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Look Out For Financial Breakers

Look Out For Financial Breakers image
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Tho Xow York Express utter3 these worda uf waming : " Thero never was a time in tho history of the Uuited States when caution und conscrvütism wero more noeossary than at present. On the New York Stock Exohange tho advanee in railway and miscellanoous shai'es sinco Jan. 1 amounts to, in round figures, about 8200,000,000. The wholo thing has been the rosultof speculation Turaing to the bauks, we flnd the inll.ition still a i great, although in iuiother in fonn. The loaus of tho New York city banks aro now up te $280,(100,000, whilo thu oxce33 of reservo over tha total limit is only $5,800,000. This is but prudent banking. In real estáte we nul infiatiou in its most aggravatod form. llcontly a corner lot oa Fïfth avenue sold for .$0,000, and it is not long sinco a small lot on the corner of Wall and Broad stroets sold for $270,000, or at the rate ói' 51,100,000 for a f uil lot, 26x100 f eet In Boston they havo an inll itiou in eopper stocks in oxeess of any tho jn-ices vvarrantsd. In San Francisco thero his been a crazy speouI lation. in silvor nüning stocks, ind at tho present time a groat inflation exista. As illustrating tho present conditiou of affairs on tho Pucifio Coast, we may mention tho iuct th;it ono stock, whioh sold at $1 per sharo a year ago, is ujw selling at $1,400 por share, and, again, ono stock vvhioh sold at ?; two yeara iiro, is uow . solling ut 1,000 por sh:uv. Tiioro havo beou so!)ii! rioh discovorie.s in tlio mines, but nothing to warrant any ;uch intíation. "Wo havo buen building railroads with such rapidity as to run thu prio of irou to a fabulous poiiit, and oréate almoat an iron Saniine. Again, we havo gone oa iucroasing tlie consumption of i'oroign luxuiioa to sudh an extent th:i.t our iuiports havo run up to unpröoedontodly high figuro, while our exporta of produco havo stomlily decreasea. Por tho-ttrst six montha of the lisoal year, the imporis oxcourted the eiports ly 42OOU.OÜO, and mattere are growiag wowe. Europe holda two thousand niillions of American soouritios, and, oountiug the intorost, our foruigu indoVtodness is probftbly mors than dotiblo tlio appareat bulanco. Affaira at Lundou and on tho Continent are not in a inuoh bettor shapo tor a sudden omorgency. In I3nglund, Qermany, Holland and other countries thore has boon a wild speoulation in railroad, bank and mUoellaaeoua sharea, whioh had oarried priuos up to a very high point. lieaotisn has alrcady sot in The time bas arri vod when eivery ftnancior and business man should pauso aud considor v.-ell the prosont remarkable condition of aiïiiirs. Consorvatism in finanoe and trado, not inflation, should bü the platform of all henceforth ." A terrible hurricano occurrnd on tho ialand of Zanzíbar, about tho middlo of April. The town was grcatly damaged, WO vis(ls of all olassos sunk or ttranded, and $10,000,000 worth of proporty deatroyed.


Old News
Michigan Argus