The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1899-05-16
FINANCfAL OUTLOOK
IS RATHER GLOOMY.
Than at This Time Last Year
Sustaining Russian Merchant

new YORK May b.-The Times Lon
don correspondent cables.
We have scrambled through the mid
monthly stock exchange with but little
dependence on the Bank of Engl2Hd and
money ls nov likeller 20 be easier ~ the
end u the present month.
n w0s also On Occount of business 10
small margins the bulk being concen-
|traied In mine yharss hence. perhaps.
the ,a,c with which payments have been
made Al bottom prices. the money
market does not indicate prolonged
lease The Bank " England reserve ls
t3o OO pounds sterling less than 80 was
'at this time last year while business this
year s much larger and ~ eulaign is
quite .n double lu value 70 whA, u was
then
Moreover. there ls 20 longer any great
steady influx VI American money 10 pay
mcnt Tor she securities bought and
shipped home. We. Indeed have a srea,
mas 0f American capital floating Oh our
market at the pr,scn, time, representing
money 10 be- paid 20 Spain, but tia, may
10 az any day ln other respects We are
poor stl, WIN our diminished resources
too W. are called upon 10 sustain much
of the eommerc. Of Russia. hitherto H.
nanpcd by Germany TO relieve them
selves the Gefmbn bank, have forced
Russian merchants 90 come 90 London
'Rl.h the result that our discount market
had never finer or NOR. profitable
business Al vaiorcm stamps have now
been abolished on ,hre days sigh, for
rha b.l.- and the uniform penny rate
has been re-esiabiish,d.
ON bills drawn and payable abroad
Du; lodged here AS collateral the stamp
Wu henrefor.h be slXpeuce per 10
pounds Instead of a shilling per To-
pounds These measures are wise only
they should have gone farther since all
'o,hyr bills viii sull pay a shilling per
irr pounds II above three days sight. ana
the proposed stamp on foreign bonds is
ihe reverse OF being wise. j, would be
a case OF chancellor OF the exchequer
having been obliged TO abandon the At
tempt 90 levy ave snI.ungs per lr pounds
on foreign shares and duty now cut
down 90 one shilling Unfortunately,
,his Is cOunterbalanced by new stamp
Of ten shillngs per loJ pounds on all
bonds not originally issued iu England.
1 The consequence. OF this will be- most
injurious. owing TO the fre, dealings
here In an such bonds and particularly
in those OF your railroads The change.
however. will tend to throw more bust
Ness into the market Such holders here
will Do. obliged To sell on spo, and pay
the stamp du,y. while large holders will
sell direct In New York and ship their
bonds unstamped.
Copper is now peddled on the metal
exchange in quite the retail fashion, and
less than 5,0Ho tons changed hands this
week. OF which not one thousand were
sold 10 consumers. The National Pro
vlucial bank OF England issued It's an
nual repor, this week showing profits
OF upwards of 7o0o pounds and de-
posits exceeding 100000 pounds A
great part OF the deposits ar made up
OF small accounts Forty years ago
the deposits were under 2ooooN pounds
The Bank Of England itself had only
.@.01No pounds IN deposits belonging 90
private customers Il Is quit, syershaj-
owed in this respect by a, least half
a dozen other banks amor" which the
London and County bank comes second
with 435Ngo pounds in deposits