The announcement of the courageous action of the Bank of
England and the great houses was expected to terminate the crisis, but it did not. The London banks are weak, large sums having been advanced to industrial undertakings and to the Stock Exchange ; and in face of the tremendous fall in prices, especially in South American bonds, American rail- ways, English railways, South African shares, and Consols, there was a disposition to call back advances which might have brought many strong firms to the ground. This dis- position, however, was checked by the strength of the Bank of England, which met all applications readily, though at high rates; and yesterday there was less general alarm, and some rise in the general prices of securities. The danger is not over yet, however, for the effect of the shrinkage in values has not been fully felt on the Continent ; and it is evident from the mass of sales that a great many firms must have been made hollow by their losses of capital, caused by forced sales of extremely depressed property. Much will depend, it is said, on the Argentine Government, which is doing its best to pay everybody, but which is loaded down with obliga- tions imprudently guaranteed, and is compelled by the price of gold to pay nearly two sovereigns for one. A com-
mittee has accordingly been formed of some of the greatest finance houses in London, Paris, and Berlin to compel the Republic, if possible, to reform its finance.
