The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1899-03-14
Gold Has Poured 0ut Of the COun.
try and Financial cOndl-
lions Are Weak.
TWO CAUSES ARE ASSIGNED
Coming Budget Deficit and Russl S
Attitude in the Chinese Cues.
ton Deficit Is Great.

NEW YORK. March i3-The Times
London financial correspondent cables.
The past week has been an unsatisfac.
tory one. Money hns grown less abun.
dani and tho Bank OF England haA
again lost SONS gold while all the fresh
arrivals of the precious msial have been
brought BY Germany. Ths alone haH
cnus"d npoculatorS 70 hang back and 10
fear the fWnishtiy stock exchange set
tlcmenL Consequently dealings have
been limited and tho movements OF aii
priocs apasm0dic. Wo have got over
that account all right.
There has been scramble for credits
ana discount houses IN particular have
been driven TO tho Bank OF England
for large amounts 20 supply the place
Of money taken from them 90 carry
stock exchange accounts. But the rate
charged there has besn only Der cent.
and We should. perhaps. hnyc been
ready buyers again but for tue po.itics
and the coming bulge, deacii. China Is
again bolherlng us. or rather Russia In
China. and II In astonlahlng how heavy
the loads 0f speculation for d rise be-
come the moment hint Of war reaches
them
A. regards the dcdcl' IN th.. budget. 1
estimate n AZ io00DOO pounds at the very
least, and enterprise and spe, ,ulatIon Of
al kinds viii be- moro or less iimld un.
~ We soc where the government Il going
10 hnd money. Ny i-cl.ng IL thai We will
take the euslcss way and surpjend m.
redemption ~ our n.uiOna: debt 10
whatever extent may b. necessary. But
no one can be sure. and. Therefore We
expect troubled and sensitive markets
here FOR SOME weeks 10 come.
Moro bank figures DO no, Indicate
situation materially different from thar
ot las, year, bu. the money market has
great deal more TO carry and. more
over the continual markets are III tn
mor' heavily burdened.
Paris n wrestling lgavciy With yts
Spanish Rubbish heaps. but ~ success.
purchased at an eNhausting price and an
added dcarncss Of money at each sue
ceeding b1ursc settlement mus; one dag
bear the inevitable fruit.
For such reasons as these. and because
the politics Of this unwleldy empire OF
ours n always giving rise 60 squabh,es
at some point | think you must not
count upon Us just ye, as great buyers
OF your securities. Our disposition was
decidedly getting favorable until our own
market iiaitened before the dearer
ufouey. Perhaps 4 you did not scare us
with prospects OF shipment OF gold 10
New York and kcpt your stock marke; on
the up grade for week or two affer
April comes We might begin 10 nlbble
again. At present We rather want 10
sell both what We have and what we
have not. Also We look askance al your
great Industrial and railroad combines
both actual and projected T'he copper
combination has been believed in here.
bu, /, is aford.ng company promoters
a nice chance to float on more dubious
copper properties,
Tho sum Of the matter Is that We
arc llttie oui Of heart and inflicted with
financial Indigestion. The professional
fortune grabhers great and small went
ahead too fast In January, and now
groan under 5he packs they carry-not
" your securities. although they have
a good many of them-but OF home in
duSrlai shaNs and mines and home
and South American railway securities.
So much is this the case that loans that
he colonies have emitted since the new.
scar ars s,la in great part unplaced.
The investing public cannot AFFORD 10
buy them nor the Spectator either,