The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1899-03-21
BANKERS BALANCES
ARE GROWING scARCER.
The London Financial Market Continues
Weak and Restless. With Occasional
scares From Gold Scarcity.

NEW YORK. March a.-The Times
London financial correspondent cables:
Our money market is going exactly as
was anticipated As the government
financial year nears its end the bankers
balances grow scarcer and all the week
the market had TO lean on the Bank OF
I England. The scarcity would have been
greater than II is but for the usual
wealth OF the Indian government
! II was estimated a year back that We
would want 100000 pounds In London
by the slst instant, but the india ofiee
has found such a demand In London for
! its drafts on the treasures In India that
its saIer OF them have netted nearly
| 100000 pounds. SO the India council
/ Is In funds and completes with the Bank
I OF England by lending freely at 2is per
! cent right up to April 4th. the day be-
: fore the British and Italian stock divi-
dends became payable. The Bank Of
England charges per cent for three day
loans and naturally gets hule OF the
current business when money can be
found elsewhere.
! The discount under these circumstances
would have 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 "a per
cent on remitted bankers paper, be-
cause they all think eheapness is GER
tain to come next month. l doubt II 1t
will and look for a restless and timld
| market, fiat one day. or weak and fever
lish the next We have too little gold in
stock to preserve us from money scares.
! You have no nineteen-day accounts on
syour stock exchange and may be thank
ful that you have not When such spaces
OF time intervene between pay day and
pay day we have either series OF dash
ing CANDLES or slow grumbling markets
with dealers fully convinced that stock
jobbng is not a reproductive industry
The current long account is OF latter de
scription and We keep sghing or calling
out for 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 not general
business from Wlue puollS.
All support OF the copper market comes
either from Paris or New York and Bos-
ton. and your people have absorbed large
blocks OF Anaconda copper shares this
week. Paris cannot keep the play active
and the death of Secretan this week
shook interest in prices for a day or
two. But he was a mere tool in stronger
,l hA rlAf was accordingly
braced up again by the prime manipula-
tors. 1t is all gamble in which the pub
lio has no interest, and our constant
marvel is how Paris should be able to
carry all the trash it has acquired in re-
cent years in copper and gold mines,
discredited government bonds and in
dustrial securities very much "Hooley-
lied"
The tintos might be good at 10, but
at 10 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 business be-
tween Paris and London has become
wholly professional, and much restricted
at that. A feeling Of overloadedness
haunts both markets, and 1t is difficult to
see how 1t 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 10 the rescue we shall bye and bye
be In q bad way. No European market
is at ease at the present moment, vi
emma. 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 before
one or the other OF them topple over.