Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-05-08
LONDON sos,H AAnKrr
u is VERY tssy. hut No Great taith In
Copper dine- 10 Displayed.

New York. May N-Thc Times Lon
don financial correspondent cnhlcai
Our money market has been oaHy all
Of this week. We are between plnchta
and next week rates viii harden aud
the lark 81 England VIII get Yer cent
on n million or two. iiprrowcfr cor tho
stock exchange Ia good credit will pay
al the way from , TO az pcr cent IN
the open market and the Spectators
whom they supply viii pay from I 10
10 or 10 per cent. according 10 cifcum-
stances or tho markets. Essentially
our banks continue poor. They have
no SPARE resources ana the BANK of
England also has not hccoinc stronger.
scarcely any new gold reaching a.
Hut We do not heed these things when
n speculative mood " dominant Along
certain lines tho desire a. gamble was
never stronger with uu than now. but
We do not turn your way. Dealings In
American rails are most porfunctory
ana torpid,
such special articles az copper ana
copper mines shares also have at pres
cnt no attraction for the small rpecuin-
torH. Al gambling II M the hands ~
hir people. chiefly French and Ameri-
can. Tho latter have bought most nf
the Anaconda shares that the british
public held and the former avn most
~ the RIO Tintoa. Apart from these
IN dimensions and We nre rkcpticai that
a power like your new AmniKnmntcd
copper company VIII hold M the mar
irt whether Tor metal or shares, Eve
sfy week now sees two or three new
copper mines offered 10 the British pub
Ne. Some OF them win get 10 work.
and the production In Russia. Africa,
Japan. chill and Australia nH VOL as In
spain, Germany and other countries,
viii Increase rapidly. Last years OUT
put Of copper exceeded that ~ isss by
az least 1850 pcf cent, The present years
output IN almost SURE 10 exceed aO1, 600
tons. Al merely $3.50 per ton, this means
ca5.o0oOo0. II II doubtful " the con-
sumption will reach 100000 ~ new cop
per. To maintain the present prices. let
alone any further raise In price, both
In metal aud copper mine shares capital
and credit 20 the amount u tioouno,-
600 may thus have 30 b. found In twelve
months time. and We do not think you
can md II. especially a. the ito,hH-
childa cfnphnticalily difcllim any share
In the combination. We. therefore, con-
slider that your Spectators nrc coming
IN on top ~ the market and some 30
~ far as 10 say that the AmniFamated
Copper company was merely formed for
unloading purposes. Time viii show.
English manufacturer are ourtailing
their demands with the utmost fiFor.
one large brass founder again said that
he had not bought a ton u VIRGIN cnp-
per during the last three months. and
his stock room N full OF all sorts ~
broken M old metal. Copper hrokcrF,
therefore. hold the view that your COM
binntion must smash almost nt once.
our general trade continues remnfk-
ably good. but In domestic lines moro
than IN foreign and We are Htill haunted
hy fears % doarer money coming later
IN the year The present case, Indeed,
r. attributed much more 20 the Inflow
~ American money representing the
price of the Philippines and the pay.
mont for your bonds, which we Htill
sell ar fast na yon can take them. Great
care, therefore, IL required Ia avert a
bad squeeze In the autumn ana this
danger. likewise, your copper monopol-
lists seem 10 leave out of account.
Germany remains ~ hard up aa ever
for cash. iiy a now charter the capital
~ tho Imperial Rank was rired to c9.-
900 600. hut this II no present help. ~
the market n wrestling with moro new
contradictions than II can carry, So
conllnentai bankers sim warn me 90
look out for squalls from Berlin. There
Il an unusuhl amount ~ German aud
French hills In the london market nt
the present moment"