The Topeka state journal., 1899-04-03
LOOK OUT FOR SQUALLS,
Says the London financial Correspon-
dena CT the New York Tines

G21d CT E16 n 5W GGEk &102A.
New York April s-The Times Lon
don financial correspondent cables
We have passed a SIra1E and n 4
monetary sense ara N broad river 4gzLl11-
But II Is a river betraylng symptoms or
4 coming drought
e.DrappIng the smile. our money ulSEr-
Eer has this week aad 70 borrow up
wards CT Z 78a0, a00 pounds from the Bank
aL England u help II through the STOCK
exchange settlement and end the GUAR
ter demands FOR cash and credit
Aided ID previous Borrowings. TINS
pJrs the market over I9,000.0uo pounds
IN debt u the bank one year ago Cne
dent af the market ID the bank was
less than half this SUM Perhaps the
fact that Easier and the end OF the
quarter came r0getIer Increased the
demand for assistance and some OF the
holiday cash viii doubtless come BACK
This. however IS scarcely worth weigh
ing against the Increased poverty aE the
u1arkEE-a poverty winch gives Il
EerrueuE Crenc toward GeIrueSS-
You may take II as certain r11E the
rra4-fxar viii not be aaIe u repay the
bank al this money during the present
quarter Fer a few days al i time L
may get free but each recurring STOCK
eszuhanye settlement viii see the market
forced ID lean On the bank and as the
months pass lis dePendenee VIII n
crease
Unless gold fows IN from abroad
As there is no sign Of IT'S doing We must
expect the money market ID De- SUD-
IecC I'd spasu1s and rlghETlsss al Ine
summer Do not. then. allow the pres
snE I0WueSS CT discount rates 20 I1lssi-4-
you. II the bank can not affort1 To allow
irs rats 70 fail below three per cent anu
II assuretfIY can net II the present en-
eur1stanCeS. the opeu market Il playing
tar i bad fail by driving its raEa down
To Two per cent on little more
Short credits may be pIeur1rl1I Tor
the next few days. bur the supply VIII
soon run snort and I VIII not De sur
prised TO see money as tigytIr As ever IN
the next stock exchange pay day N
sume respects the dsInaud Tor money On
the stock exchange was less this week
than was locked for Less new money
that is was required still the account
was extremely heavy and Afforded
striking evidence Of the absence 0T tree
resources among large capitalists Bono,
Bullion Z Co. may seem rlcn-r On pa
Etsr- raan ever because Of uuu1na4ly
owning Il greater quantity CT senuHlE1ei.
but these securities ara increasingly IN
rlarixatabIe N most instances and hoIG-
ers can not shake themselves CLEAR
Instead OF money raised oy pIei5ing
good securities being Lent upon others
equally marketable. il Il sunk N ha-L
unsuitable colonial loans in underWr1r-
ran shares Of new companies or N nine
shares Everybody wants % sell IN
Enis way the market L 5I11o oLhesfa1 and
large free trading is much hamEer4t
Cheap money would soon enable THIS ID
De puE right buL We can not nave E1liiL
without some millions more gold and
so the moral 0f my tale Is Look out Tor
squalls.
We can not even buy your raIiraad
stocks back again except in spurLS and
with the hope OF re-5elIIug farrh7V1En at
profit From this motive We bought
some and closed out few bears before
taking our holiday, being IN IN aptIITlIs-
tic mood but you must not oes surprised
ID ind Us eager sellers again before
next week fs out Like yourselves. We
continue To ereILz new IGe1xupS E1r cap
itaI faSrar than we can save and Chs
position CsnCS TO grow strained
The Germans have taken ID buying
Spanish bonds and the prediction ls they
viii 60 20 20 or .. This Is about the
percentage Of Spanish revenue required
70 pay full interest on Spain $ debt hut
90 not you sell 10 beaEs We do here
and always lose our money