The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-05-08
BANKS ARE POOR
And London Is Haunted by 9 Fear of
Dearer Money


New York, May S.-The Times Lon
don financial correspondent cables:
Our money market has been easy all
of this week We are between pinches
and next week rates will harden and the
Bank OF England will get per cent on
a million or two Borrowers for the
stock exchange in good credit will pay
all the way from 3 to 31A per cent in
the open market, and the spectators
whom they supply will pay from to
10 or Is per cent, according TO circuu-
stances or the markets. Essentially our
banks continue poor. They have spare
resources. and the Bank of England it
self also has not become stronger.
scarcely any new gold reaching it
But We do not need these things when
q speculative mood is dominant Along
certain lines the desire to gamble never
was stronger with US than now. but we
do not turn your way Dealings in
American rails are most perfunctory
and torpid.
Such special articles as copper and
copper mine shares also have at pres
ent no attraction for the small specu-
lat0rs- All gambling is in the hands Of
big people. chiefly French and Ameri-
can The latter have bought most of
the Anaconda shares that the British
public held, and the former own most
of the Rio Tinto.
Apart from these. speculation in such
shares is modest in dimensions and We
new Analgamated Copper company will
hold up the market, whether for metal
or shares Every week now sees two
or three new copper mines offered TO the
British public Some of them will get TO
work and the production in Russia.
Africa Japan, Chill and Australia, as
well as in Spain, Germany and other
countries, will increase rapidly. Last
years output Of copper exceeded that
Of 1882 by at least $50 per cent. The
present years output is almost sure to
exceed 100000 tons At merely $3.50 per
ton this means +35 0OO, 600. 1t is doubt
full if the consumption will reach 800. 900
tons of new copper. To maintain the
present prices, let alone any further
raise in price, both in metal and copper
mine shares, capital and credit to the
amount OF e10O, OO0. 600 may thus have
TO be found in about twelve months
time, and We do not think you can find
IL. especially as the ROthschilds emphat-
lcaLy d1sclaim any share in the COM
bInation- We therefore consider that
your spectators are coming in on top
OF the market, and some go so far as
to say the Amalgamated Copper COM
pany was merely formed for unloading
purposes. Time viii show
English manufacturers are curtailing
their demands with the utmost rigor.
one large brass founder again said that
he mad not bought a ton of virgin COP
per during the last three months and
his stock room is full of all sorts of
broken up old metal Copper brokers
oInatIOn must smash almost at once
Our general trade continues remarka-
bly, good but in domestic lines more than
in foreign. and we are still haunted by
fears OF dearer money coming later in |
the year The present ease. indeed. is
attributed much more to the inflow Of |
money representing the price
or the Philippines and the payment for
your bonds, which We still sell as fast
as You can take them. than TO intrinsic
strength Great care, therefore, is re-
quIred TO avert a bad squeeze in au-
turnn- and this danger. likewise. your
copper mOnopolists seem to leave out of
account.
Germany remains as hard up as ever
Tor cash By a new charter the capital
OF the Imperial bank was raised to So
100000, but this is no present help. as
the market is wrestling with more new
capftalGzations than it can carry So
confidential bankers still warn me to |
look out for squalls from Berlin There |
Is an unusual amount of German and
French bills in the London market ar
the present moment.