in
ten years more than $685., OO0. 900 worth
OF stock was f1oated. and of that more
IMAM falf billion dollars totally lost.
1here were land companies. railway
COMPANIES, insurance companies, banks
and in fact almost every kind of in
stltution capitalized at millions, Most
OF these have entirely disappeared
from the market. while the shares of
other companies have declined 80 ner
cent L doubt whether there have ever
oeen anywhere such loose business
methods as prevailed here at that time
Inc officers of the government were
In many of the deals The very high
est officials speculated with govern
ment money, and through the govern
ment banks allowed millions to he
loaned on mortgages on worthless
property Europe sent vast sums over
10 the Argentine to fill the gaps, ex-
pecte1ng to get tens of millions back.
and when the bubble burst Barring
Bros: and other long established
London firms came near going to
pieces with it.
Today the chief speculation on the
country. The brokers buy and sell
gold, which is up today and down to-
morrow, or rather they sell the credits
OF their country. In other words. the
most of their business is in buying and
selling their own notes.
There is no more interesting place
In South Africa than this stock ex-
change of Buenos Ayres Its doors are
! guarded by footmen in livery, and from
u to 1 and from to p. m. you may
meet upon its floors the brightest bus
mess men of the Argentine.
The membership costs almost moth
ing and the dues are less than So a
quarter. The result is that there are
700 brokers and nearly every promi-
nent business man of the city Is a
member of the exchange. The stock
exchange is not unlike a business
mans club, and If you could enter It
without knowing where you were go
ing you might well imagine yourself in
the stock markets of New York
Frank G.. Carpenter.