The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-02-13
STILL LOOK TO US.
London Views New York as the Lead
er of the Financial World.

New York. Feb. 1.-THE Times London
financial correspondent cables:
| in an anomalous position. All the week,
until THURSDAY. loans were. Offering at
the same time discount houses nave
striven to keep the rate of bank bills as
effort the banks helped them by refusing
TO buy bills for them at less than rs per
cent; rather than work for less they were
ready to lend at l per cent for the week.
Why was this? Because the whole money
feared another squeeze at Fridays Stock
Exchange settlement similar to the one
events, for pressure was tremendous be-
cause the stock clearing house broke
1t also always breads the effec. of the
revenue eoIIeetions little later in the
hension of dearness to come always, makes
to part with them for more than a few
days, and therefore the present condi-
the expectation that the present low rates
will soon give place to higher ones 1
rather to the opinion that cheapness must
last for some time unless the calm is dis
turbed by unforeseen causes.
The government deposits in the Bank
of England are still 100000 below the
to reach last years figure at any time
between now and April And next week
you in payment for the stock You Import
ed a fortnight back So, for the present
credits
Even the gold movements cease to inter-
est US when such an abundance prevails,
but unless you want it We shall posi-
ply retain part at least of these imports
get, the African supply. it is true. India
and yourselves are taking the Australian
output but little goes a long way in
soothing US in our present mood. This
mood is one of increasing hopefulness
leading to more vigorous speculation.
i, Our trade returns in january indicate
that business is waking up in the far east
Even continental nations are displaying
larger buying power: and just will hap
pen with you. the millions disburse6 to the
iron manufacturers by the admiralty fill
the land with a sense of prosperity to
ployment.
I have. been asking the stock brokers
where th t7 clients are putting all this
dustries and Kaffir mines. But specu-
ing by the now Of small orders. It fw vii
take month or two of dearer money be-
specula ton on a larger Scale becomes
Should this mood seize US then I fancy
we will begin again to buy back many Of
the shares and bonds we sold you. |
bulls on your rails, in a small way, are
already numerous We have done little
during the last fortnight because YOU let
prices down and because we feared Gearer
money at settlement. But just you set
not follow your lead. The gamblers alone
will buy first. and therefore a moderate
But the speculative investor will succeed
the gambler and the gentleman who buys
Fries to lay aside for his children will
come pounding in last Of all,
a cloud Our present cloud is the threat
ened strike of the cotton operatives The
men seem determined. and as the trade
has been very profitable lately I should
not be surprised if the masters give way
They have no stocks upon hand to fall
down in the face of profitable orders. But
at the moment the two sides are squar-
ing up at each other as if they meant to
hght 1t out