The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-03-20
ALL EUROPE HARD UP.
A Crash at One of the Money Centers
Is Imminent.

Is Imminent.
New York, March 2o-The Times
London financial correspondent cables:
Our money market is going exactly as
| was anticipated AS the government
financial year nears ats end bankers
balances grow scarcer and all the week
the market had to lean on the Bank of
england. The scarcity would have been
greater than 1T is but for the unusual
wealth of the Indian government 1t
was estimated year back that we
would want 5000, 900 pounds in London
by the 3lst inst, but the Indian office
mere has found such q demand in Lon
don for its drafts on the treasures in
India that its sales Of them have netted
nearly 100000 pounds. So the India
council is in funds and completes with
the Bank of England by lending freely
at 212 per cent right up to April t. the
day before the British and Indian stock
dividends become payable. The Bank of
England charges per cent for three
day loans and naturally gets little of
the current business when money can
be found elsewhere.
Discount under these circumstances
would nave been easy at per cent but
for the strong German demand for gold
and the tightening up of your money
market. Even with the help of the fears
about gold thus created, bill brokers
have much difficulty in securing 216 per
cent on RENTED or bankers paper be-
cause they all still think cheapness is
certain to come next month. 1 doubt if
it will and look for a restless and tinid
market. fiat one day weak and fe-
verish the next We have too little gold
in stock to preserve US from money
Scares.
You have no 119 day accounts in YOUR
stock exchange and may be thankful
that you have not When such spaces
OF time intervene between pay day and
pay day we have either a series of
dash1ng gamblers or slow and grumbling
markets with the dealers fully convfnc-
ed that stock jobbing is not a reproduce
tive industry
ter description and we keep signing or
calling out for a public that comes not.
Little spurts Of activity in Spanish
bonds or in Tintos with an Industrial
counter here and there, we see daily,
but no general business from a wide
public.
No support for copper market comes
from Paris or New York and Boston
ana your people have absorbed large
blocks of Anaconda copper shares this
week. Paris cannot keep the pIay ac-
tive and the death of Secretan this
week shook theTinto prices for a day or
two. But he was merely a tool in
stronger hands and the market was ac-
cordingly braced up again by the prime
manipulators. 1t is all a gamble in
which the public has no SntereSt and
our constant marvel is how Paris
should be able to carry all the trash 1t
has acquired in recent years in copper
and gold mines, discredited government
ponds ana industrial securities very
much ''Hooleyized." Tintos might be
good at Is. but 40 no one envies the
holders enough to buy. As yet there
are no superficial indications of any
crash on the bourse. We only know
that the position is strained and that
the business between Paris and London
has become wholly professional and
much restricted at that. A feeling of
oVer-loadedness haunts both markets
and it is most difficult to see how it can
be conjured away.
We have all, as a matter of fact, got
too much to carry and business is hin
dered by the masses of securities held
in pawn at high prices. Unless you come
to the rescue we shall by and by be in
a bad way. No European market is at
ease at the present moment. Vienna,
Berlin, Paris and Amsterdam are all
hard up and want to sell and can find
no moneyed customers to unload upon.
But we may have several spurts yet
before one or the other Of them topples
over.