Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-04-07
risAsor ACROSS rnn SRA.
Times Correspondent Predicts . Coming
Droaght in the M.astar, RIVER

New York, April s.-Thc London hn-
Ancinl correspondent cables.
We have passed atralght and In a
monetary sense are on a broad river
hstrnying symptoms % coming
brought.
sDrnpplnr the slnlic. our money
marAet has this week had 10 borrow
upwards 81 f5.ooo.eO0 frum the bank Of
England % help u through the stock
exchange rctiisnsnt and end the quar-
ter demands for cash and credit.
added 10 the previous borrowinrs,
this puts the market over fio,Vo,ooo
In debt 10 the bank one year ago the
debt ~ tho market 10 the bank was less
than half this sum. Perhaps the fact
that Easter and the end Of tho quarter
came together Increased the demand
for assistance and some of the holiday
cash will doubtless come back This,
however. u scarcely worth weighing
against the Increased poverty 0f the
mArkut-h poverty which gives II a
permanent trend towards dearncnn,
You may take II AZ certain that the
market viii not be able TO repay the
bank all the money during the present
quarter. For n few dnya at a time Il
may get free. but each recurring stock
exchange settlement viii rcc the market
forced 10 lean on the bank. and a. the
months pass. IT, dependence VIII in-
crease.
"uniesa gold flows IN from abroad. ~
there II no Sian " ne dolng, We must
expect the money market 10 be sub
ject 10 apaama and tlghtneaa all the
summer, 10 not, then. nllsw the pres
cnt lowneas 81 discount rates % mia.
lead you. II the bank cannot hnord ~
allow ~ rate 90 fall below thrue pCr
cent. and Il aasureily cannot IN the
present circumstances, the opcn market
Il playing for a bad fall by driving
it, rate down 10 two per cent. or little
more.
short credits may be plentiful for
the next few days but the supply viii
soon run short ana ! win not be sur
prised 10 see money as light as ever on
the next stock I,uy day Ia some res
poets the demand Tor money on tho
stock exchange this week was less than
was looked for. Less new money. that
H. was required SIN the account was
extremely heavy and afforded striking
evidence of the absence q FREE re-
sources among large capitalists. Bond.
iiullion a Co, may seem richer on pa
per than ever, because OF nomlnaliy
owning n greater quantity OF seeuri-
ties. but these eecurltles are incrras-
inFly unmarkotablc IN most instances
and holders cannot shake themselves
clear
Instead of money raised BY plaarinE
good securities being lent upon others
equally marketable. q u sunk In hair
unsuitable colonial loancs IN UNDER
written shares OF new companies or IA
mine shares. Everybody wants "a sell
In this way the market IN smothercd
ana larre free trading u much ham
pered. Cheap money would soon enable
this TO bo put right. but we cannot
have that without some millions more
rold and - tho moral u my tale u
look out for squalls
we canot even buy your railroad
FtOcka back again except IN epurtH and
with the hope OF rcaclllng forthwith nt
a profit From this motive We bought
some and closed out "A few bears be.
fore taking our holiday. being In an
optiEmisiic mood, but you must not be
SURPRISED 10 ilnd uH eager sellers again
before next week N out, lake your
solves. we continue To create ne. locks
up for capital faster than W. can snVa
and the position tends 10 grow strained.
THE Germans have taken 10 buying
spanish bonds and the prediction II
that they VIII go to 20 or Is, THIS Is
about the percentage OF spanish reven-
ueH requires to bay full intsrcrt on
SPANS debt, but do not You sell Ia TIM
bears as Wy do here and always lose
our money"