The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1899-05-09
LONDON hanks HAS
NO SPARE RESOURCES
Bloeks Have No Attraction for
Small Spectators.

NEW YORK. May The Timcn' Lon
don Financial correspondent cables. our
money market has been easy all VI this
week We are between plncheh ana ncAt
week rates will harden and the bank Of
England Will grt per cent on mil.
lion Of two. borrowers for the stock en.
change In good credit will pay an the
way from 10 SO per cent 90 the open
market. and thr apcrulaiors whom they
supply Wlll pas from four 20 ton " li
per cent. according 90 yjfeums,anccs of
tho markets.
! Essentially our banks continue poor
They have no spAtr Resources ana The
uank OF England also has nor become
stronger, Hcar,rN any nrw g.ld reach.
lng H. iiul wc du not heed these things
when speculative mood u dominant
Along certain lines The drsitr 20 gamble
Nas never stronger Niih us than now.
but wr do not turn our NAY Dealings
in American rails afu most pcrfunc,ory
and torpid
Such special articles a. copper ana
copper minrs ahatrh also have a. prr-vni
30 attraction Tor the small sprrulaiors
An gambling ls iu the hands II the bis
people chiefly French ana American
B rnc latter hayc bought mos, Of the Ana.
conda sharrs that The British public held
aud the former own most ot The Rio Tin.
tos,
Apart from this. speculation In such
shafrs IL modes, IN dimensions apd ~
atr skrptcal that a power Ike your new
Amalgamalcd Copper company viii no d
vi the market, whether fur metal or
shares Every week now sees Two Or
thrro copper mines offered 10 the British
public some of them viii gc, 10 Work
ANA the production In Russia Africa,
Japan chile and Australia. as well as
Spain Germany ana other countries Will
increase rapidly
Last years output OF copper exceeded
that OF iSSa By az least 40 per cent The
present years outpu, r. almost sure to
exceed i1oUN tons. At merely $3.50 per
ton this means 10000 pounds II II
doubtful u the consumption viii rracn
gaOO ~ new copper. TO maintain the
present prices let alone any further raise
IN price both In metals ana copper mine
-harrr. rhptal and credit TO the amount
~ loOOo oU pounds may mus have TO
be- found In Y months time. ana We DO
no, think you can hnd Il. especially w
tho RothChllds rmphatlcally d'sclaim any
share In the combination, We therefore
consider that your spectators are com.
lns In on the top ~ the market and some
so ~ far as to say that the Amalgamated
copper Company was merely formed for
unloading purposes, Time will show.
English manufacturers are curtailing
their demands with the utmost rigor
ono large brass founder again said that
hr had not bought a ton " virgin copper
during the last three months ana his
stock room is FUN OF all sorts Of broken
up old metal. Copper brokers therefore
hold the view that your combination
must smash almost az once.
"Our general trade continues remark
ably good but In domestic lines more than
IN foreign ana We are still haunted by
fears Of dearer money coming later In the
ycnr The present ease, indeed, ls at
Irlhutcd much more to the Inflow OF
American money representing the price
Of the philippines and the payment for
your cuban bonds which We still sell as
fast as you can take them, Great care,
therefore. Is required to avert bad
saucczc In the autumn. and this danger,
likewise. your copper monopollsts seem 10
leave out Of account.
Germany remains as hard up as ever
for cash. ny new charter the capital
OF the Imperial bank was raised to nine
million pounds but this Is no present
help as the market IL Wrestling with
more new capltnlSlatIons than 1t can
carry, SO continental bankers stlll warn
me to look out for squalls from Berlin
There is an unusual amount OF German
and French bills In the London market
at the present moment